Thread: Mentor? (close or not)

Good advice weteam. thanks.

Gabe, I do agree with Weteam (no name given),

But the right action is very important as well. You do have what would appear to be a disadvantage being 17 years young but I say "Who cares". Learn all you can and find a worthy mentor.

I got my start in Creative Real Estate investing thanks to my Mentor. I did pay my mentor to work with me one on one for a full year. In fact I ended up paying him again a few years later to show me how I could start consulting and mentoring others. It was the best money I ever spent.

I Robert Kiyosaki's books, I own and have read all of them I think. But his books only tell you what to do and why, they seldom tell you exactly how to do...

The same goes for Donald Trump.

I've also purchased and listened to Carlton Sheets, and other gurus. I just did not like idea of over leveraging credit to make deals, I know many who have lots of property but no cash flow. Besides I'm active military and I don't have the time to spend on fixer uppers. And I didn't have the cash back then, to pay others to do it.

So learning Lease Purchase the way my mentor showed me how to do them worked best for me. I could either make money up front during and at the end of each deal but most of the time I just assigned the contracts, got the quick cash ($3,000 - $5,000) and got out of the deal.

Honestly, if I had read what I new in a book or listened to the techniques form a CD with out having a mentor encouraging me, I would not have had the guts to do my first deal.

That first deal lead to many more bigger and better deals. Now I'm showing others how to do Lease Purchase the way I do them as well as working my own deals. I love talking about Lease Purchase.

I say find one technique you love and find a mentor, learn all you can and do some deals.

What questions do you have specifically?

Wally Carmichael

Originally Posted by G-man422

Hi there.
I'm new to the whole thing, and wondering if anyone who is experienced in real estate investing (wholesale, lease option, etc.) could give me some tips (via e-mail, phone, or in person if close enough). I've listened to Vena Jones-cox, read my fair share of books (flipping houses, the real estate dictionary, rich dad poor dad, and more). I've attended 2 REAI meetings in my area, so what else can I do?
I feel like I can't be taken seriously because I'm only 17, but I want to learn as much as possible, and start taking some action. If you have some tips for me, or just some good advice you think might help me in the future, please let me know. I'll post any questions I have along the way as well.

Thanks, Gabe.

P.S: I'm in central Ohio.

Gabe, I think you are definitely on the right track with trying to get educated first! I have a great contact who is actually 19 that got started when he was 17 (ish). He has been extremely successful so far, and I'm sure he would love to speak with you. If you want the contact info, I'll provide that to you via PM or e-mail.

I hope all is well, and I wish you the best!

@ Wally: Thanks for the encouragement. I gues i have a question right now. Do I have to deal with all of that other paperwork if I assign a contract? I guess its kind of intimidating for me. When assigning, what are the main forms of paperwork I have to deal with? Thanks.

@ LOTrainer- PM sent. Thank you.

I agree with everything said above,

It is now time to take action. I would recommend that as you continue on your quest that you network in your community..if that is where you are investing.

As time goes on you will want to develop some key relationships. A good real estate attorney is invaluable. Once you complete a few transactions you should be able to get to the point where you can call on these people with basic questions.

Pm me if you have questions.

Gabe,

Before you can consider the assignment contract you must first ensure the lease contract was properly constructed.

If you do not have the proper assignment clause in your contract it will not fly in court. I don't believe in the average assignment contract that simply says "...and or assigned" and leaves it at that.

My contracts were written by an attorney and are based on 20 plus years of experience in lease options.

Sean is right in that a real estate attorney is a must as part of your team but that attorney must also know what he/she is talking about when it comes to the specific deals you do.

If your contracts are written for you and not some cookie cutter contracts you can pick up at the stationary story, you should have no worries.

The assignment contract is just one contract outlining the sale of the original contract and refers to it. My contracts are written so they talk of each other when they are combined in various situations.

Take action but make sure your contracts are written to protect you.

Sean and Wally, thanks a lot. This is making things more clear.

@ Wally: I recieved your message, and thanks. I'll try to contact you asap.