Mentorship Program Suggestions?

Question

Hey so I’m looking to get into real estate investing through creative finance deals, wholesale, and short term rentals in Texas. However I need a lot of help and have little to no capital to start with. I tend to learn much better through hands on so not super interested in digital training but am open to it. I’m looking for a mentorship program that could be a short (6months or less) intensive that trains hands on. Please let me know if y’all know of anything like that or any really good digital mentorship programs.

Scott Mac · Answer

Hi Elliot,

So you want to work as a wholesaler --

And buy short term rental(s) using creative financing.

This looks to me like you are interested in the cash flow monthly as your main goal.

You also said that you have not been able to set aside enough money for a down payment yet.

Creative financing might be something you could possibly do.

One of the roadblocks you might come across when looking for a creative financing purchase might be your lack of experience - in that the seller might balk at someone with no experience being relied upon to handle his end of the bargain.

Meaning getting a deal like that might be similar to finding a Needle in a haystack.

And making your money from wholesaling - why not just get a second job, maybe from a temporary service, until you get enough money saved up to buy what you want to buy.

And do not forget that you will need cash reserves for times when business is rough, and for things such as replacements like a water heater, which can be expensive.

Join a local real estate investment club or two look online for them,

You can make some local friends there and ask your questions of people individually and maybe find somebody who will let you shadow them a little bit from time to time.

Maybe meet up with them a coffee shop or something outside the meeting, and as they say shake a hand and make a friend.

If you make a friend you may have a much nicer time learning.

Just my 2 cents.

Stuart Udis · Answer

A commonality amongst those seeking coaching besides hoping for  a shortcut  is how to buy real estate with no capital. Rarely does coaching solve the capital problem outside of perhaps pointing the novice investor in the direction of credit cards with teaser rates which is precisely the last place a novice investor should turn for operating capital. Those offering coaching geared towards the most elementary real estate investors are also teaching the most basic principles easily picked up through these very forums and through local networking.

A more viable approach is employment through a real estate operator where someone can learn the operations of a real estate business. They are transferrable skills that can be learned while being paid. Once there's experience, capital and industry relationships, then seek out advisory services  if assistance is required to solve specific operational problems but no novice investor needs coaching, huge waste of time and expense.

Jonathan Greene · Answer

The way I interpret your initial post is that you want to do the bare minimum, spend no money at all because you don't have any right now, and also get free in-person training from someone. What's in it for them?

With what you said, the best thing you could do is offer your time to a local wholesaler to bird dog and get some practice. Also, just go to as many real estate investor meetups in your area as you find and don't ask people for anything, just ask them questions.

Drew Sygit · Answer

Everything you need is in BiggerPockets - and other places.

You just need to make the EFFORT to take advantage of what's right in front of you.

Until you address this, nothing else will make a difference.

Scott Mac · Answer

Figure out how much you need to have in the bank to buy what you want to buy. Add to that figure an estimate for cash reserves to allow for turns, hard times, unexpected expenses, and expected expenses. Add to that figure everything you get a need for closing costs, and remodel costs, and advertising Etc.Get a second and put 100% of the money in the bank and don't spend any of it. Then once you have enough to invest start looking for something to buy.Good Luck!

Stuart Udis · Answer

@Joe Villeneuve 99.9% of individuals who are interested in real estate with no money and immediately seek out coaching never acquire a million dollars worth of real estate let alone millions as you put it. This is because they aren't interested in learning systems, operations etc. etc. They are looking for short cuts on how to grow a real estate empire with no money. Do you know why that is? Because there are coaches who grossly overstate the ease in which real estate can be acquired as part of their sales pitch. As a result these believers are more inclined to put thousands on a credit card to pay for these courses and mentorship than spend a few hundred to speak with an attorney or accountant.

Sadly the deceptive social media influencer is the coach these individuals gravitate towards and are taught how to take on debt through teaser rate credit cards and are taught how to buy section 8 houses in the worst of the worst neighborhoods in this country. I am sorry but there's no need for coaching for that.

If you are the minority of investors who have more realistic objectives who wants coaching from the start, what is a coach going to teach that can't be learned through employment working for a real estate development company? Property Management Company? Brokerage? If you are someone who has gone through the normal learning curve process and has reached a point where they need assistance growing their real estate business, than there are plenty of advisors out there between consultants, attorneys, accountants etc. who can help those individuals but no need for any of that to buy your first properties.

Joe Villeneuve · Answer

What do you mean by "hands on"?

Mentorship Program Suggestions?

Most Popular Reply