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Mentor needed...

Discussion in 'General Entrepreneur Discussion' started by thecoach, Oct 30, 2010.

  1. thecoach
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    thecoach Contributor

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    SO I typed an EPIC novel of a post and it logged me out when I hit submit and lost it. Here's a quick summary.

    I'm 31, live in Saskatchewan, Canada. I'm a long term/big picture kind of guy. Not looking for a get rich quick scheme. I'm looking for long term cashflow and wealth. I suffer from equal parts of lack of knowledge on how to finish the things I've started, analysis paralysis, and sometimes procrastination, but I'm generally a highly self motivated person and when I focus on something I want, I ALWAYS get it or "die trying".

    #1 I have been a tire kicker looking in from the sidelines of the real estate game for the better part of a decade. Always wanted to get in, but never had a confidence or guidance to do it. Own my house with $100,000 in equity, but have issues in getting it out (not impossibilities, just some temporary road blocks). I currently have a renter in my basement (have had them off and on for a couple years) paying me enough to cover my mortgage and property taxes with $50 in cashflow left over. Want to take the plunge into real estate/revenue properties, but don't know how to really start. Read a few books but would like to learn the ropes and 'job shadow'/mentor a little before diving in head first. Also need to learn more about the seller financing thing until I can resolve the issues preventing me from getting at the equity in my house.

    #2 Have a half written set of books and DVD's and an outline for an idea for a supporting website relating to a specialized coaching position I am currently in. I have no clue on how to get it from a Word Document to the book store shelves when I get around to finishing it. Been a back burner project for a couple years. Pick it up every 6 months and write another chapter or start the next book in the series, then get busy and put it aside (mainly becuase I don't know what I'd do with it when it's done, so there's not point in rushing to finish it..lol)

    #3 I'm currently a self employed financial advisor. I bought a 'bruised and battered' block of business from a retiring advisor that has given be some relatively passive income (LOTS of life and health insurance where it's set up and nothing needs to be done with it until a death claim comes in, aside from the odd banking info change and firing out a birthday card once a year type thing). Most weeks I'll put in 5-10 hours at most into this, unless it's a busy time of year like RRSP/tax season.

    I have no clue where to find a mentor. I would prefer it to be someone somewhat local (for the ease of job shadowing and knowledge of local business landscape, taxation and laws), but would appreciate anyones advice and input in helping be get my **** together and getting these opportunities laid out in and organized and efficient order to move be from weaving in and out of the fastlane, to full speed ahead.
     
    corphelp likes this.
  2. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    No. A highly motivated person goes and gets what they want. Over 3 years ago you made a post about your plan and people told you it was too slow and that you needed to change it and make it faster/go do something about it. You didn't.

    These are the quotes you have in your profile but you don't follow them. Why do you have them there then?

    There's people that are motivated and get things done, and then there's people that talk about being motivated and don't get things done. Right now you're in the wrong category. The only mentor you'll find is an unsuccessful one because someone who mentors someone is only going to mentor someone who's going to get after it. You won't get after it so they'd be wasting their valuable time.

    You want to have money like everyone else. That's not motivation. That's a dream. Right now it's a dream that you're not doing anything to make happen.

    Once you stop tricking yourself into thinking you're motivated and realize that you need to go do something if you really want to be successful, your life will change.
     
  3. Rickson9
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    Rickson9 Gold Contributor Speedway Pass

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    I would be willing to help you if I can, but I'm in Toronto.

    Having said that, if an individual is lazy or unable to find motivation, entrepreneurship is definitely NOT for them.

    Best regards!
     
  4. thecoach
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    thecoach Contributor

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    Um...thanks, I think. Just like the previous thread from 3 years ago, your post is simply ripping me for not trying hard enough or setting goals to easy rather than even helping with a suggestion on where to start looking for the right information to get things rolling in a more efficient way instead of spinning my tires. That's like a sports coach telling a struggling kid "you've gotta play better" and not give any feedback on what the kid is doing wrong or could improve on in the first place.

