You probably are going to fail in real estate investing – without a mentor.
Your chances of success soar, however, once you find that (free) mentor. To find him or her, please dispense with the desperation tactics of the rookie investor hordes: posting in real estate forums something like this:
“I need a mentor!”
Why would an experienced real estate investor choose to work with you, one of thousands of strangers wanting a mentor? You must expend some EFFORT to locate your mentor.
So….The Secret to Finding a Real Estate Investor Mentor Is……
Hold that thought. Back up.
Who first mentored you in life? At home, it probably was your parents. In high school, maybe your government teacher or volley ball coach. In college, probably your English professor.
And at work, that first really outstanding boss you had, maybe? Let’s hone in there: Why did he put you under his wing? Possibly because he observed qualities and talents in you that gave him the urge to help and further your career?
What do all of these situations share?
Your previous mentors knew you well and observed your positive qualities – right up close. They knew you intimately first, and then the mentoring relationship sprouted from those roots.
So to find your (free) real estate investing mentor, get the heck off the online forums and develop relationships with people in real estate!
Here’s what you need to do right now:
Establish productive, mutually beneficial relationships with experienced investors in your city (or in another city). Go to real estate networking meetings for months. Talk, network and share ideas with everyone there. Learn who the BIG investor players are in town. This may take weeks or months. That’s fine. Remember: These meetings are crawling with rookies looking for mentors. You need to show you’re serious, so keep showing up, networking and asking questions.
Once you identify the BIG ONES, make yourself an asset to them. Help the investor in a selfless way. Offer to post bandit signs, answer emails, pick up building supplies, scout for buyer and seller leads. Volunteer for all the grimy, dirty work. It won’t make you money, at first, but you will absorb real estate investing gold – information from a seasoned expert.
(In my case, I help my mentor by posting bandit signs, putting properties into the MLS, manage the website, and take phone calls from potential buyers)
3. Never ask for anything in return. Just think about how you can help the mentor succeed even more. In that process, you will learn a LOT. Since I have been mentored by my expert, my knowledge of owner finance real estate has increased 1000000%! I am using this knowledge today to do deals and make money in real estate.
4. Don’t offer the investor to share a deal with them in exchange for X hours of their time. That’s meaningless. 90% of ‘real estate investors’ never do a deal. The expert knows that. Make yourself VALUABLE to the expert by helping them with their business. That is how you add value to this situation, and you in turn will learn how to become a successful investor.
5. You don’t necessarily have to have a mentor in your city. A good, expert investor mentor can be incredibly valuable in any market! As long as he or she is experienced and successful, you can benefit tremendously. If you’re looking for a good, free mentor outside your area, let’s talk sometime!
Getting your hands dirty and putting yourself out there through these steps will find you a good mentor. And when you do get a good mentor, you could enjoy some unforeseen benefits! In my case, my mentor turned me onto this incredible deal that makes me 16% per year – with no property maintenance costs.
How did YOU find your real estate investing mentor? Share in the comments below.