I have found a potential mentor but dont know if its a good idea?

Question

Good Day,

I have been looking into getting into the real estate investment business for some time now.  I recently came into contact with an individual who is in the business and may want to work with me.  They said that we would be doing wholesaling.  They also would like me to sign a non compete agreement.  I don't know the specific stipulations yet but am a little concerned because I would not want to inhibit myself from continuing in this business if for some reason our relationship goes sour.  I understand they want to protect themselves as well and not waste time but is there a smart way I can go about this?  Also, where can I find other local investors to talk to that may be interested in having me work for/with them to learn the business?  Is there a directory somewhere?   I would like to examine as many different options as possible in order to make the best decision.  Thank you in advance.

Rob

Angela Ruiz · Answer

@Robert Coyle

@James Wise is correct! I am new... But this site has brought me a lot of information, just from reading! I'm still amazed!

Phil C. · Answer

I'm new too but  in this business a non compete makes no sense. sounds like he is trying to sliim down his own comptetiton. careful about this guy, doesnt smell right already

Account Closed · Answer

Everyone starting out love to have a mentor by their side to help them but most that need help are not willing to pay for the knowledge that the mentor will bring to them.

Joe Gore

Robert C. · Answer

Thank you all for this wealth of info.  Much appreciated.

Ionie Scott · Answer

This guy is new to the business, and all he is asking for is someone to be there as a guide.  This is like teaching a baby to take his/her first steps - by so doing, building up their self confidence. Once that baby has taken a few steps, they are so elated, that he wants to do it over and over again, to the point that you have to be chasing to catch up with him.

Is this person so insecure, that although he/she claims to be a 'mentor', is afraid that this guy - who only wants to learn the business; will double-cross him?  How sad!!  I most definitely would not sign that document, and moreover, I would not want to have any kind of relationship, with someone who thinks on that level.

Everyone has a starting point in life, assisted or unassisted; and we should strive to help each other, not to put a 'yoke' around their necks.  To the degree that we are willing to help someone to succeed, is the degree that we ourselves will succeed.  No wonder he is worried about his clients, because those are the only clients he will ever have.

Robert, everything that you need is on this site.  Feel free to browse around, ask questions, connect - so many people have availed themselves to help you, you are no longer by yourself.  You can tell that 'mentor' to go to France!!  God Bless.

John Moore · Answer

Welcome to the BP family.  Ocean County, NJ is a pretty large area I would think you could determine some restrictions within so many miles of Hooper Ave., Silverton or some specific restrictions for a limited time.  Getting into the business with a worthwhile mentor has some advantages as long as the investment isn't to costly in money and time.  I would have an open discussion and then determine what is fair and reasonable.  If you feel it's to restrictive - go it alone as so many have done before you..  Again, welcome aboard.

Erik Hitzelberger · Answer

A non-compete clause seems a bit extreme unless it is for a very short (6 months) period of time or simply covered contacts that were made as a result of his/her efforts.

Quite honestly, I prefer to have a more defined relationship so that both parties understand their responsibilities, deliverables and the value each brings to the deal.  It is highly likely that you and your 'partner' will have different goals, values, etc that will lead to one of you wanting to exit the relationship prior to the other.

Brant Richardson · Answer

Maybe a non compete agreement for a specific length of time, like 6 months.  
Search the internet for real estate investment clubs/meetings/associations in your area and go to them to find mentors.

James Wise · Answer

I wouldn't sign a non compete with this guy. You need to buy a house that is worth more then what you paid for it. What do you need this guy for?

If you troll this site long enough I think you will find all the information you need.

Dawn Anastasi · Answer

What is the duration and scope of the agreement?

I have found a potential mentor but dont know if its a good idea?

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