How can I provide value to a mentor?

Question

I, like so many of us here, am a newbie when it comes to real estate investing and would love to have a mentor. The thing I am trying to wrap my head around is how can I make sure to provide value to a mentor since I am so green and have yet to do a deal? I would never expect someone to give me anything for free, especially time out of their day to advise me on REI aspects that may be elementary to them. Of course, if a potential mentor took me up on an offer for lunch I wouldn't hesitate to pick up the bill, but I would think that is only a start to the value I should be providing someone who is willing to mentor me. I know some of you might say I could pay them, but at the moment cash is not something I have in great supply. I work 40 hours per week at my job, but I was thinking I could do something with my time outside of that to provide value to them. The question is what. Should I just be straightforward and ask any potential mentor what value I could provide to them in my current situation? How have any of you found a mentor and what value did you bring to them?

Michael Quarles · Answer

Rick H. Of the people I have helped the common denominator between those who are successful and are still in the business buying homes and those who are not is, besides drive, the ability to perform.Although one can buy a house without money this is not a no money business and the investors who are successful have waited to jump in until they were financially capable.

James Wise · Answer

Everyone has needs. Just ask what theirs are.

Alejandro Sosa · Answer

@Devan M. Hey, I was I your shoes a few months ago. I came across a contractor with great reputation in the area and he gave me the name and number of the guy who is my mentor today. It took me 6 hours to figure out how to start the conversation. This is how I did it. I wrote the questions I wanted to ask him, what I wanted to accomplish, my short term goals and long term goals. So I called him but the voicemail came up. In the voicemail I introduced myself, told him why I was calling and that I understood if he didn't called back. Remember, I was a stranger at the moment. He called me a few hours later and we agreed to go out for lunch. At lunch, I talked about myself and the reason why I called him also, I asked him about his business and how he started. It sounds redundant but it's important that you express your intentions up front. After lunch (I paid for it as an appreciation for his time) he offer me to go to one of his houses that just happened to have an inspection that day and I agreed. Since then, I've been working with him on his projects also, he offered me an investment opportunity in his company. I think I was lucky or it just happened to be pure coincidence.. Do what you think will be best for you. I believe I didn't mention that I'm a full time service member and my time is limited. After all my scribble my advice to you is to be proactive, cooperative and respectful. Always be on time and keep a good communication line with him or she. You will be surprised how much they will be able to help. Also, listen to the podcast the first ones have good tips about how to approach and mentor. That's where I got my techniques from. Wish you the Best!!! A.

James Wise · Answer

You would be surprised at the many ways a mentor/mentee relationships can form. There are so many things related to real estate and not related to real estate that have value.For instance.I'm currently mentoring a local from my area. I mentor him in RE and he trains me at the gym. Unorthodox but its mutually beneficial for us both.

Rick H. · Answer

Great question! I'll turn this around slightly to ask, 'What qualities do seasoned, experienced investors want in someone that they might be willing to mentor?One of the things a younger investor starting out has that an older mentor may not have is an abundance of energy.Another is willingness. Be willing to run errands and check things out for the investor.A natural sense of curiosity.Initiative.A helpful, cooperative attitude.Who else cares to weigh-in? Lots of other qualities I have left out.

Devan M. · Answer

Thank you @Jon Klaus and @James Wise it's great to hear that from guys like you that seem to be doing a lot of deals and are those experienced investors getting approached by newbies all the time. It seems like it should be more complicated than that, but I guess sometimes the simple approach is the best approach. Cheers!

Jon Klaus · Answer

Yes, ask how you can help them. One idea is to give them a cut of your first deal(s).

Joseph Ambrose · Answer

This all very helpful information. I am in the same position being new to investing. It’s one thing to read a ton of books, listen to podcasts, and forum posts but another to actually go through the process of selecting and rehabbing a property. I feel like I’ve done enough background getting myself at least familiar with many of the concepts but want application!

Ivan Burley · Answer

@Alejandro Sosa. That's a great place to start, project manager that is. You'll gain some good insight as to how a project should and should go. Once you start your own you'll be ahead of the curve. Good job. Best of luck with ot all.@Devan M. That's the great thing about BP. There's always opportunity to learn just from tuning on to other people's posts. For the most part people here are extremely helpful. I believe the long distances take the edge off of people natural inclination to be competitive and guarded.

Devan M. · Answer

Wow, I didn't expect such a huge response, but I'm grateful all of you weighed in on the subject. I have a much better idea now of how to go about finding a mentor and a little more confidence in doing so. I'm also happy to see others benefitting from this post besides just me. Best of luck to you all and I hope to continue seeing you around the site!