Thread: looking to learn

Originally Posted by newtoRE

I want to learn how to make money!!

Don't we all! Now, how do you plan on attacking that quest? SFR, vacation rentals, ski resorts, retail buildings, industrial, apartments, snow shovelling??? You need to have an idea of how you want to make it, before you just jump out there at try... Though many try that approach (of just running without a plan) and seem to get in a lot of trouble. So... tell us, what is your plan of attack?

Originally Posted by newtoRE

I believe I am in a position to purchase my first investment property by late fall

Which involves what?? What is your criteria of being "in a position?"

Originally Posted by newtoRE

I am smart, outgoing, polite and hard-working!! I would be willing to give around 10 hours per week doing anything needed in exchange for real estate investment education.

I suppose I need to ask... It seems that you have expressed what you are willing to do to get your education, but to get any REAL interest from others, what do you plan on giving back to the mentor? (What's In It For Them?)

Originally Posted by newtoRE

Ideally, I would like to find a benefactor that would be interested in either partially financing, or helping in some way, my beginning in RE investment.

First, who is the benefactor; the mentor or you, who is getting the education? Not asking for too much, are you? Okay, maybe not, as long as you have adequately answered the (WIIFT) question. So, I will wait for that answer.

Originally Posted by newtoRE

My name is Matt.

Heyas Matt, welcome to the forum!

Now... Yes, I have decided to take the "hard" approach to your thread, and not to sound like a jerk or anything like that, but to sound like any normal investor that you might pass in the streets, when you are on your quest to find a mentor. If you took offense to my line of questioning, you are definately not ready, since you need to be ready to answer those questions (and much more!) I am here to help, and I can either sugar-coat or get you on your feet faster... (though if someone wants me to sugar-coat, I let them loose, as my time [and hopefully their time] is worth much more than "playing nice.")

Well, until next time!

Later!

Don't we all! Now, how do you plan on attacking that quest? SFR, vacation rentals, ski resorts, retail buildings, industrial, apartments, snow shovelling??? You need to have an idea of how you want to make it, before you just jump out there at try... Though many try that approach (of just running without a plan) and seem to get in a lot of trouble. So... tell us, what is your plan of attack?

My plan of attack is to buy a piece of property in the 60-80k range that is renting for positive cash flow. I would like to hold the property indefinitely, but I am open to flipping and other methods of benefitting from my asset.

Which involves what?? What is your criteria of being "in a position?"

I will be able to save enough for a 20-25% downpayment on a 60-80k property. I would love to learn about alternate methods of financing, but when I said "in a position", I meant saving for the downpayment.

I suppose I need to ask... It seems that you have expressed what you are willing to do to get your education, but to get any REAL interest from others, what do you plan on giving back to the mentor? (What's In It For Them?)

I hadn't planned on giving anything back to them but my time, effort, and hopefully, friendship. I don't have much else to offer! If there is something you think I should be offering, please let me know and I will consider it.

First, who is the benefactor; the mentor or you, who is getting the education? Not asking for too much, are you? Okay, maybe not, as long as you have adequately answered the (WIIFT) question. So, I will wait for that answer.

Maybe I am asking for too much, but it doesn't hurt to ask!! I know that I need education so I offer my time and effort in a fair exchange for your(the mentor's) time and effort. I am sure it is a long shot, but I know that there are benefactors out there who would be willing to help me start out in RE investing. What they want in return will have to be discussed at a later time.


I am absolutely in the "get me on my feet fast" category and I take no offence from your post REITrainingWhse! In fact, I was hoping that you would respond as I've read several of your responses and you seem to be a grounded fountain of knowledge, so thank you for your time!!

Originally Posted by newtoRE

My plan of attack is to buy a piece of property in the 60-80k range that is renting for positive cash flow.

I take it that for that price range you are talking about Single Family Residences (SFRs.) Or I suppose you could be talking about LAND too... Still not very concrete.

Originally Posted by newtoRE

I would like to hold the property indefinitely, but I am open to flipping and other methods of benefitting from my asset.

Well, "flipping" doesn't "benefit your asset" as you would have just sold your "asset" in the flip. The question begs to be asked... Do you know what your talking about?

Originally Posted by newtoRE

I will be able to save enough for a 20-25% downpayment on a 60-80k property. I would love to learn about alternate methods of financing, but when I said "in a position", I meant saving for the downpayment.

So you are looking to buy conventionally, as you are willing to put down a pretty large chunk, so you are just looking for someone (a mentor) to tell you if the purchase is a good deal? It is good that you are open to alternative financing, because during these times, that is really the only way to go to take advantage of the huge opportunities out there. Like that $20K (25% 0f $80K) could be used to buy several properties instead of one, when using these alternative techniques.

Originally Posted by newtoRE

I hadn't planned on giving anything back to them but my time, effort, and hopefully, friendship. I don't have much else to offer! If there is something you think I should be offering, please let me know and I will consider it.