    I'm not going to get into any kind of excuses for not being a millionaire or more successful yet, but I have ran into some road blocks along the way and have trial and errored my way through a few other things as well because I have no guidance or support (the city I live in has a population of about 200,000 people and if you're not a government worker, you're probably a farmer or a trades person...not a lot of 'capitalists' or business oriented people here...my entire family is tradespeople working within unions...not even trades people that have opened their own shop...I'm sure there are capitalists or big time land lords here, but I have no idea how to find the successful ones from the schleprocks that are just skimming by in the slowlane). I'm tired of the trial and error thing. I want to start learning from someone that's done it. I've read some books, attended the Rich Dad type free seminars, but keep hearing nothing but 'scammer' type feedback about them so I've never taken the plunge on their paid courses and am leary about buying into others becuase of it. Is there a real estate investment type course that is worth investing in? Any books I've read have given the basic tips with a "special offer" to buy their $1000 course at the end of the book. Are any of these good or are they the Russ Whitney/Rich Dad specials just trying to upsell the next level of their sales model. Is there a source any knows of to publish your own books and get distribution on them? Again, I came here because there seems to be a few successful authors around here. I have no problems investing time and money into learning this stuff, but I don't want to be wasting either on scams or slow lane ideas...which is which is why I came here.

    Thought coming on here for guidance and a resource from proven successful people was what this place was about and the best place to start.
     
    Firebirdz likes this.
  5. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    https://www.thefastlaneforum.com/your-goals-your-fastlane-plan/389-my-plan.html
    How was I ripping you in this thread? Myself and others gave you good advice.

    Not at all. Right now you're the kid who won't even enter the game, but telling everyone how motivated he is to get to the NBA. If the kid went in the game people could give him advice on what he's doing right or wrong. It's tough to give the kid who refuses to even go in the game any advice, and 3+ years later still be sitting on the bench talking about how motivated he is.

    Ya, I was born on wall street and my diaper was made of $100 bills.

    In reality, my town had around 25,000 people in it and there was not many people doing anything in it. The size of where you grow up is irrelevant to what you make of your life. The difference is those who hustle for what they want and those who sit on the sidelines thinking of excuses.

    Stop using ridiculous excuses as to why you're not doing anything.

    Giving excuses is exactly what you're doing. Stop tricking yourself.

    You haven't even read MJ's book yet, and you claim you have no idea who to listen to. Go buy his book.

    In the 3 years since you claim you are so motivated to learn you haven't been to one B+P meetup.

    Talk is cheap dude. You can spew motivational quote nonsense and give any excuse you want. Until you stop being lazy you're not going to get anywhere.

    3 years from now you'll look back on this post and think one of two things- you'll be one your way to making a lot of money and realize, "sh*t, snowbank was actually telling me what I needed to do". Or, you'll still be sitting on the sidelines thinking, "that snowbank hurt my feelings. i don't like him."
     
    Last edited by a moderator: May 6, 2018
  6. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    well, not too much to say after snowbank's awesome posts.

    I will take another approach.

    1. Town is too small, not the right environment? Move. As far as I remember, Canada is still a free country. I went to Montreal last summer and was impressed by the rhythm of the city and how much things are moving over there. I've hear Toronto is not doing bad either. And the other coast is doing great, so maybe it is time to move?

    2. 100K in equity? Forget about it. Equity is not real. Until you cash out and have real access to the money, ignore it. Thinking of the 100K you 'have' but can't use is useless. Trust me on that one, I've been there, I have had 5 times that in equity and, guess what? That does not give you any real money.

    3. Read The Millionaire Real Estate Investor. Once you have all those concepts down then come back here and ask questions about it. Heck, I even created a review thread for that book years ago, post questions there as well. Only after that you can see if this is what you want to do and what techniques are available for you.

