Ready To Get My Hands Wet & Feet Dirty
Investor · Hammond, LA · Member since 2021 · 2 posts · 1 vote
Hi everyone, I’m a college student living in Hammond, Louisiana. My husband and I are both working part time jobs but trying to learn as much as we can to get into real estate investing (wholesaling, home flipping, etc.) Last year about this time I called a bandit sign in hopes to find a mentor to teach me the ends and out of the game. It didn’t work out and I have become discouraged to reach out in fear of scams and people who don’t really care to help teach and grow aspiring investors on their journey honestly. I want to try again because I just wonder where I could have gotten a year later if the call lead to a great connection and inspiring teacher. Anyone taking on teachable investors who are hard working and want to grow their skills and knowledge?
You don't need a mentor yet as evidenced by the fact you're calling a bandit sign to find a mentor. You need to put your nose to the grindstone by spending at least 3 hours a day (or night) reading and researching real estate strategies, marketing, contracts, etc. There is no substitute for committing the time necessary to learn a craft...something a mentor can't do for you, it's got to be a burning desire inside you. There is tons of information on various YouTube channels, social media groups, etc. and most of it is free. Some of it is good and much of it is terrible taught by folks who did two failed deals and now want to teach others how to become successful. You have to learn to vet out the scammers and you do that by having a basic knowledge of real estate and learning to ask the right questions of anyone who is pitching their training.
Hi everyone, I’m a college student living in Hammond, Louisiana. My husband and I are both working part time jobs but trying to learn as much as we can to get into real estate investing (wholesaling, home flipping, etc.) Last year about this time I called a bandit sign in hopes to find a mentor to teach me the ends and out of the game. It didn’t work out and I have become discouraged to reach out in fear of scams and people who don’t really care to help teach and grow aspiring investors on their journey honestly. I want to try again because I just wonder where I could have gotten a year later if the call lead to a great connection and inspiring teacher. Anyone taking on teachable investors who are hard working and want to grow their skills and knowledge?
@Dominique Green. If you don't mind elaborating on the scam part? There are honest people out there, but for the mentor to commit to the time is key and also your knowledge as to what stage are you in your investor journey. Likewise it also depends on the mentors knowledge. What area of RE investment do you need coaching or mentoring on?
You don't need a mentor yet as evidenced by the fact you're calling a bandit sign to find a mentor. You need to put your nose to the grindstone by spending at least 3 hours a day (or night) reading and researching real estate strategies, marketing, contracts, etc. There is no substitute for committing the time necessary to learn a craft...something a mentor can't do for you, it's got to be a burning desire inside you. There is tons of information on various YouTube channels, social media groups, etc. and most of it is free. Some of it is good and much of it is terrible taught by folks who did two failed deals and now want to teach others how to become successful. You have to learn to vet out the scammers and you do that by having a basic knowledge of real estate and learning to ask the right questions of anyone who is pitching their training.
You are most-likely looking for trouble if you think you can find a mentor, or someone to shadow. Many people look like they are successful, but don't know one bit more that you with the exception they know what they can't do. I call what you are looking for, "The Blind Leading The Blind".
As stated in my most recent post, after reading and writing on BP and trying to help investors I am getting frustrated due to the crazy questions and insane advice. Investing is real estate is not difficult and anyone with a 5th grade education, or less should be able to invest with no personal help from others, but I definitely see where a high percent of people who want to invest treat the business like it is a hobby and not a business.
Don't listen to a people who claim they are successful and don't watch a few videos and don't read a few books and don't believe that nobody loses money and don't believe that so-called successful people are successful and don't believe they can walk on water. I've been investing in real estate 55+ years and still have the exact same fears you have every time I purchase a property, but the difference between myself and other investors is I don't treat the business like a hobby, I analyze a property 50 times (so-to-speak) before I make a purchase, I don't cross my fingers, don't pray to god for success, never make a decision based on another person's advice and I am 100% positive about the outcome before putting a property in escrow. YOU CAN NEVER EXPECT SOMEONE TO DO ALL THAT FOR YOU and everyone has their own agenda that usually does not align with your agenda.
The most important factor about investing in real estate is analyzing the property, doing the math and the ability to do realistic projections. Very few investors have those abilities and almost every investor lacks in doing the math. If you every think you have a mentor who can teach you the ropes in regards to analysis then you are most-likely 99.89% wrong because I deal with even professional and experienced brokers and they are almost always lacking and wrong.
Now the positive things to write about. Read a book called 'The Encyclopedia of Commercial Real Estate Advice' by Terry Painter. You can get it on Kindle or paper for $29 and it is the best book I ever read. Put it on Kindle so you can read it a little at a time wherever you are like when waiting at a doctor's office, at a coffee shop, or wherever. Don't focus on only the positive things because of the gold at the end of the rainbow. Pay special attention to what does not work. Read the book several times.
Wholesaling is much difficult and you could possible make a few dollars, but you won't get rich and I would never waste my time with it. Flipping is super difficult and very risky. I never met a person who made good money flipping and even the pros lose a lot of money on a percent of their flips. The big money is in multi-units with 4+ units. You will never understand how much you can earn when you ask the wrong people and when you don't focus on learning the math.
With no big head, I feel like I am one of the best real estate analysts you will ever meet because I don't charge money and I will do the math, extensively, turn over every rock and look under every leaf, for free, only for investors who don't treat the business like a hobby and for investors who don't want to be a shadow, but do want to work hard enough to really learn, understand the business and actually want to make their own smart and final decisions.
Calling a bandit sign to find a mentor is a bad sign as @Guy Gimenez said.
Also consider this - What are you going to offer this mentor for their time and knowledge? Money? Figure out why they would want to give you their expertise.....
Calling a bandit sign to find a mentor is a bad sign as @Guy Gimenez said.
Also consider this - What are you going to offer this mentor for their time and knowledge? Money? Figure out why they would want to give you their expertise.....
To get started, what is the next step??
To be able to purchase your first property you have to know what the process is and the limitations.
whether its residential financing or commercial financing two components is income and or assets for down payment. . I start with this because in your current status as student and part time work. Your level of income and savings probably isnt ready to purchase right now.
But lets say you absolutely had the deivr to want to make it happen right now. The biggest factor is going to be accessing cash for down payment.
Then the question is how?
And then lets say you can. What type of property do u buy
All of these of these questions and somw of the answers will allow to formulate a possible first strategy.
u just gotta get into your first one and then from there other opportunities will open up
I live in st louis and bought a beach short term rental in destin Fl that was expensive but it took me 13 years of navigating and building and learning to get there time is wither working for you or against u there is no standing still but it doesnt happen overnight
If you dont find someone to help u. I would be happy to explain more and point u in the right direction