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All Forum Posts by: Tammy B.

Tammy B. has started 3 posts and replied 24 times.

Post: Buying a multi-family in Elizabeth, NJ.

Tammy B.Posted
  • Bayonne, NJ
  • Posts 26
  • Votes 8

@Harold Valencia  Curious as to why you say stay away from streets close to 1&9.  Wouldn't that be an ideal place for commuters since they'd be able to quickly hop on it?

I will be there.  Looking forward to this.

Post: Let's talk about mentors and payment

Tammy B.Posted
  • Bayonne, NJ
  • Posts 26
  • Votes 8

Thanks @Bryan L. I was just using that as an example. I don't have a property yet. :) Also the encouragement and accountability aspects of a mentor or coach are good points.

@J Scott I completely agree with everything you said.

Post: Let's talk about mentors and payment

Tammy B.Posted
  • Bayonne, NJ
  • Posts 26
  • Votes 8

@Ron Stasch I don't think of it as wasting my time when I mentor people in my day job. Like I said earlier I see it as performing goodwill, paying it forward, and strengthening the profession as the whole i.e, the people I mentor are more likely to do things the "right way" and that's just beneficial for the industry as a whole

@Bryan L. Exactly! and thanks for agreeing to be my mentor ;) No but I really don't have any specific questions right now. Whenever I have a question I use the search feature on here and usually find it's been discussed plenty. The only questions I foresee having would be relating to my local market, i.e. I've applied for a permit to rehab my property 2 weeks ago and haven't heard back yet, is this typical or should I be doing some follow-up? or I'm hearing the rents in this neighborhood are about $800/month for a 2bed/1bath apartment but my friend who lives on the other side of town pays $450/month for the same configuration, does the disproportionate figure seem accurate for the neighborhood?

Post: Let's talk about mentors and payment

Tammy B.Posted
  • Bayonne, NJ
  • Posts 26
  • Votes 8

Wow, such a lot of great responses and just another reason why I love BP. :)

@Joshua Dorkin thanks for the link! I've read the guide before but it may be time for a refresher

@David O. The process your martial arts instructor laid out is something I do believe deserves to be mutually beneficial to the mentor either through payment or some other form of consideration. Now your proposed tactic of finding the deals, closing on them and asking questions along the way is what I consider a mentorship that doesn't necessarily warrant payment (unless the questions extend to the point where it is essentially hand holding)

Post: Let's talk about mentors and payment

Tammy B.Posted
  • Bayonne, NJ
  • Posts 26
  • Votes 8

@Elizabeth Colegrove I completely agree with this.

Post: Let's talk about mentors and payment

Tammy B.Posted
  • Bayonne, NJ
  • Posts 26
  • Votes 8

Wow, such a lot of great responses and just another reason why I love BP. :)

@Joshua Dorkin thanks for the link! I've read the guide before but it may be time for a refresher

The process your martial arts instructor laid out is something I do believe deserves to be mutually beneficial to the mentor either through payment or some other form of consideration. Now your proposed tactic of finding the deals, closing on them and asking questions along the way is what I consider a mentorship that doesn't necessarily warrant payment (unless the questions extend to the point where it is essentially hand holding)

@Ron Stasch I don't think of it as wasting my time when I mentor people in my day job. Like I said earlier I see it as performing goodwill, paying it forward, and strengthening the profession as the whole i.e, the people I mentor are more likely to do things the "right way" and that's just beneficial for the industry as a whole

@Bryan L. Exactly! and thanks for agreeing to be my mentor ;) No but I really don't have any specific questions right now. Whenever I have a question I use the search feature on here and usually find it's been discussed plenty. The only questions I foresee having would be relating to my local market, i.e. I've applied for a permit to rehab my property 2 weeks ago and haven't heard back yet, is this typical or should I be doing some follow-up? or I'm hearing the rents in this neighborhood are about $800/month for a 2bed/1bath apartment but my friend who lives on the other side of town pays $450/month for the same configuration, does the disproportionate figure seem accurate for the neighborhood?

@Ahmad Williams See this is what I'm talking about. For the type of mentor I'm looking for I'm not paying between $2-5,000.

Post: Let's talk about mentors and payment

Tammy B.Posted
  • Bayonne, NJ
  • Posts 26
  • Votes 8
Originally posted by @Walt Payne:
Originally posted by @Tammy B.:
I definitely agree the type of deal plays a factor @Walt Payne . I wouldn't want a situation where in order to get some mentoring I'd have to enter a jv with the mentor. Because 1)I'm interested in buy & hold which doesn't have as quick a turnaround as flipping and 2)I'm not interested in a long-term partner.
Not to mention the seasoned investor will likely not be interested in the type of deals a newbie is interested I.e. starting small to gain experience.

I don't think a jv deal is a necessary part of mentoring, but one of the best means of learning is supervised activity. And a jv deal is a good way to get that. But you are right, for buy and hold you want to be quite sure of your partner, but isn't that true of any partnership?

I don't think the starting small is required, if there is an experienced partner. Sure, it might be a small percentage of a big deal rather than a big percentage of a small Deal, But It all works out ss money.

Valid point Walt. And I admit I go back and forth on whether starting out I should enter into a jv with a seasoned professional for at least my first deal. I guess ultimately I just want to maintain complete control, sort of live or die by my own sword.

Post: Let's talk about mentors and payment

Tammy B.Posted
  • Bayonne, NJ
  • Posts 26
  • Votes 8

Thanks @Rachel Randolph

I guess I would just prefer a mentor who wasn't just interested in mentoring me because I was paying him/her. All of my mentors so far have became so because they're invested in me and they believe in me and ideally those are where the best relationships come from.

Also, everytime I get my statement from Sallie Mae, I'm reminded education is not priceless. Lol, in fact I would argue it's priceful!

Post: Let's talk about mentors and payment

Tammy B.Posted
  • Bayonne, NJ
  • Posts 26
  • Votes 8
Originally posted by @Bryan L.:
@Tammy B. - I consider myself to be an experienced investor, and I have paid for and benefited from REI coaching (some might call it mentoring). And I am currently paying for and benefiting from general sales coaching. I look at it as an investment. I expect that the dollars that I am spending on being coached will be returned to me in higher income and success in my businesses.

Hmm, I see what you're saying but when I think of coaching I think of something more than what one would typically consider mentoring. I guess the only way to explain it is from my day job in which I have a ton of people I consider "mentors". Some I go to lunch with on a fairly regular basis, some I'll send a quick note, text, or phone call to. But for each one it's a matter of having someone to bounce ideas off of, get some guidance or just someone to point me in the right direction. Now none of my mentors would ever expect me to pay for that. I also mentor people and would never expect a payment.

I guess I think it's kind of like paying it forward and about promoting good will all around (however cheesy that may sound).

Now coaching to me would be beyond what I'm looking for. I'm more of a point me in the right direction and I'll figure it out myself type of person. I also don't believe there's just one right way of doing something so whatever works for you is ultimately what you should be doing.