​How Might We Approach a Mentorship with this Wholesaler?

[Greg Mayer]

My wife and I are new to real estate investing. She lives in central Florida, I live in Atlanta. We have the same goals, like: use RE investing to fund our retirement and help us one day live together. We're getting ready to purchase a small multifamily in the next few months to house-hack, in Atlanta or Florida, probably Atlanta. 

Neither of us have had a mentor.

My wife met an experienced wholesaler at a local REIA in FL a few months ago. We know very little about wholesaling, beyond what we've heard on the BP podcasts.

My wife drove by a vacant, boarded up house today in central FL that had a big illegal drug activity abatement notice. She forwarded the details to her wholesaler friend, who replied with 1) an offer to help us go through the process of purchasing the house, or if we weren't interested in that, 2) to please send her the address.

My wife and I aren't ready to dive into wholesaling in central FL without some more RE experience, but maybe one day we will be, and it sounds like her friend from the FL REIA is interested in working with her.

So if my wife were to explore the possibility of working with this wholesaler to learn about that process, and to see if there were ways we could learn from her, what sort of things might a wholesaler need help with? 

What general advice might you offer to get that sort of mentoring process off the ground? 

What sort of things do you think we should consider? 

[Walter Roby jr]

Glad your taking action. If you haven't given the address yet I would try and get in touch with the seller ASAP and ask if they would consider an offer or see what their plans are with the property. Tell them you are looking to buy ASAP ALL CASH (all loans are all cash). If they say yes ask more details about the property, condition, history, how it became like that, get to know the seller, their pains, why they cant upkeep the property, what happens if they dont sell etc etc.

If they would consider an offer NEVER give your number first ( I currently struggle with this). Ask 5 times 5 different ways to get it out of them to see if you both are close and not wasting any of their time. If its around 70% ARV, schedule an appointment ask where to send the offer/meet. In the mean time have your partner (wife) call every investor who they would recommend for an attorney and have them pump out a contract for you.

But of course you could continue to add value to the Wholesaler by bringing them deals and watching it work in action.

Good Luck