Mentors: What do they like to hear?

[Syed Hussain]

Hello all.  I'm in the process of meeting up with some experienced investors and pick their brain about the local area.  I want this to be a beneficial experience for me but I also don't want them to feel like I'm wasting their time or just leeching off of them.  Any tips on how to approach these critical meetings and what type of questions I should be asking?  Thanks.  

[Brett Snodgrass]

@Syed Hussain

Do you plan for this to be a one time meet up or are you hoping to turn this into a continued relationship with at least one of them?

If the former, Joe and Jeff have pointed you in the right direction.

If the latter, here's a suggestion of a direction you can take.

1. Ask if you were to find some deals, if you could bring the deals to them for them to buy and then offer a 60/40 split (they get 60%) if they'll agree to walk you through the process of closing on it/selling it. And state that you'd obviously do a lot of the leg work, you'd just need to be shown what to do.

2. Then offer, if they have any other needs in their business, that you're really hungry to get involved and to learn the business, so if they needed help answering phones or whatever, that you'd love an opportunity to work with them and help out. 

3. Then actually do it, if they offer you something. 

4. Begin looking for deals via free resources, (here's a good guide to get you in the right direction: https://www.biggerpockets.com/renewsblog/2014/04/23/acquisition-domination/). Also consider driving for dollars, posting signs at coffee shops, etc. 

5. Learn how to run comps and analyze deals the best you can (search on the BP blog for 65% rule for wholesalers) and then when you think one might be a good deal, bring it to the investor who has agreed to purchase the property, and ask him to confirm your comps and give you feedback. (forgive me if you are already experienced in these areas..just tossing it out there in case these are new to you)

6. Then if he likes it, boom: you now have a real estate mentor and you just rinse and repeat moving forward.

Hope it goes well!