Wholesaler · Bay Shore, NY · Member since 2012 · 21 posts · 0 votes
Hey guys, I'm just starting out and am currently trying to get into the wholesaling game by just having read a bunch of books on the subject and from learning from what you guys have posted. I am finding that I am still needing some extra help, I tend to learn easily, but only when I actually go through the processes a couple time.
I was wondering if a good approach to find a mentor would be to go on craigslist and actually find investors who are posting on there attempting to purchase houses and contact them directly from there. I would ask to be a bird-dog and explain that I am just starting out and looking for some guidance. I really need to learn the contracts and all the extra information they don't teach you by just reading books.
Or is there any of you who are located on Long Island looking for some help?
Rehabber · Alexandria, VA · Member since 2011 · 446 posts · 171 votes
13y
The best approach to find a mentor is to put yourself out there into uncomfortable situations and network! You have to talk to these guys before they can even say yes or no.
Get a piece of paper together and write down everything you have to offer to an investor. If nothing else offer to work for free doing anything they desire related to their real estate business. If you're in their properties hammering nails all day then guess what, you now have a first row seat to the process of rehabbing! Soak it all in.
You have to bring some sort of value to the table in order for these guys to take their time and invest it in you.
These guys want to know that they're grooming someone who will eventually bring them JVs, equity deals, and partnerships.
Find your value and these mentors will materialize.
Rehabber · Alexandria, VA · Member since 2011 · 446 posts · 171 votes
13y
The best approach to find a mentor is to put yourself out there into uncomfortable situations and network! You have to talk to these guys before they can even say yes or no.
Get a piece of paper together and write down everything you have to offer to an investor. If nothing else offer to work for free doing anything they desire related to their real estate business. If you're in their properties hammering nails all day then guess what, you now have a first row seat to the process of rehabbing! Soak it all in.
You have to bring some sort of value to the table in order for these guys to take their time and invest it in you.
These guys want to know that they're grooming someone who will eventually bring them JVs, equity deals, and partnerships.
Find your value and these mentors will materialize.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
Agreed with Glenn...what do you have to offer?!?
If you find a great investor who is willing to work with you, offer to work for him/her for free for 6 months. He teaches you the business, you do all his grunt work. It's a win/win and after 6 months, you should have an awesome education and potentially a new partner.
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
13y
I somewhat disagree with Mike Osterman. First off, finding a deal is not as easy as it sounds, at least not a deal investors would be interested in. Sure, if you know your market well enough, have an understanding of the process and can provide accurate numbers this would be a good plan. However, the major problem would be taking a terrible deal to a potential mentor...that would lump you right in there with the wanna-be wholesalers.
I agree with J. Offering to work for free will show you are interested in learning the business and provide something in return to the mentor without you having to pay out of pocket for it...a true win-win scenario.
Wholesaler · Bay Shore, NY · Member since 2012 · 21 posts · 0 votes
13y
Thanks guys.
James Vermillion and J Scott, What is the best way to find an investor that would actually be a good mentor? I have no problem starting for free and learning the business, but I also want to make sure I'm working for free for good reason. The person has to know what they're talking about and be willing to give me the ins and outs.