Contacting possilble mentor/buyer out of the blue?

Question

Long story short(ish):

I was driving around looking at some houses the other day and came across an unoccupied home that was FSBO with a website that lists FSBO houses. Out of curiousity I wrote down the address and checked the listing when I got home. The home was priced a good deal below FMV, which led me to dig a little more. From records on the tax assessor's website, I managed to figure out that it was bought as a foreclosure, so I did a search and found out that the current owner (actually, an LLC) owned about 15 other properties in the county. All of this leads me to my questions:

As an experienced investor whould it strike you as odd if you got an email from a random newbie saying, "I am interested in getting into REI and saw that you own several homes. I was hoping that we could meet for lunch sometime so that I could learn about your business and see if there is anyway that I could help you out while I learn the business?" or something to that extent. I would have no problem approaching an investor if we met an an REIA or by some other organic means, but I'm curious as to how someone would react under the above circumstances. Would you bother to respond, be open to it, or be apprehensive?

I look forward to insites. Thank you!

David J. · Answer

I would just call the number on the sign and ask to buy him a drink. In the beginning, I not only did that to find mentors, but I still do that to find buyers, wholesalers, property managers and to network. If I see the same wholesaler/agent/property manager/investor in a potential farm I am working want to hear all about their business and how we could work together. Everyone is in different stages and has different goals/criteria. Find out what theirs is and tell them what yours is so when you/they have something they think "that one dude that bought me a drink might want this."

Shaun Reilly · Answer

I think that is a pretty cool idea.

If I got a note like that I would be pretty interested and would probably get in touch with you. If nothing else it shows you are willing to put yourself out there.

I guess it also shows you already know how to search public records so 1 remideail lesson is already out of the way. :)

Stephanie Dupuis · Answer

I'd do it. I also would be fine if I received such a correspondence.

Account Closed · Answer

I have received messages like that before and I am always willing to help others. I would respond if I was you. It is all about network marketing, what if that 1 person came across several investors who wanted to buy 5 properties from you? The more people/bird dogs you have working for you the quicker you find properties allowing more time for you to get other things done. I was networking with 1 guy last week and he brought me a friend who is a manager at a hedgefund on wall street. So not I have a big lender and investor in my network. The more people you know the easier it is to get deals done.

Adam Johns · Answer

Thank you for the repies, all.

@Ned Carey

Your point is well-taken, and I appreciate the words of encouragement/advice. I think my only apprehension is the fact that I'm very new and any value that I can offer is speculative (edit: I see you address that in your blog post, just read it and it shed some light, thank you again). I have done A LOT of learning in the recent weeks and believe that I have the basic skills to find and negotiate with motivated sellers, but I'm unproven and will likely need help with most of the steps beyond agreeing to a selling price.

I guess I just wanted to know how others would feel about the proposition of of becoming a sort-of unsolicited mentor.

But in the end you're right; it won't cost me a thing to find out. Not even the stamp, since I have his email address!

Ned Carey · Answer

@Adam Johns Yes I would find it odd, not because it is wrong but because no one does it. I would not in any way be offended and might reply depending on my time available at the moment.

The only way you will know is to put a stamp on it and mail it.

I have a serious question for you. Why do you ask? Why didn't you just mail it? I perceive this as a reluctance to go beyond your comfort zone and take action. Your ability to succeed to some degree will depend on your willingness to stretch beyond your comfort zone.

Who cares, it only cost you a stamp and is very low risk. It seems you are the one who is apprehensive.

You obviously have some creativity to come up with the idea. Use your creativity and take action.

Good luck - Ned

PS you might like this blog post How to find a mentor

Contacting possilble mentor/buyer out of the blue?

Contacting possilble mentor/buyer out of the blue?

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