What Questions to ask potential mentors?

[Damian Mandina]

I am new to real estate investing and I am fortunate enough to have two gentleman that are willing to sit down with me tonight over dinner and allow me to pick their brain and ask all the questions I want.  If you were brand new to the business what type of questions would you be asking them? I am primarily looking to invest in buy and hold properties with the occasional flip.

Questions I have thought about:

How did you get started in REI, and how long have you been at it?

How do you finance your properties? 

How do you account for repair and maintenance cost on your properties?

What areas would you recommend that I look to investing in and why?

What type of rentals do you recommend to stay away from and why?

What is the typical ROI that you target?

Do you use property management?

Please reply back with some addtional questions for me to ask.  I know that are some that you would have liked to have known when you first started.

[Marcus Maloney]

Always be able to provide a value add to those who are assisting you. You want the relationship to be symbiotic here are a few questions I would ask:

What can I do to assist you in some capacity or another?

How do you find your properties, if I find a property that meets your criteria would you mind me tagging along to learn how you structure the deal?

Should I invest in A, B, or C class properties and why?

Who you you know that I should know in the industry?

What tool do you use for tenant screening?

How are you financing your properties?

Are you familiar with lease options if so how can I leverage this option for financing?

Hope this helps some