Using Interns

but you must have a good understanding of the system you are trying to teach. Needless to say, it can turn into the blind leading the blind if you don't have the right experience and skills needed to manage people.

Just be sure you want to go down that path as the time spent with them does detract from the short term goals you may have for yourself. However, with that being said, we have used interns and we share in the participation of the deals that they find for the first 6 as our "payment" for services rendered. Most of time the interns drop out as most people don't understand how much work goes into a real estate investment firm. (Just like people quit a lot of things because the effort is too much) But for the people that stick with it, they will never have to work for someone else again.

I did interview for interns about 3yrs ago but never followed up on it. It is a matter that requires focus & concentration. I have heard people use Odesk to find good VA's, I know the training coming up with matt they are going to talk about that, hopefully you were able to get that.

If not then you can still get a ton of info fr this site.

Thanks for your feedback. I was considering using interns, but there is a lot more to having interns than what most people think. I don't think new investors learning themselves are in a position to educate others.

After doing some research I think it is more than a notion. I did some research on the topic and found that the U.S. Department of Labor (DOL) is going to enforce the recent changes regarding unpaid interns. DOL now requires businesses to meet 6 very strict requirements in order to use unpaid interns, which can be found in the Fair Labor Standards Act. The new criteria states that the employer can derive no immediate advantage from the activities of the interns. Apparently, wages are required for interns that work for For-Profit businesses.

I am aware that Matt will have a segment on using interns in his upcoming training. I would love to get this take on this, but unfortunately I'm not in the position to take the course.

So, I think my next step is to check into Virtual Assistants. Matt mentioned that you can hire some as low as $3.00 per hour.

Thanks.

is teaching a course on this soon if you still want to get in!

The task you usually give your interns would be all the task you don't like doing or all the task that makes you less money. So now you can only focus on the task that makes you the most money or that your great at. You can post ads on Craigslist to get interns. Yes they work for free but you can pay them if a bird dogging fee of $500 if the intern brings you a really good deal and you close on this deal.

I get what you and the others are saying, but what about the recent DOL requirements for For-Profit businesses that indicate it's not whether you are going to pay interns, but that they must be paid. Are we just ignoring the DOL requirements. And, are we willing to spending all the extra time providing them all this required training. I'm wondering if it's just that investors are not aware of the recent restrictions that have been imposed.

Thanks.

Your right, in the beginning you cant do interns, until you are up and running & doing deals, $ first then interns. I would consult with an attorney a RE attorney eventually about that issue when you are ready.

I am going to get them soon & can share how I did it.

Tammy-what do you mean.

And REynold is right, VA's & interns can do jobs you dont want/cant do or dont have time for.

Thanks for that acknowledgement. I just kept seeing people saying interns can work for free and according to DOL that just is not correct unless the"employer" has met the required 6 conditions. Most for-profit businesses will not be able to meet those new restrictions. Plus, when you pay them it has to be a fair wage.

I just need to figure out exactly what I want done by someone else. Thinking about using freelances from Elance or Virtual assistants. I'm an organizer so I definitely need someone who can do databases and excel.

Geeze, there is really so much that has to be in place before you can really even begin to make deals.

Thanks.