Is anyone willing to Mentor an 18 yr old?

[Tyler Roberts]

I just graduated Highschool and lately has had my fair share of the retail industry. I can see myself in these kind of workspaces past my 20’s and I’m determined to get out. I want to generate passive income and I know that real estate would be right for me. So if anyone is willing to guide me in the right direction and help me avoid potholes it would be so great😊

[CJ M.]

@Tyler Roberts

1. Read “Rich Dad Poor Dad”

2. Read “The Millionaire Real Estate Investor”

3. Listen to as many BP podcasts as humanly possible. The first one I listened to that got me excited about REI was "Starting with $10k and Buying 52 Units in 3 Years with Chris Heeren | BP Podcast 197

4. Understand the BRRRR method!

5. Talk to any REI's you know. Buy them lunch/coffee and pick their brain! Understand what it means to add-value to someone. People are generous with knowledge, but most aren't out there looking to spend their valuable time being a mentor.

6. Visit the BP and mrlandlord.com forums every day for at least a few minutes

7. Join your local REIA group

8. Download Zillow, Trulia, Realtor, Redfin, etc. and watch the listings and what they sell for in your target area. I tend to focus on B/C neighborhoods. Set up alerts for when a property lists that meets your criteria.

9. Find a couple properties and practice running the numbers on them. Know how to calculate Cash-on-Cash Return and Capitalization (Cap) Rates…as well  as Cash Flow (seems many folks on BP still get that calc wrong).

10. Talk to a lender(s). Have a discussion about your goals and visions. Build a relationship with them. Trust me, finding deals is only part of the battle. Funding them is a completely different story!

11. Pay attention to conversations where you uncover someone is a contractor or works in a specialized trade. Introduce yourself and ask them questions. Add their contact info to your phone and start building your rolodex of contractors now!

12. Trust but verify. There are a lot of people out there that will give you advice and try and take your money, but only you know whether it brings you closer to your goals. I tend to ignore the advice of anyone who hasn’t done a deal yet, or who is overly pushy trying to sell something.

13. Get your mind right and “think” that you are a real estate investor! I was telling people I was an investor before I bought my first property last year. Now I have 20 and am still growing.

14. Be comfortable being uncomfortable. The sleepless nights will come, and come often!

15. Prepare now! As the Chinese proverb says, “The best time to plant a tree was 20 years ago. The second best time is now.”

Hope all of this helps, and best of luck on here!