What to ask a seasoned investor..

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I recently found out that my friend’s father is a Real Estate investor, I think I knew this growing up but forgot some where along the way. So Hank, my friend, sent me his father’s contact information. Now the ball is in my court. I’m gonna contact him and see if we can meet up, but what do I ask??

I posed this question on the flipping homes messages boards….

As a beginner, what should I ask a seasoned investor if I were able to have a sit down with him?

Here is what was suggested

JerryNJ Said

I would just be honest with him, and be confident in the market ahead. Some would laugh at that statement….

If he’s been around for awhile he probably knows we are entering the greatest opportunity most of us will see for our lifetimes, and will test you to see if you are following the herd. I would just talk about how you two can be a “help” to one another. He probably doesn’t need much help, but will respond to an eagerness to learn, coupled with a solid desire to do the work.

I honestly would view it as a solid opportunity to take your business to the next level, and ask him what you said “what are you looking for.”

Steve Cook Said

What do you want to know?

Ask him.

How about where to get money?
How about sources for property?
How about, would he be interested in buying wholesale deals from you?
What’s the best deal he’s done?
What’s the worst deal he’s done?
Who does he use for closings?

He’ll be a wealth of information. Make the most of it.

And Ken Holmes shared

If he has been a rehabber for 30 years, and if he has ties to your family….he could be the mentor you are looking for. We can all use a good mentor. The way I see it, you have nothing to lose and all to gain. Worst case, he doesn’t help you and is tight with his knowledge and info. Best case, he can help you a lot in learning the business.

I would not look at him as a source of deals, or a player to flip to. He might see dollar signs in your eyes…his dollars. I would look at him as a seasoned pro with knowledge and be appreciative of his time. If it were me, I would ask things like: “How did you get started?”, “What would you do differently today if you were starting?” and “What are the 3 or 4 main things I should always remember when doing this business? and “What are the 3 or 4 main things to be careful of?” Asking opened ended questions like these, and giving him time to talk, might be the best way to really learn from him.

Any deals you do with him would be gravy, on top of the education. Focus on the education and being appreciative of his time. Let that be what he sees from you.

Some great advice for sure and I will definitely follow it. Now I just have to setup the day to meet with my friends father.

Scott Costello
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