Starting out without a mentor???

Question

I have read and heard over and over again about the importance of having a mentor as a newbie investor. I agree that it is very important as it can save you time and costly mistakes, but just out of curiousity, have any of you started out WITHOUT having a mentor and just learning as you go? Please share your experiences and thoughts with the rest of us.

Will Barnard · Answer

I first started out without one but made some mistakes i may not have made with one. I got a mentor shortly after starting which really helped out with my lack of experience at that time.

The real world experience is so very important.Going at it by yourself without a guide/mentor, you just don't know if you are making mistakes until after you make them and they smack you in the face (or usually in the wallet)

Peter Giardini · Answer

An REI association is a great place to get started.  Just be sure not to hang around with all the "wannabes"... interact with the investors who are doing things.

Timothy W. · Answer

I lucked out.  My dad and grandfather were my first mentors.
          
          I did start out deer hunting without a mentor.  Ended up ticking off a lot of other hunters by scaring deer into the next county as I bumbled through the woods like an idiot.  I've had a lot easier time finding deals than finding deer.
          
          No matter what it is, the right mentor makes everything easier.  The RIGHT mentor.....

Mike C · Answer

Marcial,

I am not anti mentor but I do believe you shouldnâ€™t have to pay for it. If you do, I would probably run the other way. When you are brand new (which it sounds like you are) you need some guidance because you donâ€™t know what you donâ€™t know and not everything is as it seems. What I would recommend is to find the local players in your area. You will find them by looking in the paper, talking to a RE attorney or title company or probably the best in the beginning, your local RE investors association. As mentioned, you need to talk to the small percentage of members that do deals, not all the newbies who will never get past their fear. I would start with the board of directors or every association I have been too has a block of time each meeting they get together with others to talk about deals for sale or needed and so on (usually at the end). It stands to reason if they have some deals to sell or flip, they are ahead of the crowd at the meeting.

When you find that person, I would offer to work for them for free doing their grunt work and being their assistant in exchange for some of their knowledge. If they are active, you can learn a lot in three months. In that time you can figure out what areas you like and start focusing on that area. The knowledge learned will be invaluable and give you a good foundation. That, along with some recommended books and places like BP and you are on your way. That is the quickest way IMHO to go from ground zero to able to do deals. Also important, you will see that people out there really do deals and that having seen them done (and probably assisted with them), that you will be able to get over your fear that this will work for you.

The biggest problem with this is that you have to convince that active investor that you are worth their time. They get people asking for assistance regularly and most will never do a deal so they are protective of their time. They will realize there is work involved and quickly disappear. Donâ€™t be that person. Hustle, do what they ask of you and become a human sponge. You will learn a lot out their in the real world in the field showing homes, listening to them negotiate, going to a closing, a rehab walk through and so on. Once you get that experience you can decide what other info you need once you have a foundation.

You will only get out of this what you put into it. If you show you have staying power, they may even include you on a deal. If you put in the work, you wonâ€™t even recognize yourself in a few months. You will then also realize how much information is in the details and how glad you were you didnâ€™t just go out and by something and think that the cash flow promised by a realtor will materialize in the real world (at least most realtors).

A few years ago I ran across an article about a guy who had a mentor who in the beginning he thought was nuts by always laughing at the first offer, using the most basic calculator and generally ranting about his former students who didnâ€™t do anything. The gist was that the only reason he realized he wanted to be a mentor was to get over his fear of doing deals. He worked a year for the guy, but had no regrets because he learned one of the most important lessons of investing. I wish I could find it again now.

Best of luck

Mike C

Marcial J.Paredes · Answer

Thanks alot everyone for your replies.

Ted Harris · Answer

let Bigger Pockets be your mentor, the price is right and the information timely!

Rich Weese · Answer

I'm very anti mentor, if you have to shell out cash for their time. How do you think all the people that became filthy rich in real estate 20-40 years ago? It wasn't with mentors, that is a relatively new term.
   There are so many other options.
1. follow successful people, and copy them.
2. thousands of books to select from
3. re clubs etc
4. free advice on hundreds of websites-some good and some not
       I went to a meeting tonite that a very knowldegeable mobile home guy wanted to sell 2 different 3 day seminars for 5K each!You could learn ALMOST as much on BP by listening to Jon Klaus from TX etc.
     Try other avenues first, and you might actually have funds to really invest, rather than becoming mentor/seminar junkies,imo. Rich

Account Closed · Answer

If you are just getting started in real estate, you might consider working with a mentor.  This is not to say a mentor is mandatory but one would be convenient.  Keep in mind that a mentor can be expensive and often, you might not learn everything you need to know.  Even so, if you want a mentor, make sure wise decisions are made.  In addition, if considering various real estate programs, remember these are not required immediately. After being convinced the real estate business is for you, it is essential to gain as much knowledge as possible from different resources, those that are affordable and provide comprehensive information and leadership.

Jonathan Gonzalez · Answer

Thanks Peter! I'm reading both of them, very good info there. Nice site too, I'm reading through it, I like what you have. I'm planning on joining a REI club before I jump into a mentorship program. I'll probably save myself some money and stress if I do that first.

Starting out without a mentor???

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