Mentor Wanted for no $$$ - What I bring to the Table

[Llewelyn A.]

This will be a two part Thread actually. This is the first part of the Threads:

"Mentor Wanted for no $$$ - What I bring to the Table"

If you are not offering any money, what do you bring to the Table?

Here are some rules on what you can or CANNOT bring to the table:

1) Free Time - Your Free Time does not help a Mentor who must give his time to train you.

2) Skills - MUST be concrete and have experience.

2a) Spreadsheet skills - an EXCELLENT skill to bring to the Table! BUT... you need to be somewhat sophisticated and be able to use formulas like IRR, PV, Lookup Tables, etc. This skill can easily translate towards a Real Estate Business Plan if you don't have the experience.

2b) People skills - Just because you were a Waiter or Waitress, this may not translate to dealing with tenants if you have had ZERO experience other than being a tenant yourself. Maybe if you were part of an organization where you managed contractors, this skill can come in handy.

3) Above Average Credit Score - This is actually important. If you can't manage your money, how can you manage the revenues and expenses of a Real Estate business? If you are improving your Credit Score, I would wait until you get your finances together. Also, bringing a high Credit Score helps a Mentor because you can participate in a partnership or Joint Venture.

4) Motivation - I find this to be the hardest to verify. I ran free classes that only required people to learn the basic skills by meeting once a week for about 3 months. 95% of the students failed to study. So when I gave a suprised final exam, 95% dropped out immediately before they could make it to an intermediate course. They all claimed they were highly motivated but they were obviously not motivated enough to do any real studying. BTW, the 5% that continued became Millionaires.

5) List other relevenant information that you can bring. For instance, connections. You know a lot of people in a certain high income field, say Doctors. You can tap those Doctors as potential fund sources for future investments. Etc. That helps a Mentor!

So, what do you bring to the table if you are interested in attracting a Mentor? Maybe one of us experienced Investors would love to have you!