A mentor won't hand you deals — but a good one will hand you a filter. Learn to underwrite before you buy anything: the 1% rule, real reserves, and a line-item rehab budget before you close. That's the whole job.
Bring value in exchange, like you said. Nobody mentors for free, but plenty of operators will talk shop with someone who shows up with numbers, not dreams. I run 236 doors and I still take the call when someone brings me a real deal with real math.
One caution: skip anyone selling mentorship. The best mentors are operators who answer specific questions about live deals. New construction and BRRRR are different games — pick the one whose math you understand cold and go deep. Deal flow is the bottleneck, not knowledge.
A mentor won't hand you deals — but a good one will hand you a filter. Learn to underwrite before you buy anything: the 1% rule, real reserves, and a line-item rehab budget before you close. That's the whole job.
Bring value in exchange, like you said. Nobody mentors for free, but plenty of operators will talk shop with someone who shows up with numbers, not dreams. I run 236 doors and I still take the call when someone brings me a real deal with real math.
One caution: skip anyone selling mentorship. The best mentors are operators who answer specific questions about live deals. New construction and BRRRR are different games — pick the one whose math you understand cold and go deep. Deal flow is the bottleneck, not knowledge.
I do new construction brrrs. Just did a duplex that we leased both units in. Can't really offer any insight into the Chicago market. But I can say that unless you are a builder, a full brrr new construction deal probably won't pencil where you get all your investment back. However, you will most assuredly get SOME of your investment back in cash if you do small multifamily. single family? doubtful.
I wouldn't recommended to post "seeking a mentor" but I would recommend to try conducting your own research, make attempts at your own work, and find someone in your areas of interest
@Damon Harrington , let's connect. New construction and BRRRR ask pretty different things of you, mostly in how long your money stays tied up and how much of the work you want on your own plate. Need to know your strategies prior to, and then go all in.
Sorting that out first also tells you what kind of mentor or partner would fit.
You should meet some people who've been at this a while. Would this be your first project? Might be able to help.