How I met my mentor - for newbies

[Elisha Lowe]

I met him at a local REI meeting that I attended with my partner. I am not a social butterfly but my partner is better at socializing, networking and asking questions. We struck up a conversation with this gentleman and his wife and because of reading this site and other real estate blogs, we at least had the sense that he knew what he was talking about.

Anywho, we set up other meetings over lunch or dinner (we always pay) to discuss how we can work together and learn from him at the same time. The advantages that we have is that we have good income, credit, I have a student loan but partner has no debt, and we have a down payment .

He is very well connected in our area and can refer us to many people who will become apart of our team eventually. What he gets out the deal initially is that as a real estate agent he get commission on the buy and sell if that is the route we go. His wife is a mortgage broker so she gets our business as well.

Tonight we met for dinner and talked about the course of the first deal and eventually partnering on the next couple of deals. I still have to do some research but I am probably going to open a SDIRA which will allow me to invest with him and others.

I understand that not everyone has the same situation and probably most won't even need a mentor. If you are interested in finding one I would really suggest looking locally through REI meetings, clearing up credit or at least maintaining good credit and saving money for a down payment. There is a lot to be said about having excellent follow up and showing a mentor that you are serious and you have something to offer them as well.

Good luck newbies!