All Forum Posts by: Zane M.

Just my 2 cents, but when I spoke with someone from New Western, they said they had an in-house HML but never mentioned it by name. The only issue they saw with their in-house was the time needed to get approvals and such were longer than others who could do it in a couple of days. I haven't needed HML yet but that is what I remember being said. Just another possible gotcha if you're not prepared for it.

@Account Closed Something else to consider although it might not be preferable, some money is more than none.  Bring in another agent in your area that might be able to do the deal and pay you a finders fee or split the deal some way.  This way you still get some money for your time instead of none because the finances didn't work out like you planned.

--Zane

There is something else to keep in mind: Does the owner know you're plan to flip the house?  If they are doing a seller finance, I believe they are still on the title so they would probably have to be the ones to sign at a closing.  I'm probably wrong since I'm very new but this is something I'd ask a title person or real estate agent just to make sure.

--Zane

@Andrew Herrig thanks for the welcome.  I'm still not sure where I want to work (area wise).  I have a road map for the next 2 years on what I am going to do, not where.  Still figuring that one out.  I'm right at the corner of Denton, Collin and Dallas.  I've have/had property in Fort Worth.  I'm just not sure which would be a good fit for my budget, strategy, and time frame.  I'd rather not throw darts and hope to hit one that's compatible with my goals.  That being said, I want to attend everything I can and get to connect with as many people as possible.

@Hunter Hill

I'm nothing special.  Right now I'm just another "newbie" still needing to earn my "street cred".  That being said, I've only got 3 tests left for my Real Estate License (and still on the fence if I should complete them), about a week worth of reading (that I know about) and then my full-time J.O.B. to contend with.  I'm sure we can meet up after I get off work one day.  The Gingerman isn't bad and I've never been to Katy Trail Ice House.  Also I can't "geek out" on RE yet.  I'm still to new to know much.

@Guy Gimenez

Thanks.  That's what I figured but after finding the "FAQ" on "how to find mentors" in the FAQ area (yea, I missed that before I posted this), it made a very good point:

Asking someone to mentor you is like asking them for cash with no strings.  They are spending their time that they could be making money helping you make money, and then, to add to it, you'll learn what they do, where they do it, how they do it, ETC.  They are training their competition.

I think one thing the posts pointed out was to offer them something in return (which I thought was a given), but I had to start thinking what could I offer that would be valuable enough to them.

A question for anyone here, what would you want in return to mentor someone? A helper to find deals? Every other deal is split between you and the person your mentoring? Work on both of them together (granted, making the trainee do more of their work to give them experience)? Work on a commission, hourly rate, % of the profit on a sale? Or maybe a barter system where they can offer other services, like helping the rehab process with their skills, or doing other business tasks not directly related to the process of REI but the back end work that secretaries, office personnel, ETC would do.

I'm just thinking off the top of my head but finding someone who will teach the business legally, morally, and ethically is important.  That's a pitfall I really want to avoid.

Like so many, I'm new to REI. Kinda. I've done a little but I've fallen into it more than intentionally went looking for it. Luck can't take you very far in anything.

I was curious what I should look for in a Mentor and/or a partner for the entire REI process (and probably the best places to look)? I know I'd like to be on my own at some point, and I have a GC willing to help me get started with the rehab portion but neither of us have done anything more than purchase our own residents.

I've begun the important connecting portion of the business and I'm far from done.  I know I'm several months out from making my first purchase, still consuming information and knowledge but I'm already trying to use the calculators, plan deals, ETC.  The problem is my numbers are so far off that I know I'm doing something wrong.  I'm using my own house purchases and sale experience since I know the costs in Texas are higher than many of the videos so those numbers would give me a false sense of security.

I still have a lot to read, a lot to learn, but having a guide say "start here" or even better yet "let me walk you through my last deal" would help so much more with the way I learn (Learn by doing and example).  All that said, how do I even tell the good ones from the bad ones?  There are sharks and con-men in every industry, just waiting to take money from a novice or naive person.  

I am planning on going to several meetups and events in hopes of making friends and hopefully people I can work with.  Is there any other way to find someone who might help point a newbie in a better direction?

--Zane

First, thanks for your service.  I know I couldn't do that and I respect the people who can. 

I agree whole heartily with not being able to be the bad guy.  I had already planned on a property manager for my entire future.  It's not a weakness, just a personality trait that doesn't work well in certain business transactions.  I agree with 100% with having people help, particularly when you know you can trust them.  I may not be from AL or NC, but welcome, congratulations on your success so far and good luck in the future.

Hey Teos,

From what I've been able to gather (and this is a VERY small list), you can either look for a wholesaler in your area (2 hit my up within hours of posting but I'm in a big metroplex), looking for other established investors in your area and asking them if they have any contacts or leads, talking to real estate agents/brokers and they may know wholesalers in the area.

Or you can take the hands on, probably slower, approach of getting business cards made, post cards made, purchasing a mailing list from online targeting the demographic you're looking for, and then mailing them out and reading up on the site for more info.

You could also walk around and look for places in need of repair, see if someone is home or if it's vacant and then running down the owner and asking them about it.

I've not done any of these but network with a couple of wholesalers so I don't know the benefits and speed of each, but they are some ideas.

Since you're also a pro member, do a member search for others in your area.  You can narrow the search down to currently involved in real estate in another capacity and choose one of the options there.

That's awesome Cody. Being a single dad can't be easy. I agree a mentor would be a great step right from the beginning. You get all their experience and they get a little bit of help with what they're doing as well. Good luck and I hope everything works out great.

I know, and that's why I'm wanting to get in sooner than later.  I'm still looking at where the best place to start would be (location wise).