If you're new to the world of real estate investing, you may be wondering how you can get started when there seems to be so much to learn and understand. Maybe you should consider a real estate investing apprenticeship.
A real estate investing apprenticeship can take any of several different forms. It can be a flexible arrangement with an experienced investor that you partner with for one deal only, or it could be a structured agreement whereby you form an ongoing working relationship with an individual or group of investors.
Either way, there are a few things you should consider before entering into a real estate investing apprenticeship.
First, what exactly do you want to get out of your real estate investing apprenticeship? In other words, what is it you are looking to learn? If you want to learn how to flip houses after rehabbing them, you should look for an experienced rehabber to partner with, offering to bird-dog or wholesale a few deals to him in exchange for looking over his shoulder throughout the process.
If you want your real estate investing apprenticeship to help you build your cash reserves for long term property holding, you should look for a mentor who is willing to split the profits on some larger deals. You might offer to do all or most of the legwork that many experienced investors are just too busy to do.
On the other hand, if you're hoping to learn the ropes of lease option or subject to investing, you will want your real estate investing apprenticeship to build your skills in those areas. Find an investor with plenty of experience doing those types of deals, and offer to partner up with them several deals.
When approaching a potential mentor about a real estate investing apprenticeship, make sure you tell them what's in it for them. Tell them the benefits they will realize by partnering with you. Offer to do all or most of the legwork, bring them leads and deals, and bring them potential buyers for their deals. Don't expect them to want to help you simply out of the goodness of their heart.
Everyone likes to know they will be realizing a benefit from their efforts. Potential real estate investing apprenticeship mentors are no exception. Tell them how they stand to benefit and you will not only make a new friend, you may just make a ton of money, too!
Looking back, some of my most satisfying deals have been done in partnership with other investors. Most of them were win/win for all parties. I may not have recognized it at the time, but I was engaging in a real estate investing apprenticeship. You should explore the possibilities of doing the same.
Now, go make more offers!