I think I need a mentor

[N/A N/A]

I have taken real estate classes for over 2 yrs and went to my first RE investment club tonight. Everytime I go to a seminar or class and tonights RE club, I leave with my head swimming. There are so many ways to start out that I feel overwhelmed. I met a person who has a mentors team, and I really think I need some help to start out. It just seems so daunting. I know that I want to buy and hold, I want to rent out a duplex/fourplex, (flipping seems like a bad idea right now for a newbie) :crying: but my options are limited due to not having any money to start. I am not clear on lease options, quick sale, assumables, assignment on contract.....LLC, S Corps.......it makes my head hurt.
Any comments? :crying:

[Account Closed]

Well let me be the first to say, AWESOME that you went to the event. You can pay a mentor, you can take courses, etc. All that matters is you find your niche and take action.

Most people do not realize that being an investor is like saying I am in Computers. There are so many facets of "computers". You could be in Mainframes, networking, web design, web development, database administration, PC Support, etc.

Rather than trying to grasp it all, grasp one really well. Be the best at it. Just like being in a band, don't try to play all instruments. Pick one and dominate that one like Jimmy Hendrix would a guitar.

If it takes a mentor, then fine, go for it. But be sure to ask the "mentor" some very detailed quetsions. Get proof of deals they themselves have done. Ask for specifics, addresses, etc. Find out if others have utilized their service. I am sure you will always find detractors as well as those that recommend them highly.

The key is for them to show they are active now and do what they say to do. Nothing frustrates me more than the do as I say mentality. You might as well be John T. Reed, out there slamming everyone, but hasn't bought a single piece of real estate in over 20 years.

Anyway, do your due dilligence on the mentor. Not only should they be intelligent on the ways to invest, have experience in investing, but they need to be able to communicate that with you and in a manner that works well with you.

Hope that helps, I was sort of rambling on.

[Michael Rossi]

Nightowl,

I am a little concerned that you have taken real estate classes for 2 years and that you head is still swimming. I guess I really don't understand that. By comparison, when I started I studied hard for one solid week and then bought my first rental.

You said in your post that you want to start a rental business. If that is the case, you should ignore all the other strategies and learn the rental business. The truth is that the vast majority of newbies fail in a short period of time. The number one reason that new businesses fail is a lack of cash flow. Therefore, it is imperative that you learn this subject well. The number 2 reason that new landlords fail is that they don't know how to deal with tenants. You should also learn this subject well.

In my opinion, paying a mentor is a waste of money. There are many good books available and there are many successful investors at your REIA that will help you for free. Learn everything you can from books and then make friends with a SUCCESSFUL LANDLORD at your local REIA. Your new friend will be glad to help you for free (although don't expect them to spoon feed you the basics).

Starting a real estate business should NOT take years. If you're serious, study hard for a month or two and then get started.

Good Luck,

[N/A N/A]

I think that it is great that you are being proactive in learning about this crazy world of REI.

People have aske me to mentor them in their pursuit. Complete strangers! People I have given advise to on the internet!

This amazes me because these people don't know me! I could be an axe murderer for all they know!

I don't mentor people I don't know. Nor should you ask someone you don't know to be a mentor. Not to say that you couldn't find a good mentor online or over the phone, and not to say that you shouldn't accept advise from someone you don't know. I mean, I don't know the guy who said "don't eat yellow snow" but it sounds like good advise to me and I follow it religously!

Indeed, you could, over time, establish a relationship of confidence and trust with someone you have never met in person. I just think that if you are looking for a mentor, you would be better off finding someone who knows you personally. Someone who's motivation is to see you succeednot to collect a mentor fee.

You want this person to be a REInvestor not a professional mentor.

And remember, this business is ultimately a people and relationship business. So developing a relationship with a mentor if done right will take some time. In the mean time, continue your growth and keep your eys open and your mentor will appear.

Lastly, your mentor may not look like what you think a mentor should look like. My mentor is a fireman. I had no idea that he owned some of the most beautiful properties in the SF Bay Area! Our relationship was built on something completely unrelated to REI. We genuinely like each other as people and now he has shown me the game! And now it is easy!

Mentors may not drive a fancy car and have all of the fancy ling of big shot REInvestors. They may be a contractor or landscaper or fireman or a little old lady who is just killing them in the investing world!

You have 2 ears and 1 mouth. So you should listen twice as much as you talk! Keep your Eyes open and you'll do just fine!

Take very Good Care,

HuntMan1

[Tom McGiveron]

nightowl,

i'm with MikeOh - 2 years you've been going to "classes"???

are you sure that's accurate?

the good thing about this forum and the field of rei is that most investors support others success - that's why it's so positive.

but i have to say that while it's nice and awesome and all this good stuff that you're taking the time to learn and blah blah blah...in two years, if you still have "no money" to "invest" and you want to buy a duplex and hold and blah blah blah...

after 2 years - that's all it is...blah blah blah.

dude, if you want to better yourself and work toward something big - then you've got to start NOW. it sounds like you're not ready to invest. frankly, it sounds like you've got some other personal issues to work out - like financial ones. i mean, in TWO YEARS, you haven't saved ANY MONEY? and it's not like you have to save money to start investing. there are many ways to raise capital - IF you're willing to do what it takes to get there.

other investors will tell you that you can start with not ONE DIME in your pocket. that comes down to your comfortability with risk.

basically what i'm saying is - you've got stuff to work out - so WORK IT OUT!!!

there are many people on here that can help.

[N/A N/A]

Hi~

I have read all of your comments and now I feel really ashamed. I am not a dude I am a dudette. My name is Barbara. I don't feel that i have any issues, I just don't want to do something stupid or impulsive.
The classes that I am talking about are quicky 2 hour real estate stuff at a local community college, one was a landlord class, another was on real estate investing which basically was an infommercial from a team of attorneys, CPA, real estate agents and the like who pretty much just passed the message along that you need a good team when dealing with REI. I still have all their cards. It hasn't been a consistent class lasting 2 yrs, just a string of quickies. I did take the real estate class just to educate myself more but had no intentions of becoming an agent. I earned a B+

I have also read alot and TRIED to get my husband interested in investing by turning him on to the potential deals that can be made by watching Property Ladder and Flip That House. It doesn't look like he is going to join me in this venture so I have decided to do this on my own.

Networking with others I met at the REI club will get me where I want to be. So far, there's been no one except this board to "talk to". It felt good to have several intellengent conversations because I have felt very alone in this.
This is my dream, not my husbands so time to go solo.

Barbara

[N/A N/A]

Thank you Charles, I will take your advise to heart and do more research on the wholesale aspect of RE.