Dallas-Fort Worth Real Estate Investor Club

recommend a mentor / coach ?

  • 13 Feb 2009 8:54 AM
    Message # 114918
    Deleted user
    Can someone recommend a mentor to show someone how to get started in RE investing ?  Im interested in buying foreclosure/bankruptcy properties and selling to retail buyers.  So at some point I will need to assemble my own network of real estate agents, brokers, title companies, rehabers etc.  
  • 13 Feb 2009 6:40 PM
    Reply # 115081 on 114918
    Cindy Carriger (Administrator)
    Portal Site Builder wrote:Can someone recommend a mentor to show someone how to get started in RE investing ?  Im interested in buying foreclosure/bankruptcy properties and selling to retail buyers.  So at some point I will need to assemble my own network of real estate agents, brokers, title companies, rehabers etc.  


    My true recommendation to you or anyone getting started in any type of RE, is to do these things and you can be successful.  (Mentors are not readily avail. at least the kind who have lots of experience doing so, and who are willing to train you for a fee.)  So here are my basic steps to success: (hey- it's free advice- so if you don't like it, at least it cost you nothing!)  [By the way- if anyone does have mentoring referrals, by all means, go ahead and post them!]  Hope this helps someone who reads it!  (It's a good reminder for myself if nothing else!)

    1. Network a lot- don't be too casual about it.  Have a purpose; i.e. if you want to learn the foreclosure business (REO's), find folks who are 1.) Already working it  2.) RE Agents - esp. those who specialize in offering them, and/or they themselves work directly with the banks by 'listing' them for the banks.  3.) After you find them, put them in your contact list, and actually call them back- introduce yourself again- remind them of your prior meeting.
    2. Once you find those people, spend time with them.  Don't just be needy or too demanding... 1.) Pick their brains, but also, see how you could be of value to them-  2.) Do they need other investors? Introduce them to some, or how to find some (like at the REI clubs etc.)  3.) Do you have computer/office/marketing skills they could tap in to?  4.) Take them to lunch- on YOUR dime.
    3. Find 2 or 3 that you hit it off with especially well- those who seem to have what you want and are willing to share.  Much of the best mentoring we have received in this business has been by other caring people who are willing to invest a little time into you to help you get where you are trying to go.  Just don't overwhelm them, they have businesses to run and lives to live too.  That is why it is good to have several (in each area of interest to you, i.e. Buying Foreclosed Properties, Selling Retail, Owner Financing etc.) so you can call someone different each time and not wear one generous soul out!
    4. Research your topic.  We all know there are lots of resources out there on all aspects of RE.  I want to suggest that if you have not tried your local (or a Larger City's) Library, try there first, for free resources.  You may be surprised at the materials you can find there.  We all know there are Guru's to buy from as well.  That is great, I love most of the ones I have either heard or taken their programs- but first before spending lots of $$, ask around to see if others have been through their material and how they liked it, or you can also go to a review website called www.realestatecoursereviews.com and look up the Guru and see what other folks like yourself think about their materials.
    5. Last but not least (hey, how many steps do you want for FREE!?)- take MASSIVE action.  Put into practice what you are learning and you might be amazed at your results.  I know for myself, and I think I am typical, out of 100% of what I know to do, I might be putting 5-10% of it into practice regularly (if that much!).  Sometimes we just need to go back to basics and build a routine of those things we know will be the most effective in bringing us our desired result, and be consistent.  (I have never been accused of being overly consistent!  So, I am talking to myself too!)
  • 15 Feb 2009 9:18 AM
    Reply # 115391 on 114918
    Deleted user
    Cindy, thanks for the info.  That's kind of what I was wanting to hear.  I don't think I want hand-holding through this stage, as Ive tended to learn everything on my own in the past.  The main thing was being able to talk to others who have bought at least one property and that is what nubys is all about - networking, right ?!  This as opposed to listening to audio cd's or an infomercial.

    I met several good people at my first time to the nubys group.  I cant promise I will be at every meeting, but ive found a good source of folks I can ask questions along the way.  I hope we can get them to sign on here because its often hard to get everyones information they have to offer in a meeting. 

