Suggestion for a good mentorship program
Investor · Cincinnati, OH · Member since 2022 · 34 posts · 13 votes
Can anyone suggest a good multifamily mentorship program? If you have gone through a multifamily mentorship program and have felt that you've gotten a great deal of help from the program please let me know. I am currently doing small multifamily deals but would love to expand to higher doors (30 to 200 doors).
Hi, @Pradeep Shrestha! Unfortunately I can't speak on firsthand experience with any official programs, but I can share what worked for me and hopefully it will translate to something you could also do in Cincinnati with it being such a large market and there being so many great investors there.
I was going about my business calling property owners getting to know who owned what in the markets I was analyzing for myself and my clients, and came across a lot of the same names/companies holding some of the "best" properties I came across. Often times bigger than anything I could imagine owning at the time, but certainly folks I wanted to introduce myself to and see what all kinds of real estate they are into.
Always something to talk about when you get on the line with another investor and most are more than happy to share their journey and reminisce on when they were trying to take down their first big deal. Most people would probably be surprised how many massive investors are altruistic and want to see others crush it, and are willing to give their time to help them shorten the learning curve. In fact, there are a lot of great people like that on these forums, thankfully.
Now when I come across something off market that I think would interest them but may be out of the buy box for me and my clients, I hand it off to them. A small gesture for taking the time to visit and share their wisdom. Often times this leads to a phone call asking about the deal, which allows you to "peek behind the curtain" if you will, and learn more about how they analyze a deal. Hint: most of the time it's just like the rest of us!
I never do anything expecting to get time with them out of it or to be able to ask them questions, but over time many of these investors have organically become part of my ecosystem and people that I regularly text with or grab a bite to eat with when we're in the same city. People who call me when they come across something they think would be a great investment for me.
Nothing against any of the good mentorship programs that might be out there, but I just hear so many horror stories of the "mentors" who have not ever done the things they are teaching others to do and are making their living off of the mentoring itself rather than the subject matter they profess. I would almost rather take that same amount of money that they'd be charging and offer to pay a local investor to show me the ropes on a big deal they're working on or give an hour's worth of guidance to help work through a specific hurdle.
All the best, and please keep us updated on how it's going! We are rooting for you, Pradeep!!
Hi, @Pradeep Shrestha! Unfortunately I can't speak on firsthand experience with any official programs, but I can share what worked for me and hopefully it will translate to something you could also do in Cincinnati with it being such a large market and there being so many great investors there.
I was going about my business calling property owners getting to know who owned what in the markets I was analyzing for myself and my clients, and came across a lot of the same names/companies holding some of the "best" properties I came across. Often times bigger than anything I could imagine owning at the time, but certainly folks I wanted to introduce myself to and see what all kinds of real estate they are into.
Always something to talk about when you get on the line with another investor and most are more than happy to share their journey and reminisce on when they were trying to take down their first big deal. Most people would probably be surprised how many massive investors are altruistic and want to see others crush it, and are willing to give their time to help them shorten the learning curve. In fact, there are a lot of great people like that on these forums, thankfully.
Now when I come across something off market that I think would interest them but may be out of the buy box for me and my clients, I hand it off to them. A small gesture for taking the time to visit and share their wisdom. Often times this leads to a phone call asking about the deal, which allows you to "peek behind the curtain" if you will, and learn more about how they analyze a deal. Hint: most of the time it's just like the rest of us!
I never do anything expecting to get time with them out of it or to be able to ask them questions, but over time many of these investors have organically become part of my ecosystem and people that I regularly text with or grab a bite to eat with when we're in the same city. People who call me when they come across something they think would be a great investment for me.
Nothing against any of the good mentorship programs that might be out there, but I just hear so many horror stories of the "mentors" who have not ever done the things they are teaching others to do and are making their living off of the mentoring itself rather than the subject matter they profess. I would almost rather take that same amount of money that they'd be charging and offer to pay a local investor to show me the ropes on a big deal they're working on or give an hour's worth of guidance to help work through a specific hurdle.
All the best, and please keep us updated on how it's going! We are rooting for you, Pradeep!!
Hey Matt,
Thank you for the detailed information. It certainly helps a lot. Yes, that sounds like a good idea to call around and talk to management companies. It's so many of them here in Cincinnati so I am a little cautious. I have heard horror stories regarding management companies.
Regarding the investor, how would you go about finding the right local investors and seek help?
Can anyone suggest a good multifamily mentorship program? If you have gone through a multifamily mentorship program and have felt that you've gotten a great deal of help from the program please let me know. I am currently doing small multifamily deals but would love to expand to higher doors (30 to 200 doors).
So long as they have what you want and are actively doing what you want to do. A mentor leads from experience.
EYL and recession proof program