Residential Real Estate Agent · Salt Lake City, UT · Member since 2014 · 156 posts · 50 votes
I am a beginning investor looking to learn as much as possible. I have started attending my local REIA meetings and started meeting other investors. I want to learn as much as I can and learn to be an asset to other investors in order to build relationships, rapport, and my own network. One thing that has come to mind is bringing value to the table.
When I think about bringing value to the table for potential partners, mentors, or networkers, I see three main things that are useful and people need/want.
1. Money
2. Time
3. Ability
As I am just starting out, obviously money and ability are harder for me, but I do have lots of time.
Are there other things that you are always looking for in a new contact that you wish they had and could offer? I.e. property management experience, links to contractors, etc.
I too am a beginning real estate investor with only a few properties. I am lucky enough to work in commercial real estate so I have already met a good amount of mentors whom could provide insight through the process. Even if someone doesn't want to invest with you, learn from them, pick their mind, and don't make the same mistakes they did. It's amazing what a cup of coffee or a few beers will accomplish.
My mentor recommended that a successful partnership has three things: Time, Talent, and Treasury which echoes your points verbatim. Without someone with talent, someone with time to act, and someone with the funds to back the project - each one will fail. He also recommended that I pursue my broker's license on the side. Being a broker gives you access to a wide array of tools, provides more networking opportunities, and many see you as an "expert" in the field just by being licensed.
Accountant · Collegeville, PA · Member since 2013 · 105 posts · 25 votes
11y
Hi Cody -
Great post and question.
Not sure about your valuation ability, but being able to determine ARVs (and back it up with comps and other info) is huge. It takes time to aggregate and analyze sold properties and to summarize it in a easy to read format.
The other thing is assessing renovation costs. Again, it takes time going to a property, inspecting the property and then determine renovation estimates.
You could start off by hooking up with a local investor and bird dog for them. You could work out some sort of bonus or profit split per property bought/sold.
The other thought is cold calling/pre-qualifying leads for investors, thereby saving them time. You could do the comp in a similar way as bird dogging.
Lastly, I like the swap of "[...] I will drive you around, real estate investor/real estate agent/appraiser/general contractor (or whoever), saving you gas and automobile wear/tear. In exchange, I would like to learn you're trade [...]".
I too am a beginning real estate investor with only a few properties. I am lucky enough to work in commercial real estate so I have already met a good amount of mentors whom could provide insight through the process. Even if someone doesn't want to invest with you, learn from them, pick their mind, and don't make the same mistakes they did. It's amazing what a cup of coffee or a few beers will accomplish.
My mentor recommended that a successful partnership has three things: Time, Talent, and Treasury which echoes your points verbatim. Without someone with talent, someone with time to act, and someone with the funds to back the project - each one will fail. He also recommended that I pursue my broker's license on the side. Being a broker gives you access to a wide array of tools, provides more networking opportunities, and many see you as an "expert" in the field just by being licensed.
Property Manager · San Bernardino, CA · Member since 2014 · 473 posts · 238 votes
11y
If you can bring a deal to the table (An actual deal. Plenty of wholesalers have no clue what comps or ARV means) you will get investors to work with you. I would see if an investor will let you shadow them. Find out what it takes to do a flip or analyze a buy and hold property and then use that knowledge to gain capital investors. Your track record is going to be very important from here on out. Don't ruin your reputation to make a quick buck. Do what you say you will do and an investor out there will appreciate your work ethic.
I am currently looking to land a job in the real estate industry so I can start networking with other professionals.
I have also noticed the advantages to being a broker. And I think I would also like to pursue this. I have seen some disadvantages but I still think the good will outweigh the bad.
@David Friedman I am getting better at recognizing a deal; I have a mentor who allows me to walk through properties and then estimate repairs, ARV, comps, etc and then he will tell me how accurate my numbers are. It has been an amazing help. I will keep looking for opportunities to learn the business.