New Member Introductions
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 7 years ago,
How can I find an honest and moral adviser/mentor?
DISCLAIMER: I'm not asking for a mentor here but for an advice on how to find one!
Hi all, very first post here but a long time reader. Please bear with me...
I live in Brooklyn, NY, I'm in my late thirties and I've always stayed away from anything related to finances, investment and money in general because I've felt it was smelling dishonesty, fraud, "stabbing in the back" etc. I'm not saying it does! But this is how I've always felt about it.
I'm an electronics technician and a sound engineer (and a musician, of course), and both of these professions are creative and I love them, but they are very stupid from an investor's perspective where numbers rule, because they don't bring a good quality of life and you just work for your boss etc, etc....
But recently I've been hit by a series of tragic events, including death of my dear wife due to a disease, and my own health starting going downhill in spite of my best attempts to live a healthy lifestyle. Loss of my wife, the person I love the most, was especially devastating. And my health going down is a step away from being unable to work and there's no "disability" for my condition whatsoever.
As a result of this, I'm looking for a way to invest in real estate so that I can survive without a day job. At first, it looks like a "Mission Impossible" for me. But I'm a die-hard. My financial goals are not terribly high - at least 1k monthly net cash flow. You may say it's quite low... indeed so. But I'm thinking of relocating overseas where life is cheaper, while having a rental property in the US.
I've started researching the subject (mostly on BiggerPockets :-) ) and my first reaction was to turn to a TurnKey provider since there's no way for a non-money oriented mind like mine to learn this tricky business myself. But after researching two of TK providers closely, I've learned that with TK providers you can expect either or both: ripped-off-profit or poor quality of service. They have to make their cut not matter what, and they do it by above mentioned means. Period.
Therefore, the only solution I see is to get in touch with a seasoned investor with high morals, honesty and ethics for a help with my first property or two. For a fee, of course. We'd need to get to know each other, I'd need to vet the person carefully and, hopefully, become friends. The investor would have his money-making machine in place with all proper connections. So a property acquired and managed for me would not be any different from his normal routine for himself. And hopefully, his true intentions would be to help another fellow human being from the bottom of his heart rather than ripping me off.
Do you think my goals of finding such a person (or a group) achievable? If so, were can I actually find such people, ESPECIALLY IF LOOKING FOR A MENTOR IS PROHIBITED ON THIS FORUM?