Finding a Mentor and Guidance

[Alex Wise]

Hey BP Community 👋🏼

I’m a follower and consumer of Bigger Pockets knowledge. With SO many real estate investors and different methods out there, I’m getting analysis paralysis on my next moves.

So far, I’ve purchased a 3 bedroom single family in a historic quiet neighborhood in Columbus, Ohio. Its central and homes here hold their value but they are older - Clintonville if ya know it. It’s close to Ohio State University.

I've started some updates and plan to rent out the whole home(A), split it into 2 units(B), or rent it out per bedroom(C) to see if the STR/MTR route will work for me.

I can use AirDNA and look on AirBnB and Furnished Finder to look at numbers and make guesstimated but I’m really missing having a sounding-board/someone with experience about next steps - 1. How much to invest in updates 2. Should I self-manage and live there or rent out the whole house and manage remotely 3. Should I refinance and cash out for my next purchase 4. Should I just consider this a mini flip and sell while houses are still going pretty quickly in this area and start somewhere else with a different strategy.

I’m starting to bang my head against the wall with options and a lack of strategy. I’m curious in how people have uncovered the following in their real estate lives:

1. How can I find a mentor?

2. How can I make it valuable for them to want to mentor me?

I kinda turn off when people sell a course or mentee opportunity but maybe that’s working for people and I should open my mind a bit.

I’m open to ideas and appreciate convo/input on the topic of mentors. I’m also happy to answer any questions on my experience so far if helpful too.

Thanks all!

[Harrison Chow]

Quote from @Alex Wise:

Hey BP Community 👋🏼

I’m a follower and consumer of Bigger Pockets knowledge. With SO many real estate investors and different methods out there, I’m getting analysis paralysis on my next moves.

So far, I’ve purchased a 3 bedroom single family in a historic quiet neighborhood in Columbus, Ohio. Its central and homes here hold their value but they are older - Clintonville if ya know it. It’s close to Ohio State University.

I've started some updates and plan to rent out the whole home(A), split it into 2 units(B), or rent it out per bedroom(C) to see if the STR/MTR route will work for me.

I can use AirDNA and look on AirBnB and Furnished Finder to look at numbers and make guesstimated but I’m really missing having a sounding-board/someone with experience about next steps - 1. How much to invest in updates 2. Should I self-manage and live there or rent out the whole house and manage remotely 3. Should I refinance and cash out for my next purchase 4. Should I just consider this a mini flip and sell while houses are still going pretty quickly in this area and start somewhere else with a different strategy.

I’m starting to bang my head against the wall with options and a lack of strategy. I’m curious in how people have uncovered the following in their real estate lives:

1. How can I find a mentor?

2. How can I make it valuable for them to want to mentor me?

I kinda turn off when people sell a course or mentee opportunity but maybe that’s working for people and I should open my mind a bit.

I’m open to ideas and appreciate convo/input on the topic of mentors. I’m also happy to answer any questions on my experience so far if helpful too.

Thanks all!

Hey Alex!  I completely understand how overwhelming it can be with so many different real estate investment strategies and options out there (Been there myself!).

It's great that you've already purchased a property in Columbus and are exploring different options for renting it out. In terms of updates, it's important to consider both the potential rental income and the overall value of the property. If you'd like, I can help you determine which updates will provide the best return on investment and maximize the property's potential.

When it comes to management, it really depends on your personal preference and level of experience. Self-managing can save money, but it also requires a lot of time and effort. Hiring a property management company can alleviate some of the stress and ensure that everything runs smoothly, but it does come with additional expenses.

In terms of refinancing and cashing out, this can be a great option for financing your next purchase. I can connect you with a lender who can walk you through the process and help you determine if this is the right move for you.

As for finding a mentor, there are a variety of ways to go about it. BP is a great place to start! You can network with other real estate investors and ask for referrals, attend local real estate events and meetups, or even reach out to experienced investors on social media. I highly recommend starting a conversation with a few and select who you are most comfortable with and whose goals and values align with yours the most. 

Hope this helps and feel free to reach out if you'd want to discuss this further. Best of luck in your investing journey!