    By the way, your husband spoke pretty highly of you!



    Randal

  • 26 Mar 2009 10:02 PM
    Reply # 134642 on 114918
    Deleted user
    Portal Site Builder wrote:Can someone recommend a mentor to show someone how to get started in RE investing ?  Im interested in buying foreclosure/bankruptcy properties and selling to retail buyers.  So at some point I will need to assemble my own network of real estate agents, brokers, title companies, rehabers etc.  


    I would be willing to answer questions and give advice as needed.  I am a fellow investor, real estate broker, my wife is a real estate attorney and owns a mortgage company.  We have learned a lot about investing just thru trial and error and our own education and training.  We are willing to help out and maybe we can help you find houses that are good deals and lead you thru the process of buying a rehab or rental or whatever.  Call or email if you have questions.

    Joe McIntyre

    joe.mcintyre@realliving.com

    817-455-3710

  • 27 Mar 2009 12:16 PM
    Reply # 135055 on 115391
    Deleted user
    Portal Site Builder wrote:Cindy, thanks for the info.  That's kind of what I was wanting to hear.  I don't think I want hand-holding through this stage, as Ive tended to learn everything on my own in the past.  The main thing was being able to talk to others who have bought at least one property and that is what nubys is all about - networking, right ?!  This as opposed to listening to audio cd's or an infomercial.

    I met several good people at my first time to the nubys group.  I cant promise I will be at every meeting, but ive found a good source of folks I can ask questions along the way.  I hope we can get them to sign on here because its often hard to get everyones information they have to offer in a meeting. 

    By the way, your husband spoke pretty highly of you!



    Randal


    Randal,
    Cindy gives some good advise. I am also an investor & if you are near Arlington. There are several full time investors who meet for lunch most Thursday's at a Luby in Arlington. If you want to come some Thursday, let me know @rjsu.properties@gmail.com.
    Jean
  • 28 Mar 2009 1:23 PM
    Reply # 135620 on 114918
    Deleted user
    Portal Site Builder wrote:Can someone recommend a mentor to show someone how to get started in RE investing ?  Im interested in buying foreclosure/bankruptcy properties and selling to retail buyers.  So at some point I will need to assemble my own network of real estate agents, brokers, title companies, rehabers etc.  


    Welcome to Biz! I just recently found out about this new group of Investors , Im sure you will get many responses . I have been a long time active Investor and I am also a Licensed Agent . I would be happy to help you with any questions, info, and referrals you might need.You will find that most Investors are more than willing to give of their time and knowledge. Feel free to call or email me anytime. Good luck on your new and exciting adventure!

    CJ Reed

    Community Home Investors LLC

    Realtor / Sold Team realty LLC

    817-880-4085

  • 29 Mar 2009 11:16 AM
    Reply # 136066 on 114918
    Anonymous

    Cindy makes some great points. I would add the following to them:

    1. Use the same buying skills you use to homes when you purchase your training (e.g. - you can buy "guru" training off eBay for 10% or less than what you would pay the "guru" if you bought it directly from them).
    2. Use 1/2 Price Books and the Public Library. You can find almost anything and everything you need (books, tapes, DVDs, etc.) there for little or no money.
    3. When hiring a coach, don't hire one who makes their living as a REI coach. Hire someone who actually does whatever it is you want to learn to do. And make sure they do it in the geogrpahical area where you want to grow your business. What works in Florida might (or probably might not) work in Tarrant County, TX.
    4. Make use of Nubys Group discounted training courses. Robin & Cindy Carriger teach a class on Wholesaling, and another one on Short Sales. You can take each for $100-200/person. Orrrrrrrrrrr, you can take a national "gurus" class for $3500. I've taken both. Robin & Cindy's is significantly better. Rick Irving teaches one on contracts, I teach one on Rehabbing, Kevin DeFrang or J.L. Moore can teach you anything you'd EVER want to know about Subject-To's. The list goes on.
    5. And you can always post here. Nubys has the largest REI audience in North Texas. It will be rare that you post something here and don't get at least 2-3 people to respond to your post who actually do whatever it is you need to know how to do.

    Let me know if you need more info.

    Best Regards!

    -Greg

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