Found a very experienced mentor, but he doesn't know what wholesaling is!

[Account Closed]

I'm highly interested in starting out my investing career in my home area of Long Island, NY. My aunt is a real estate broker in Suffolk County so I told her about my plans and while she didn't understand why anyone would want to purchase properties from a wholesaler with no experience, she got me an appointment to meet with a friend of hers who is a very experienced investor in Nassau County (where I live). He has experience in commercial real estate as well as rehabbing and has built over 300 homes in the area. He does not flip homes directly but he has close contacts who do and is willing to get me acquainted with them if I so choose.

Today I met with the investor for the first time and he told me that he wasn't exactly sure what I meant when I said I'm interested in "wholesaling". I explained the concept to him and he basically told me that he doesn't really have experience in it because he doesn't think that is something that the Long Island market is good for. He feels that wholesaling would be a better option if I were living in another state. He offered to have me help him out once a week and act as a mentor to teach me what he knows about buying and building homes, and both him and my aunt feel that I can't do much without going for my real estate license.

Does anyone have any experience in wholesaling in the Long Island/NYC area? If so, do you have a real estate license? I know that this investor has 30+ years of experience and I definitely respect his and my aunt's opinions, but I just feel as though it's not entirely true. I have read almost every article I could find on BP about wholesaling and beginner investing, and I truly feel as though I don't need to spend money on getting a real estate license just yet. Am I just being overly optimistic? HELP!

[Tom Goans]

Listen to the old pro if he has an overall successful history. Take advantage of working for him to get free education.

Getting a real estate license has pros and cons. However, the education required in order to pass the test to get a license is critical.

Be the most informed and prepared person in the room. Learned from the experiences, lessons, and tricks from the old pros. Years later you will charish the time.

Knowledge is power.