    4. No 'mentors' or Real Estate Investors in your area? See point 1, and move. Also, there are REI groups in pretty much any decent-size area. Look for one close to yours. Yeah, you may need to drive a couple of hours each way, but you are highly motivated so that won't be an issue. In these REI groups you will find people doing deals, talk to them and offer to work for free for them if needed, cause your main driver is knowledge, not a salary. If there are Rich Dad Seminars coming to your area then you will be able to find a Real Estate Investors Group.

    About your idea for a book and supporting website, maybe you don't need to publish it in the traditional way. Come up with a site, self-record yourself some videos, upload them to YouTube, link to your site, and sell a subscription-based site with access to more details on what you have to offer.
     
    ZF Lee likes this.
  7. thecoach
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    thecoach Contributor

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    I quite like where I live. This city is kind in the middle of a major shift in thinking...kind of moving from a socialist state towards a more capitalist state. The problem is it's tough to find like minded individuals here..just don't know where to start looking really. And if I moved, where would I start looking when I moved to that next city? I travel extensively throughout Western Canada for my work and holidays (I'm typically in Vancouver at least once every 2 years, in Calgary and Edmonton probably 4 times each a year, Winnipeg at least once a year and I'm on the road at least twice a month within Saskatchewan to a lot of the cities and towns here), so it's not like I don't have access to larger/different cities, it's that I don't know where to find the people to meet with. I've tried posting on the Rich Dad site before to even find a Cashflow game circle in some of these cities to sit in on to network with people and had no luck. Half the time I'm in these cities I have LOTS of open space in my schedule, just can't find the people to meet with.

    I understand it isn't 'real money'. The only reason I put that in there is I thought it might be an opportunity to leverage it to buy a property. Part of the reason for coming on here is to figure out what I can do now, while I wait for the issues to be resolved...then when I can get make use of that equity, it will be used to push me further ahead, rather than use it to trial and error my way into a start.

    Deal. I've read a couple books on Real Estate Investing that touch on the basic concepts of REI, but never get into enough detail about it...then at the end of each chapter they give you the "don't for get about the great deal on the last day" where they pitch you a $1000 CD/DVD set and more books. Looking for a practical book that gets to the goods, not a sales pitch. I'll dig around for your review thread.

    I know there are people in my area. It's just a matter of finding the good ones that are fastlane, not people that were born into it and are just collecting paycheques and can't help someone new at it or the trial and error people that are still skimming by. Stopping short of knocking on doors of people that rent and asking tennents who their landlords are, I have no idea where to go to even look for networking opportunities in this kind of industry. I know of 2 people that are into real estate investing. The first one is an absolute flake and completely disorganized (I've done joint work with her with another one of her businesses). She has PILES of assets and piles of cash, but she seems a little too disorganized for me to want to latch on and 'shadow' her. The other guy went to the Rich Dad boot camp and just bought his first 3 houses with the equity in his place. We've definately talked he's shared some ideas, but he's doing the more traditional way people do it...suck out equity, get a mortgage on second property, rinse and repeat. I'll try to hunt around more and see if I can track down a REI group somewhere close to me. I travel with my financial work anyways.

    That's basically the route I'm planning with this website. Use social media to drive traffic to the website. Basic info on the content, free e-newsletter, upsell the info in an e-books and/or hardcopy books, have a subscription based area that will have more detail and video (different more detailed video than the YouTube promo videos) detailing the drills/concepts in the books, more detailed sample training sessions and offer a discount on items in the online store and discounts at the clinics I put on, have an online store selling other peoples books and DVD's and equipment used to train the athletes (drop shipped from the manufacturer as much as possible). Are e-books the best way to go these days for a full sized book (100-250 pages)? Would it be easier to get a publishing deal if I can go to a publisher and say "I've already sold 500 copies of this in e-book form, I want to do a hardcopy now"? Just don't want to leave too much money on the table by not having a hardcopy if there's still money in it.

    Thanks for the practical advice...this was more what I was looking for in my first post. Appreciate it!
     
  8. Rickson9
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    Rickson9 Gold Contributor Speedway Pass

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    I would go to the library and borrow books on reading and interpreting financial statements associated with real estate. Even reading books about financial statements itself would be useful!

