Quote from @Jacob St. Martin:
Hello Monte,
First, congrats on starting your journey into real estate. If you commit to it and pursue it it will change your life!
Second, I think you should really pinpoint what it is you want in order to identify what steps you need to take to get there. You first mention wanting to get into wholesaling then say you want to own multifamily and spend the rest of the post talking about multifamily. It sounds like multifamily is what you are really after, so ditch the wholesaling! They are like two different muscle groups, so why spend years working out your legs if your goal is to have big arms?
Third, unfortunately finding a mentor is not as simple as posting here, especially in the multifamily world. While you are willing to offer things to a mentor, the reality is that at your current skill level you have basically nothing to offer to a successful multifamily investor. They most likely have already automated or delegated any task you can do.
People often talk about the resources that you bring to the table as an investor being time, money, and skills. In reality there is a 4th one, and it is credibility. In multifamily more than anywhere else you will find it very very hard to get anyone to lend to you unless you are already filthy rich, have done a very large number of single family deals, or you have someone very experienced signing on the deal with you.
People don't do this for free, which is why in multifamily you more or less have to buy into a paid mentorship program. Getting started in multifamily requires more money, skills, and credibility then other forms of real estate so in order to get those things you really either have to do a paid membership, or buy a ton of single family and slowly work your way up to more units.
If you have the money for a paid mentorship group, then go for it! If you don't, I think house hacking is the best place to start for everyone. Also a great place to start would be attending as many networking events as your can. Real estate (especially multifamily) is about connections. The only way you are gonna meet people who can help you, private lenders, etc is by getting out there and talking to people about what you want to do.
I hope this helps! Feel free to reach out if you have more questions.
Thank you for your advice.
My thinking aligns with yours in that, at this stage, I lack the credibility and necessary funds.
So, in the meantime, wholesaling seems like the right move for generating cash flow, familiarizing myself with the lingo, and expanding my network to build a list of buyers and potential partners.
I've registered for a multifamily event next week and applied for membership in the young professional real estate group in my area.
I do have one question, though, considering I'm at the beginning of my journey: What skills do you think I should develop to be useful?
Thank you for your advice.
My thinking aligns with yours. At this stage, I lack the credibility and necessary funds.
So, in the meantime, wholesaling seems like the right move for generating cash flow, familiarizing myself with the lingo, and expanding my network to build a list of buyers and potential partners.
I've registered for a multifamily event next week and applied for membership in the young professional real estate group in my area.
I do have one question, though, considering I'm at the starting line of my journey: What skills do you think I should develop to be of some use?
