Do established investors actively seek out students?

Question

I've recently decided to start a career in REI. To increase my chances of success I've been reading a lot of books, posts on BP and I'm starting a licensing class in a couple of weeks. I also thought about the need for a mentor. About a month ago an investor has posted several signs in and around my neighborhood stating that they're seeking a student to make $5k - $10k a month. I'm going to call because I figure it couldn't hurt. But, is it normal practice for investors to post ads like these? Thanks, Marcus

Christopher Brainard · Answer

No, they do not. These signs are typically advertisements for Guru classes or people looking for 'students' to bring them deals and they execute the deals themselves. Properly mentoring someone is a very time consuming activity and isn't something I can see anyone mass advertising for with bandit signs. I'm pretty sure most mentorships are with someone you have developed a personal relationship with and both parties can see the benefit of working together. -Christopher

Account Closed · Answer

I agree with Christopher, I don't like massive mentoring.

Mark Keller · Answer

Marcus, at least you went in with an educated mind. Ending up a ploy is not such a let-down when you knew it might be. Like others said though, at least you found out.

Marcus Simon · Answer

Turns out it was a ploy to sell a local guru's real estate investment products.

David Dey · Answer

Actually, I know a number of investors that I've worked with that have used those bandit signs when looking for an assistant and or bird dogs for leads.The positive is that you will normally get somewhat of a free education as you need to understand what you're doing in order to assist or at least to find deals. However, many investors will only give you a piece of the puzzle as they don't necessarily want to train their competition. Also, make no mistake, you will not be salary or wages at all. The "5-10k monthly income" will be finders fees and commission. (Usually $500-1000 per deal based on how involved you are.)Bottom line, there are positives and negatives to this scenario. On one hand, you will be getting you feet wet and will get at least the start of the equation, and of course depending on who you're working with and how close you pay attention, you may get more out of it then others. On the other hand, they will not necessarily give you the whole key and this is definitely not a get rich quick scenario. As long as you go in with your eyes wide open you can make a informed decision if this is right for you.

Meghan O'Connor · Answer

I am also interested in starting a career in REI and like Marcus, am learning as much as I can via online sites, finding that Bigger Pockets has been a wealth of information so far. I am interested in knowing if it is unheard of for a real estate investor, specifically, someone who is in the business of flipping houses, ever considers mentoring someone new to the field free of charge or even for a fee. I can't imagine there would be a more valuable tool in learning about the investment business I feel like this might be a stupid question, but I'm asking anyway!! lolAlso, I have just recently begun researching wholesale investing and am wondering what is the best way to make connections there. (I am looking into buying from a wholesaler to flip a property in my area).Just as a side note, I have been starting to research REIA meet ups to start gaining some connections, but the link I followed only directed me to southern California REIAs and I am in central CA (salinas/monterey peninsula)Thanks everyone & have a great day!Meghan

Elizabeth Colegrove · Answer

If you don't inquire you never know. Some of my ideas have been long shots. Many more have been duds. I am a huge believer in always inquiring just analyzing everything twice.

Marcus Simon · Answer

Hey Guys,Thanks for the heads up. Hey Christopher, I figured it might be a set up for a guru meeting at a hotel or something. Hey Rafael, I'm going to call and *67 my line like Steve suggested. I'll let you know how it goes J Beard. Thanks,Marcus

Steve Vaughan · Answer

If you call, definitely *67 first. This is most likely one of those shady MLM co's, where you are trained to sell new memberships. Once your number is on their list, you'll never hear the end of all sucker scams known to mankind. If it sounds to good to be true...No way I advertise for students to answer your question. If I could easily make an extra 5-10k a month, I would keep it quiet and just do it. Cheers!

Rafael Norat · Answer

Hey Marcus. Can't hurt to call and see who's on the other line. Doesn't mean you have to spend any money. Mentoring is huge now with just about anyone with experience, as local investing has really shot up in the last couple of years. I would say hit up your local meetups and see who's really investing and who's not. Then make your judgement on what course of action to take.