    Good luck and best regards!
     
    Arun Siva likes this.
  9. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Google is your friend! I searched for "Vancouver Real Estate Investing Group" vancouver real estate investing group - Google Search and found in the first result this:
    http://www.google.com/url?sa=t&sour...Qkkqtkz1Q&sig2=2wwDnRJ79OQaSic5VUstZA&cad=rja

    Also, go to Do something, Learn something, Share something, Change something - Meetup and search for groups in your local area and/or area of expertise.

    You could get a loan against that equity. Open a line of credit (HELOC). Create a note and sell it. Contact an Exchangor (google that term if you don't know what it is) and talk about your situation.

    Easy, ignore the $1000 CD/DVD and keep moving. Oh, and by the way, keep this in mind when creating your book/cd/dvd/website because people won't sign up either, right?
    That book I mentioned has enough details to gt you back here asking specific, intelligent questions

    Again, search meetup.com for meetings related to what you want.
    However, your negativity is just too much. I feel you are criticizing people that are doing things and keep waiting for everything go smooth and perfect for you. Were you always a A student back in school? The first lady you mention is making money although she is not well organized. Learn from her anyway, and remove what's wrong (i.e. improve your system based on what she's doing incorrectly).
    The second guy sounds like a perfect mentor to me... you will find a lot of successful people doing the same anyway. There is nothing wrong with doing money the traditional way... do that and then find ways to scale it and make it big time if you can.
    In either case, do not criticize them that hard, cause they have already accomplished more than you, so there is a lot to learn from each, I believe.

    Your welcome.
     
  10. thecoach
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    Thanks for the follow up. After you mentioned the Real Estate Investor Groups, I goggled a few things and found some in Calgary and Edmonton (on that same website you linked)...right next door! Wasn't aware these kinds of groups even existed.

    As for critisizing the other people I do know. The one gal, is VERY hard to nail down. In past meetings for our joint work in another business she would jump from topic to topic, from business related stuff, her real estate stuff, to random stuff about her personal life (or her dog running into the office and her having a mushy quality time with her dog for 5 or 10 minutes in the middle of a meeting), to "oh wait, I have to call this guy about something" completely non-business related...Kind of an A.D.D. type personality....great for getting lots of irons in the fire for her business, not so great to try to learn from. I'm not closed to meeting with her about this stuff, just not sure if she'd be the best one to learn from or partner with based on our past joint work. This just isn't me saying this...the person that introduced us said the same thing "See if you can make it work, but she's pretty flighty" I believe were the exact words. There's a lot to learn for her if you have the time and patience to get it out of her. lol

    As for the guy that's new to this, like I said we've talked about a few things, he's pointed me in a few right directions as far as finding the local rental offices to get info on being a landlord and all that jazz and some ideas on finding good tennants and stuff, but he had capital to get started, whereas I don't right now. Once I get this equity thing solved or find some capital he'll be of more 'use' to me, but as far as learning the 'no money down' parts and getting in now, he's just as inexperienced as I am. Not opposed to working with either of them, I just know there has to be more people in this city that have more experience or organization behind them.
     
  11. Rickson9
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    Rickson9 Gold Contributor Speedway Pass

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    You can also read the posts on the Canadian Real Estate Investment Network. There is a lot of good information there.

    My REIN Space Forums (Powered by Invision Power Board)

    As an FYI, "no money down" is not an advantage if an individual is unable to read and interpret financial statements associated with a real estate investment. It may actually be a serious crutch.

    Good luck and best regards!
     
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  12. Jonleehacker
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    Jonleehacker Gold Contributor Read Millionaire Fastlane Speedway Pass

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  13. mkzhang
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    She has piles of money, you have time, your patience does not cost you money. Don't see why she is not a suitable candidate to learn from.
     
  14. Kshatriya
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    Kshatriya Contributor

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    Golden words!
     
  15. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    OP hasn't logged in since June 2013, wonder how it's going for him. :rolleyes:
     

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