All Forum Posts by: Mark Mynhier

Thanks, Will. I'll be there! I would be great to walk through a project with you and see how you do things.

Mark

Decorium,

Welcome to investing with big numbers! Los Angeles is a great market but can be daunting with some of the numbers (median house price about $560,000). With big numbers can come big returns. Find a couple of local clubs (we have several "For Investors, By Investors - FIBI - clubs around here) and get to know the people who have been successful in this market and buy them a cup of coffee or two. Networking is the KEY to success in LA, no matter what your business. It is vital with Real Estate. There are BP meetings from time to time here...go to them (I haven't been able to recently, but the people are true "Doers" instead of "Wannabes". 

Study the market and the neighborhoods before you get here so that you will know which market is moving and which is stagnant. Contact some good Agents who know what works and what doesn't. Basically, research, research, research your new market.

Hope this helps...look me up when you get here!

Bill Gates has mentors, Warren Buffet has mentors, Steve Jobs had mentors. If they needed mentors, that tells me that everyone needs them to be successful. Having said that, you don't necessarily need to be in a formal relationship with them (or even call them your "Mentor"), but you do need to have them.

I currently have two mentors. Casey Eberhart (he isn't on here) is my mentor for monetizing my network and proper networking. He's amazing. You can find him all over the internet and he started his career as a flipper. My other mentor is a "life coach" to use an overused term. She's amazing and has helped my business more than I thought. I've had mentors in real estate (and will again soon), who truly helped me a lot through the rough times. I just wrote a blog for MOR Financial on mentors (which should be up in a few days) explaining what you get out of mentors...they are truly essential to success.

There are many people on BP who you can seek out their advice and wisdom...while not a "mentor" in the formal sense, they can still help and mentor your through your startup in this business.

@Moshay Laren awesome that you found something and are taking action! Remember, one cardinal rule of real estate is that if it isn't in writing, it doesn't exist. Even if it is with family members (especially!). You need to make sure that you have a JV (Joint Venture) agreement or something similar in place outlining the responsibilities, the money into and profits for the deal, as well as any liability. I don't know if a typical JV agreement is here in BP, but if not, shoot me an e-mail and I'll hook you up with the one that I use.

You are a professional. We all need to maintain a professional relationship with everyone we partner with, especially friends and family. That is the only way to make sure that you are still friends at the end.

Mark

I think that you need to define what type of investing you are talking about. If you are talking about rehabbing/reselling homes I completely disagree with you. I think that LA is a GREAT market for that (same amount of work, higher yield potential). I've done all of mine in the LA area (1 Riverside, 1 OC, the rest LA County).

If you are talking about buy and holds, the answer is a bit different. If you buy a turnkey house with a tenant (and sometimes a guarantee of renters) it is an easy and safer way to start being a landlord out of state. If you are wanting to oversee the rehab yourself, it can be a nightmare. The upside is that the CAP rates are MUCH better out of the area than in LA. You can get much more return for the same amount of money.

If it were me, I'd start with turnkey properties until you get comfortable being a landlord. Talk with Ali Boone or Sensei Gilliland about this. They are both experts in the area of turnkey properties and both here on BP.

Casey,

Congratulations on taking a step towards achieving your life's dream. One thing I would ask is "are your parents supporting this dream?" If they are, you can enroll them in helping your learn, finding a mentor (and this site has tons of people who just LOVE to help), and perhaps partnering up with you to do the work, since they can sign anything that needs to be signed. 

At 16, you can get a job. Why not try and find a job in something related to the type of real estate that you want to do? If it is as a rehabber, finding someone that you can do clerical type of work for and learn from them. If you want to learn about apartments, try finding some type of work where you can be close to the people who do management, try "driving for dollars" for a wholesaler or rehabber and get paid for the leads...etc., etc.

This way you can both earn and learn. I think that I speak for many of us here who wish that we were where you are when we were 16. At that age I had delusions of being a lawyer (dodged that bullet!). Many of us are open to help people, just don't be afraid of asking.

While you are at it, read, read, read. Napoleon Hill's "Think and Grow Rich" should be the first one. Personally I like Keith Ferrazzi's "Never Eat Alone" and give both of them to the new investors that I work with. Please, do NOT fall into the guru route taking bus tours and paying ridiculous amounts of money for something you can get her for free. 

Mark

@Andrew Cordle was spot on in his post. Also, in relations to #5, go to any/all of the FIBI (For Investors, By Investors) groups around. They are NOT allowed to pitch products so the speakers are only there to educate the attendees.

Also, network like crazy with some of the more successful rehabbers in LA. You will meet a lot of them at the FIBI group or some of the local mastermind groups (not everyone who as the name "MasterMind" in the title is actually a Mastermind group...if they pitch products, they aren't a Mastermind, they are an REI).

Third, find a group that plays "CashFlow" and join in. It will let you network, have fun, and get to know other investors on a more relaxed basis. There is a good one in Burbank (part of the Club In Action), that is free and the people are great.

Good luck and remember: Your Network is your Net Worth!

Although I don't use them (yet), many people that I know love Robert Hall and Associates. For Los Angeles, they are a medium sized firm that has great customer service. I've talked with them and heard one of their guys speak at several FIBIs around town.

Welcome to BP...this is the greatest community of real estate investors anywhere! Take the time to read the books in the Resources section. They are invaluable. Network like crazy and have fun.

Mark

The local FIBIs are great for networking. I just came from the Pasadena FIBI and it was awesome! They are geared specifically towards networking with some education. Look up the FIBI meetups in your area by going to meetup.com and type in FIBI. For Investors By Investors. Let other BP members know when you are going and just plan on meeting up there.