Real Estate Mentors..

[Jake K.]

I am just beginning real estate investing, i have been reading, and learning for about 3 months and have done some minor marketing for deals, have gone to a number of REIA's also, made some connections, but haven't gotten any deals yet. I realize that I am spinning my wheels because I desperately need DIRECTION from a MENTOR! a big problem is, is that I don't really have $ to spend on it. I see these local mentorship programs charge many $1000's to join, upfront! I would be more than willing to give up at least 50% (even 75%) of the profit on any deals I would generate in exchange for hands on guidance from a mentor..Anyone have advice for me?? Or does anyone know of someone in the Baltimore,MD area who would be willing to guide me? Thanks so much!!

[John Warren]

@Jake K. I used to think that I didn't have mentors starting out because I never paid for a "mentorship" program. In reality, my lender (who is the same age as me) mentored me quite a bit during the initial purchase of my Lyons 4 unit property. This deal was over a 30% COC return year 1, and I would have walked if not for him.

Mentoring is really just timely advice and someone to bounce the occasional idea off of. The mentor isn't going to do the work for you. Most people who are worth having as a mentor don't want part of your smaller deal. They are already successful, and will probably give you 5 minutes of advice for free.