Wow... I don't know what to say. Honestly. That's sort of asking someone for a job, when they are not hiring, maybe even laying off. ...

ONE option that I heard people in your shoes offer is their time, in the form of... a seasoned investor has several opportunites that they are looking at, but they don't have the time to do the research, due to other committments, and therefore they would welcome the help from you to do all the leg work. Of course you get "on the job" training, by doing the leg work, and the investor gets his information to decide if the opportunities are worth pursuing. Now of course, your compensation is the training, so you would not expect a paycheck for the work done. After a while the investor might include you in more and more of the deal making, and as your contributions increase, you might get a part of the profits.

Again, that is one way to get an education, when you bring nothing to the tables... It isn't the fastest way to learn, but it is one option. And if I was looking to invest in CO, I might offer that to you, but at this time I am not. Now if you can bring some AWESOME deals on some ski resorts, or vacation rentals in the mountains, I might be interested.

Originally Posted by newtoRE

Maybe I am asking for too much, but it doesn't hurt to ask!!

Well, that is true... It never hurts to ask, so you have something right. Same thing applies when you are at the negotiation tables.

Originally Posted by newtoRE

I know that I need education so I offer my time and effort in a fair exchange for your(the mentor's) time and effort.

So what is your time and effort worth... You realize that the mentor's time and effort is extremely valuable to you.

Originally Posted by newtoRE

I am sure it is a long shot, but I know that there are benefactors out there who would be willing to help me start out in RE investing.

You speak of these "benefactors;" who are they?? Are you saying that you are going to put the property in a trust, and the mentor will recieve beneficial interest? I don't know if I have the term "benefactor" wrong, but TO ME that is someone that BENEFITS from something. I could be wrong, so I am open to correction.

Originally Posted by newtoRE

What they want in return will have to be discussed at a later time.

Another time?? And is that before you are trained, or after? Sort reminds of a saying I once heard... The value of a whore's services is extremely diminished after the services have been performed.

Originally Posted by newtoRE

In fact, I was hoping that you would respond as I've read several of your responses and you seem to be a grounded fountain of knowledge, so thank you for your time!!

Well, thanks for the aknowledgment... I have done my share of transactions and have learned (and paid dearly) from the "School of Hard Knocks" (experience,) and now I am looking to help others with my experiences.

...Pondering... Well, let me understand where you are coming from... your background, your expereinces, your area in CO. That is a start, from there let's see what we can come up with.

Later!

I take it that for that price range you are talking about Single Family Residences (SFRs.)

Most likely, yes, I am looking at SFRs. I am open to MFRs, but I think in the 60-80K range a duplex would be in a bad condition/neighborhood/too far away to be attractive for my first purchase.

Well, "flipping" doesn't "benefit your asset" as you would have just sold your "asset" in the flip. The question begs to be asked... Do you know what your talking about?

Flipping may not benefit my asset, but it could potentially benefit me directly if I could make money on the deal. And clearly I know only a little of what I'm talking about since I am asking for education on the subject.

ONE option that I heard people in your shoes offer is their time, in the form of... a seasoned investor has several opportunites that they are looking at, but they don't have the time to do the research, due to other committments, and therefore they would welcome the help from you to do all the leg work. Of course you get "on the job" training, by doing the leg work, and the investor gets his information to decide if the opportunities are worth pursuing. Now of course, your compensation is the training, so you would not expect a paycheck for the work done. After a while the investor might include you in more and more of the deal making, and as your contributions increase, you might get a part of the profits.

Doing the leg work to receive "on the job training" is exactly what I had in mind, but ideally I would like to receive additional training directly from the mentor on top of what I can learn from doing leg work. I understand that their time is more valuable than mine so I do not expect equal time to be given to me, but I would expect some mentoring at least.

You speak of these "benefactors;" who are they?? Are you saying that you are going to put the property in a trust, and the mentor will recieve beneficial interest? I don't know if I have the term "benefactor" wrong, but TO ME that is someone that BENEFITS from something. I could be wrong, so I am open to correction.

A benefactor is one who helps people or institutions, usually by financial means.

...Pondering... Well, let me understand where you are coming from... your background, your expereinces, your area in CO. That is a start, from there let's see what we can come up with.

I am near Vail, CO(best ski resort in the country), so if there is anyone in that area(or if you know someone near that area) please let me know as I am eager to learn!!!

Originally Posted by newtoRE

I am near Vail, CO(best ski resort in the country), so if there is anyone in that area(or if you know someone near that area) please let me know as I am eager to learn!!!

Hmm, you still haven't given any indication as to what your background is, like what experience you have with RE, what experiences you have with "the real world," what formalized education you have, etc. I suppose if someone local is interested, they could learn this from you, via their first meeting, but until that happens, maybe you could humor us.

Later!