New Student Alert

[Jalen Hudson]

Hello everyone, my name is Jalen Hudson. I'm a 20 year old Jr. Marketing Student in Baton Rouge,Louisiana and I've decided that I'd like to give multifamily investing a try. I'm really interested in finding a mentor someone who knows the ins and outs especially in my area if possible to guide me while I finish my studies. Then I'll dive in full-time. If anyone can refer someone or want to help personally please don't hesitate to help. I'm very serious and very eager about this. Thanks in advance.

[Brett Snodgrass]

Hi @Jalen Hudson

Glad to have you on BP! Welcome. I'm a big fan of mentoring/coaching and still use one myself. Here's some thoughts on landing the right one when you're starting out.

1. Set up a keyword alert for your specific area as well as head to your local REIA's and meetups.

2. Then I'd be on the lookout for established wholesalers and investors in your area that pop up from your keywords and ones that you're connecting with at the meetups. 

3. Once you find a few that look interesting, take them out to coffee. Make sure you interview them and get a feel for them. (working with them is a mutual agreement)

4. If you like them, and they seem like a good fit, then ask if you were to find some deals, if you could bring the deals to them for them to buy and then offer a 60/40 split (they get 60%) if they'll agree to walk you through the process of closing on it/selling it. And state that you'd obviously do a lot of the leg work, you'd just need to be shown what to do.

5. Then offer, if they have any other needs in their business, that you're really hungry to get involved and to learn the business, so if they needed help answering phones, cleaning toilets or whatever, that you'd love an opportunity to work with them and help out.

6. Then actually do it, if they offer you something.

7. Begin looking for deals via free resources, (here's a good guide to get you in the right direction: https://www.biggerpockets.com/renewsblog/2014/04/23/acquisitiondomination/). Also consider driving for dollars, posting signs at coffee shops, etc.

8. Learn how to run comps and analyze deals the best you can (search on the BP blog for 65% rule for wholesalers) and then when you think one might be a good deal, bring it to the investor who has agreed to purchase the property, and ask him to confirm your comps and give you feedback.

9. Then if he likes it, boom: you now have a real estate mentor and you just rinse and repeat moving forward.

I've found that this works well. Keep us posted!