The Science of Flipping - Partnering With A Mentor

Episode Date: January 21, 2021

Partnering With A Mentor

What is up, guys? Thanks for joining me today. This is Devin Burr, aka Mr. Burr. We're going to talk about all things Burr related, how you can build your wealth through real estate investing using the Burr method. And today I want to talk about something that's actually very, very important to this method and really any method you do within real estate. And that is partnering with somebody, preferably a mentor, someone who has actually got the lifestyle that you want to have and you want to emulate. So it's very, very important. It's going to limit your risk when you're doing deals.

If you're coming into this new, this is humongous. This is huge. This is paramount. You need to do this because when you're new, you don't know what you don't know. And you might be gung ho ready to do something with real estate investing. You might have a deal and things pop up. A lot of things happen that can really shake you and make it to where you lose money on a deal. So to protect yourself from that and to hedge that risk, you want to actually partner with someone on the deal who's doing deals already, who has a track record, who has experience.

And that way you're limiting your risk because they've already seen what it takes to do deals and to do renovations, to sell the property on the back end, problems that might arise. So what you're going to do basically is you're going to find someone again that you think has the lifestyle that you want to live. That's what it comes down to. The lifestyle that you want to live. Find someone who is living that lifestyle and bring them value. Bring them deals, deal after deal after deal. Because at the end of the day, that's true value. If you can bring someone a deal where they're going to make profit, I mean, they're going to help you out all day long. So what you're going to do is you're going to bring value to someone that you want to emulate

their life and they have experience in real estate. You're going to bring value to someone that you want to emulate their life and they have experience in real estate. You're going to bring them deal after deal, offering to partner up on the deal. So what that's going to do, one downfall is you're going to make less money. Let's just call it for what it is. If you did the deal on your own and you crushed it, you didn't run into any problems, you would have made more money if you did it on your own. However, to my point before, things pop up. There are things that you cannot control and you don't know what you don't know. So if you have a mentor, a partner that is actually going to hedge those risks, you're going to make a little less, but you're

not going to lose. If you actually lose on your first deal, what are the probability or what's the probability that you're going to keep doing it? It's probably pretty low. So get a mentor, get a partner, bring them value by bringing them deals that you guys can partner up on. And then just, you know, structure a partnership that makes sense as far as equity in the deal on the back end. You know, what you're going to provide into this business is I brought deal after deal to my mentor, my friend, Templeton Walker, amazing individual. And we go back a long time. So I knew he was doing deals. He had been doing this for several years. So I trusted that if I bring him a deal and he thinks it's a good deal, it's probably a good deal. So went in on the deals with him, brought him everything.

And then his value is he's got the experience. He's got the crews to do the renovations. My value was bringing the deal and just having time, more time to do things that he necessarily would not want to do or couldn't do because he was a lot busier than I was. So basically just try to bring as much value to your mentor slash partner as possible. And that way, when you do a deal, you're hedging your risk. Let's say you do 20 deals that are partner deals. The likelihood that you're going to lose on a big majority of them is

very, very slim. Now, if you don't get a partner, again, if you do a deal, the first deal, you lose money, you're probably never going to do another deal. Now, if you do a few deals, you make some good profits, but then you run into issues, you're going to start losing money as mentioned. So very, very important guys. I wanted to touch on that real quick with this very short, quick video slash audio. And that way, again, you guys can look, if you're new in the business, start looking for people that have the lifestyle you want, bring them value, bring them deals that you can partner up on. And that way you can actually get an education on the fly. Let's call for what it is, guys. Education is not really learned from a

YouTube or a podcast. That's just information. Your actual education comes from getting in the trenches and doing a deal. You will learn far more doing your first deal than you would have ever learned, you know, searching the internet, doing YouTube videos, reading books. If you get out there and actually do deals, you're going to learn a ton. And if you have a little partner with someone who's done deals, you're making it to where your education is actually paying you. And at the end of the day, guys, there aren't very many educations that will pay you. So I hope this helps you guys. Again, very short video and audio.

Wanted to come to you guys. Again, very short video and audio. I wanted to come to you guys about that. And if you guys want, stay tuned. There's going to be much more knowledge being dropped. I hope you guys get value from it. And at the end of the day, love you guys. Take care. Peace.