How do I provide value to a mentor as a newbie?

Question

Getting started seems to be the most difficult task in RE. Finding a mentor would obviously be extremely valuable, but how does a newbie reciprocate that value?

David Gillilan

Account Closed · Answer

That will depend on the mentor and your ability to meet their needs.  Typically everyone needs something and matching up their need and your capability to meet that is the key.  Perhaps you contribute capital, labor, foot work, ideas, office support, technical assitance etc....they will likely be very busy and need help with something if they are highly successful.

Paul Timmins · Answer

@David Gillilan

Welcome. Best to be educated first then you will know what you can offer. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 90 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

Jerred Morris · Answer

@David Gillilan Every investor is looking for deals.  If I were you, I would generate seller leads and trade the deal for mentoring.  You'll be able to work through an assignment, flip, or buy and hold in real time.  After a couple of deals you'll have the knowledge to go out on your own.

The best advice I can give you is to get started, take action.

Stephen Barton · Answer

@David Gillilan

Hi there, and welcome to Biggerpockets! Man, you are really in the right place. Sorry no one has reached out to you yet. In my opinion, I have added value to my mentor by bringing him deals! I have been able to swap information with him on how I am getting my deals and he does the same. I feel that a good mentor/mentee relationship should be reciprocal. What I mean is that information should not be one-sided, but should flow in both directions between the two of you. You will add value by just being enthusiastic and positive, and if you can just ask him where he is struggling or just find something he may need some help with. For instance, I was driving around running some errands and he needed someone to go to one of his properties to check on it and did not have the time. Well, I did and he asked me if I would be willing to go to the property and make sure whether or not some work was completed. I really encourage you to just be assertive and find out where you can help out. Communication is the key in anything and I believe with time your friendship will grow. Good luck, and do not give up when things get tough! You can do it!