Tips on Finding a Mentor

We’ve all heard of the get rich quick scams promoted by all the real estate gurus.  They essentially rehash the same ideas of wholesaling and other simple real estate techniques in exchange for exorbitant fees.Make $15,000 in 30 days or less and so forth.  Those with experience know that doing profitable deals consistently takes hard work and fierce dedication which doesn’t happen overnight.

“Guru” is a Sanskrit word (ancient language of India) which mean spiritual teacher.Numerous ancient texts speak volumes on the importance on choosing a qualified and trustworthy individual to be your “guru”.  Fraud had been a problem since the dawn of civilization.

Finding a mentor is critical in the early days of entrepreneurship.  When starting any business, real estate or not, it’s important to be coached through all the pitfalls of the business world.

1-Find someone who has the lifestyle you want

It’s important to be trained by someone who has the level of success that you want.  I have always been coached by full time real estate investors who have a portfolio of rental properties. This can be a catch 22 because a super successful real estate investor may not have time to mentor you, or at least more than one person at the same time.  I recommend picking someone who has enough rental income to live a comfortable lifestyle but is still expanding and is goal oriented.  My experience has taught me that I avoid the “do it yourself types”.  They can have substantial real estate portfolios but I have found their business models to be more about owning a job than owning a business.  I don’t know about you but I didn’t get involved in the real estate business to do manual labor or to work multiple full time jobs.

2-Find someone trustworthy

It’s important to be able to trust someone who mentors you.  The textbook definition of mentor is “an experienced and trusted adviser”.  A mentor is someone we should be honest with, which may include sensitive personal financial information, so it is important that this person be trustworthy.  Not simply someone who takes you under their wing to sell you “junk” properties at top dollar as an “inside deal”.  Beware of this because it is common.

3- Look for clear communication

Clear communication is important and real estate can be very technical, so the ability to articulate these concepts clearly in a manner you can understand will be helpful.  I would advise anyone new to the business to avoid those that frequently change their minds and are unclear about their expectations.

4-Someone who is patient

I remember my first mentor saying that he didn’t have patience.  Real estate is not a business that rewards the impatient.  I have yet to be involved in a deal that did not have problems and complications that required a clear head to solve. It is difficult to take advice from someone that doesn’t have the patience to guide you through many trials, setback, mistakes as well as successes.  It takes a patient mentor to coach you through failure, and mistakes.

By the way don’t ever be afraid to fail because it will happen.  This is how you will learn.  Success won’t teach you much anyway.  I remember a quote by Bill Gates: “Success is a poor teacher, it seduces smart people into thinking they can’t lose”.

I hope these quick tips help.  Having a mentor is a great way to become more successful no matter what business you are in.