Mentorship is a common way for beginner real estate investors to get guidance and help from a more successful investor. However, finding good real estate investing mentors isn’t always simple.
This article can show you how to locate the best real estate investing mentors, the benefits and drawbacks of real estate mentoring, and some recommendations for dealing with a mentor, whether you want to start investing in real estate or merely need a local real estate mentor to help you grow your business and income.
What Is a Mentor?
The term “mentor” is often used. They can range from coaches or supervisors with whom you interact for eight to 10 hours per day to a colleague whose advice you seek a few times per week to a capable entrepreneur with whom you meet for particular advice only a few times.
Working with a real estate mentor, like any other relationship, necessitates a give and take on both sides. It’s not always easy to be present and thankful. In other cases, it could suggest a consistent effort and long-term dedication to assisting your mentor in achieving their larger goals.
A real estate mentor isn’t someone you contact simply when you need assistance. You don’t go to your mentors with minor issues or vent about your horrible day. Your mentors aren’t there to answer general queries or make life decisions for you. Don’t expect to walk into a mentor’s office and be handed the keys to success while driving off into the sunset.
You have to figure out what type of mentor you want to be and what sort of mentee you want to be for yourself. Do you wish to talk about your personal concerns with someone? Are you only interested in advice on a real estate investment business?
Now that we’ve established what a real estate mentor is and the type of mentor-mentee connection you want, here are some steps to assist you in finding an outstanding mentor.
Where to Find a Real Estate Investing Mentor
No one has to pay money to have a mentor relationship. You can simply ask your real estate broker, an office real estate agent, a relative, or a colleague in your real estate network to mentor you; however, you shouldn’t be upset if they say no, and do know that you will get what you pay for. Meaning, if you sign up for a real estate mentoring program in your local area and this is their actual business, you’ll get a lot more out of it than just working with someone casually.
A successful real estate investor is preoccupied with their own real estate investing company. They may not have the time, inclination, or skill set to be a successful mentor, or you may not have enough to offer to merit the time spent coaching you. Find out how you can support someone’s business in return for knowledge or coaching if you think you know someone who would be a fantastic mentor.
If you don’t know someone you’d like to work with, you can request professional assistance from a mentor who publicly offers coaching services.
National and local real estate investors groups (REIAs) frequently provide a formal mentoring program for new members. You can also locate hundreds of real estate professionals by Googling your local market for “mentor” or “mentorship” followed by the type of investing you want to practice, such as “Los Angeles rehabbing mentorship” or “Orlando real estate mentor”.
Asking for referrals on LinkedIn or BiggerPockets is another way to find a mentor. This is particularly useful for locating someone in your local market.
Before you start working with a mentor or paying for their services, do some research on them. While they may appear to be accomplished in public, they may not be everything they claim to be. Discover if any judgments or lawsuits have been filed against them for their services or investing methods.
Check that they own the properties they claim to own using public documents, and always get a second opinion. Speak with former or current pupils or mentees, or look for reviews about that person or program on real estates investment communities like BiggerPockets or Reddit.
Identify What Type of Mentorship You Are Looking for
While conventional mentorship is a one-on-one connection, there are a variety of ways to gain mentorship experience, whether individually or in a group. Some people require one-on-one care, while others thrive in a group setting.
The following are the most popular real estate investor mentorship options:
One-on-one mentoring involves providing personalized counsel and coaching on each real estate transaction. This is the most in-depth and personalized sort of mentorship, and it may help you significantly improve your real estate investing abilities.
Every one-on-one mentoring relationship is unique. Others are compensated mentorships, while others can evolve organically. If you prefer this type of mentoring, start by reaching out to real estate investors who match your beliefs or whose company you respect, and create a relationship with them.
Small mentorship groups can be local or online, such as a Facebook group. The benefit of learning in a small group setting is that you can not only interact with your mentor but you can also create ties with other real estate investors to expand your network.
Such groups might be for-profit or non-profit. Even if you choose another sort of mentorship, think about joining at least one small group for networking.
Shadowing is a terrific method to learn the ropes from an experienced investor on the ground. As you build confidence and skills in all elements of real estate investing, they can lead you through their method.
Apprenticeships are typically free or voluntary, however, they do take a long time to complete. Choose a real estate investor with similar aims whose accomplishments you like, or consider joining their venture as a minority partner, to get the most out of your apprenticeship.
Your mentorship style is determined by your goals and prior experience. If you’ve already established relationships in the real estate business world, start reaching out to them to inquire about mentorship opportunities. You may also find yourself having multiple mentors for various forms of real estate investing.
Tips for Working with a Real Estate Investing Mentor
The majority of mentoring programs are costly, ranging from a few thousand to hundreds of thousands of dollars. Make the most of your time and money with your mentor by following their advice. Also, make sure to study, understand, and obtain as much knowledge as possible from the tools they provide, whether they deliver information online via videos or in writing form.
Follow through on the tasks or activities they prescribe, and keep track of your progress by setting daily weekly, or monthly objectives based on what you’ve learned. Ask inquiries about what you should be doing to advance your business or get to the next phase if they aren’t providing enough practical steps for you to follow.
Think about it as if it were a real-world, advanced college course. Attend class, complete your assignment, and take action. Your chances of success would be substantially boosted if you do this after taking the time to discover a suitable investment mentor. Keep in mind that not all real estate industry gurus are created equal. Consider the benefits and drawbacks of working with one to see if it makes financial sense for you.
What Should I Ask a Real Estate Mentor?
Consider asking your mentor about their long-term aims in the real estate sector and their investing approach to ensure your ambitions are aligned. Other questions to consider include:
- What methods did you use to find your investing niche?
- What advice do you wish you had gotten earlier in your career?
- What resources have proven to be the most beneficial to you as an investor?
- What is the best real estate investing learning opportunity you’ve had?
These questions allow you to discover more about your real estate investment mentor and determine whether or not they are a suitable fit for you.
“Knowledge is power,” as the saying goes, and the more you know, the more you earn. Success in real estate investing is determined by both what you know and who you know. Even following programs like the Million Dollar Listing that feature successful agents like Tracy Tutor can provide insight on how much knowledge and drive is needed to succeed in real estate.
Having the best real estate mentor might assist you in achieving both of these goals. Mentoring is a mutually beneficial relationship based on a number of elements such as respect, integrity, and accountability.
Keep the following in mind when seeking a real estate mentor:
- Understand why you’re making a real estate investment.
- You and your mentor should have the same core goals and investment strategy.
- Real estate mentorship is a lengthy give-and-take relationship that develops naturally.
- Mentors should be able to teach you what they know and guide you through the process of learning by doing.