Real Estate… Answered

If you want a mentor in this business (or any other), you have to offer something in return. Otherwise, you’re asking them to help you become a competitor… for nothing in exchange. There’s only one problem: what do you, a lowly novice, have to offer? As it turns out, a few things:

• Time: Full-time investors are often extremely busy. If you can save them time, you’ll gain major bonus points.
• Effort: Inspecting properties, filling out paperwork, raising money, fixing properties, and listening to the woeful tales of sellers is hard work. Most investors hate to do it and will be glad to pay you to do it for them.
• Partnership: If the investor can see a bright future ahead of you, they’ll help you for future rewards. Present yourself as a loyal friend and they’ll help you for the long-term relationship.

Ultimately though, it’s up to you to find out what the investor needs. Ask questions like:

• What’s the biggest bottleneck in your business right now?
• Where do you spend most of your time?
• Where would you like to be spending more time?
• Where are you especially talented?
• How can I make your life easier?

Whatever they need, do it. Make sure it stays professional, of course, but you can learn from the most mundane tasks. For example, I know a successful investor that started by answering the phone for a local pro. The investor gave him a questionnaire to fill out from each phone call. It sounds monotonous, but by asking the questions over and over, he learned to identify motivated sellers. Now, he’s the one hiring telemarketers.

So, present yourself as a helping hand and get ready to work hard. You’ll learn a lot, eventually picking up everything you need to start investing yourself.