Starting Out

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To speed up the process, be sure to find a mentor to teach you real estate investing. Your learning curve will be shorten and you won't make the same mistakes he/she made.

[Calixto Urdiales]

Originally posted by "brucewaller":

To speed up the process, be sure to find a mentor to teach you real estate investing. Your learning curve will be shorten and you won't make the same mistakes he/she made.

What are you talking about Bruce? Or is this in regards to what a newbie should do when they first start out in REI?

[N/A N/A]

Originally posted by "loki005":

Originally posted by "brucewaller":

To speed up the process, be sure to find a mentor to teach you real estate investing. Your learning curve will be shorten and you won't make the same mistakes he/she made.

What are you talking about Bruce? Or is this in regards to what a newbie should do when they first start out in REI?

What a newbie should do.

[Calixto Urdiales]

Originally posted by "brucewaller & loki005":

Originally posted by "brucewaller":

To speed up the process, be sure to find a mentor to teach you real estate investing. Your learning curve will be shorten and you won't make the same mistakes he/she made.

Originally posted by "loki005":

What are you talking about Bruce? Or is this in regards to what a newbie should do when they first start out in REI?

Originally posted by "brucewaller":

What a newbie should do.

So from your point of view Bruce what type of REI mentor would be most effective for a newbie to get a hold of? Would this all depend on whatever type of investing interest the newbie the most? Or were you suggesting the type of REI that makes the most money and in your opinion what type of REI would that be? thanks for your time Bruce it is all ways a pleasure!

[N/A N/A]

Originally posted by "loki005":

Originally posted by "brucewaller & loki005":

Originally posted by "brucewaller":

To speed up the process, be sure to find a mentor to teach you real estate investing. Your learning curve will be shorten and you won't make the same mistakes he/she made.

Originally posted by "loki005":

What are you talking about Bruce? Or is this in regards to what a newbie should do when they first start out in REI?

Originally posted by "brucewaller":

What a newbie should do.

So from your point of view Bruce what type of REI mentor would be most effective for a newbie to get a hold of? Would this all depend on whatever type of investing interest the newbie the most? Or were you suggesting the type of REI that makes the most money and in your opinion what type of REI would that be? thanks for your time Bruce it is all ways a pleasure!

Well, I think one should first choose what type of real estate one wants to invest in -- SFR, Commerical, Mult--family, ect. After that, find a local real estate investing club and do your best to contact the top 5 successful people in that line of investing. Tell them that you're looking for a mentor who will work with you for a year and split the profits 50-50. If you talk to enough people, someone will say yes. If they balk about you not paying them up front, counter by saying that for the first 5 deals, you give them 70% of the profits as a thank you do helping them.

This system works, believe me... it's how it did it myself.

[Calixto Urdiales]

Originally posted by "loki005 & brucewaller":

Originally posted by "brucewaller":

To speed up the process, be sure to find a mentor to teach you real estate investing. Your learning curve will be shorten and you won't make the same mistakes he/she made.

Originally posted by "loki005":

What are you talking about Bruce? Or is this in regards to what a newbie should do when they first start out in REI?

Originally posted by "brucewaller":

What a newbie should do.

Originally posted by "loki005":

So from your point of view Bruce what type of REI mentor would be most effective for a newbie to get a hold of? Would this all depend on whatever type of investing interest the newbie the most? Or were you suggesting the type of REI that makes the most money and in your opinion what type of REI would that be? thanks for your time Bruce it is all ways a pleasure!

Originally posted by "brucewaller":

Well, I think one should first choose what type of real estate one wants to invest in -- SFR, Commerical, Mult--family, ect. After that, find a local real estate investing club and do your best to contact the top 5 successful people in that line of investing. Tell them that you're looking for a mentor who will work with you for a year and split the profits 50-50. If you talk to enough people, someone will say yes. If they balk about you not paying them up front, counter by saying that for the first 5 deals, you give them 70% of the profits as a thank you do helping them.

This system works, believe me... it's how it did it myself.

I would have to agree with you 100% bruce but again what would you suggest to our newer members (as far as flipping, wholesaling, renting, real estate {commercial & residentail}, loans {commercial & residential}, and other types of REI) for them to get the best start in REI?

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Start with Lease-Purchase Options and Subject-Tos. One can go to the book store to find out more. I suggest picking up books by Peter Conti and David Finkel. By the way, they do have a mentorship program.

[Calixto Urdiales]

Originally posted by "brucewaller":

Start with Lease-Purchase Options and Subject-Tos. One can go to the book store to find out more. I suggest picking up books by Peter Conti and David Finkel. By the way, they do have a mentorship program.

Thanks bruce, all ways a pleasure and I will remember this thread when talking to new members!

[Account Closed]

Bruce,

On the profit splits.

How are profits determined? Are we only talking about deals that produce a cash profit in the 1 year period (the 1 year for mentoring)? If any buy and hold properties what is done then to split the profit?

Cash and paper profits or just cash profits?

John Corey

[Anthony B.]

Originally posted by "propertythief":

Originally posted by "brucewaller":

Start with Lease-Purchase Options and Subject-Tos. One can go to the book store to find out more. I suggest picking up books by Peter Conti and David Finkel. By the way, they do have a mentorship program.

I disagree with you Bruce. I would recommend a newbie start with a Wholesale deal FIRST, create some cash (like $5-$20k). You shouldn't try those other methods until you have at least $15-$20k in the bank, which is just one or two wholesale deals. What happens if the newbie takes over someone's mortgage subject to and has no money to cover vacancies? They'd be pretty screwed VERY fast.

You don't need any money to make serious cash in real estate if you do it properly. Wholesaling would be the way to do it.

Rich Urban
youngrealestateinvesting . com

I agree with Bruce. The investor can take charge of the deal, and just cut the beginner 20-30% of the money made. The investor can be liable for carrying the deal through completion since he's taking 70%.

Even if you are only going to wholesaling for a bankroll, it still helps to have a mentor regardless.

[Mike Binford]

Before even buying a property do your due dilligence on the property or properties people are scam artest in real estate now.

[Calixto Urdiales]

Originally posted by "propertythief":

I disagree with you Bruce. I would recommend a newbie start with a Wholesale deal FIRST, create some cash (like $5-$20k). You shouldn't try those other methods until you have at least $15-$20k in the bank, which is just one or two wholesale deals. What happens if the newbie takes over someone's mortgage subject to and has no money to cover vacancies? They'd be pretty screwed VERY fast.

You don't need any money to make serious cash in real estate if you do it properly. Wholesaling would be the way to do it.

Rich Urban

I would have to agree with you when it comes to the matter on how to make sufficent funds for rehabbing or rentals! But when it comes down to it: All that matters is that the process works for you and you make it money from it.