Once your action plan is in place, you will be hitting the ground running. Establish multiple exit strategies when making your offers. If your goal is to buy a property, renovate and sell, that is your plan A. Alternate methods could be:
Plan B: Get under contract and assign to another investor.
Plan C: Buy, renovate and rent for monthly cash flow.
Plan D: Buy, renovate and lease option to qualified tenant-buyer which is commonly higher monthly cash flow, and the tenant-buyer has an owner’s mindset
Plan E: Consider refinancing in Plans C and D after the renovation. This could be beneficial for renovations that lead to increasing the property’s value.
Read on to see how our Mentor’s work with our students to customize the mentorship to maximize your effectiveness in your chosen market!
When can you have your mentorship?
There is a 2-class prerequisite before starting your mentorship. The classes are meant for you to learn the strategy, and the more classes you take, the more strategies you will learn. We encourage you to take action on your own after each class. Mentorship is where you fine-tune your knowledge of each course or strategy. You take action to implement the strategy at an advanced level with your mentor’s guidance and expertise.
If you attend and complete two classes, such as Lease Option and Creative Finance, then your mentor will focus on those strategies with you. That is an excellent start to your business. If you take more classes and learn more strategies, then you have access to more income streams. Your mentor can expand your time with additional strategies (stacking strategies, as we say), which can accelerate your opportunities and success. It is always amazing to see the difference in our student’s confidence, knowledge, and abilities after the three-day mentorship!
Where is the mentorship?
You pick the location. The mentorship can occur anyplace in the US or Canada. Many new investors select the market where they reside, and your mentor will arrive at your city.
Students can select a location away from their home market. Suppose a distant place is more suitable for your chosen strategy. In that case, this is an excellent way to utilize your time and your mentorship to analyze the market, build a team, get boots on the ground, and jump-start your business. The mentor’s transportation and accommodation are included with your mentorship tuition. The student is responsible for their travel-related costs.
Who benefits from mentorship?
Every student can benefit from mentorship! Typical results after a three-day mentorship are the student is more efficient, more confident, uses their time better, has a plan, and is ready to scale their business to more and bigger deals.
Some common challenges some students face before their mentorships are:
- They are not comfortable making offers on a property.
- Missing details and never seem to have enough information.
- Paralysis by analysis.
- Feeling overwhelmed.
- Wasting time online trying to find deals.
- Either too little marketing or marketing that is not effective.
These are just a few, and there are many more! Do any of these apply to you? Many students can relate to these, and mentorship can alleviate these and get you to the next level.
The mentor will offer you their expertise and experience. They will give you knowledge, their opinion on offers, markets, deal analysis, due diligence, financing, and feasibility, to name a few. The mentor’s opinion will be based on many years of experience and success. So many new investors ask for advice or opinions from other sources which are not experienced or may not even be investors. Friends and family usually get into the equation at some point. They may (likely) offer comments or advice whether you ask for it or not! Is that the best place to get advice? Typically, they provide a wide range of opinions with an even more comprehensive range of experiences and an even wider range of investing success.
A good mentor can help you analyze the numbers, the property inspection and other reports, leases, income and expenses, the area, and so much more! Often students find deals, and the numbers do not work, or the numbers do not justify the risk involved to continue. New investors often feel they need to proceed with the deal since they have put hours into it. A good mentor will inform you the numbers do not support moving forward. An option could be to ask for a lower price or find a better deal. You will be one step closer to a good deal rather than being stuck with a bad or mediocre deal. We want to buy from motivated sellers. We do not wish to become one!
Mentor’s Tip: If you are the smartest person on your team, then you need to find a better team!