Looking for Multi-Family Mentor

[Neech Yates]

I'm wanting to move in the Multi-Family investing. Any recommendations on talking to and find a Family Mentor? 

[Account Closed]

@Neech Yates Congrats on jumping into Multifamily! My Dad and I have been running our MF business for a couple of years now with great success.  Getting the right mentor will definitely help you accelerate it! We have been in more than one mentorship group so I definitely have some advice - hopefully it helps! **My advice is for mentors that deal with large multifamily (100+ units)

I'll try to not make this post super long - but here are a few things to look for when vetting a coach:

1. Willing to partner with you in any market as long as they like the deal (you need the credibility and financial backing)

2. One-on-One coaching DIRECTLY from the "main" guy/expert - avoid groups with "sub-coaches" (<--these are put in place because they can't handle the volume of new members)..makes you wonder if they're focused on building a coaching empire and making a ton of money from that - OR building a successful real estate portfolio & focusing on the success of their members.

3. Make sure your coaching is coming from someone with 7K - 8K unit portfolio - across multiple markets - and been through a full deal cycle on multiple deals. There's a lot of gurus popping up selling coaching and they've only done a few deals. You need a strong backing when doing these deals!

4. Avoid groups with weird rules (must use their buying broker and/or can't talk to brokers directly, can't partner with people outside of their group, nickel and dime you on additional fees, etc)

5. Culture of the group - is it established & maintained? These people will be your partners - make sure integrity, character, etc are required values to join the group. This starts at the top with the leader.

6. Reputation in the industry - with investors (is the portfolio hitting targeted returns), with brokers (are deals closing once under contract), with lenders, etc. Be careful who you learn your underwriting from!

7. How many people in the group are doing deals and getting into General Partnerships? How long does it take to do so? Track record of members

Hope this helps! Trust your gut and intuition...if it feels like a dog & pony show with a lot of flash & money & sales pressure...it's most likely just that. Find a coach who cares about your success and members in their group who are successful!