Comments on: Why All Real Estate Investors Need a Good Mentor

By: Robert Breeling

Robert Breeling — Wed, 14 Apr 2010 16:37:13 +0000

Rayn this was a well put and should be learned by all new people and old alike . to get some one that will help you . and call you and meraly take you and get you to under stand that their is so many people that just what to sell you things and then drop you as soon as your check is in their hand . so yes i hope new people can read this and get it . that they just can’t step up and hit a home run with out knowing or learning what too do first

By: Liz Voss with San Antonio Real Estate

Liz Voss with San Antonio Real Estate — Sat, 28 Nov 2009 18:32:39 +0000

Ryan, what a great article. This should be a must read for all beginners. I can’t tell you how many first time investors think that what they buy will automatically make them money overnight with no knowledge of the business.

By: James Mikel

James Mikel — Fri, 27 Nov 2009 15:27:43 +0000

I agree completely and whole heartedly. Many who contact me have gone the route of expending dollars for limited knowledge that in the end causes their undoing. Some have made horrid purchasing choices and in despiration call to ask “I bought this property at auction, what do I do now?” There is typically a simple step by step explanation for most of these people. Usually the answers I give are not happy ones. IE: 2 weeks ago a caller asked if there was a way to remove counties liens that far exceeded property value, they purchased the tax deed. Advice, negotiate with dept holding lien, they may reduce them. If not, do not pay taxes on property and tax certificates will be issued. After the second year, the certificate holder can apply for the tax deed and an auction held. The subsequent tax deed will be issued to the certificate holder or high auction bidder. If the property value appreciates beyond the liens, redeem the certificates before issuance of tax deed. If at any time the county begins foreclosure of their lien you have to pay or lose your interest in the property. The process will take no less than 2 years, no more than 7. Other consideration, the county lien will attach to all property owned in the county. If you sell a property situate in that county, title inisurance will not be issued unless the lien is satisfied, back to negotiating with the dept.

A good mentor is an enabler which will create gain for both parties while seeing the long term goal of independence of the one being mentored.

Due to calls like the afore noted, I have become bitter at self promoting gurus and those exploiting for the their own gain.

PS-Please don’t contact me wanting to know where you can buy properties for pennies on the dollar. In 2 generations of family investors, I have found that it can happen but it is so rare that it is not worth the energy or time to chase that rainbow. The greatest return is one that can be repeated, chase the rainbow knowing it will fail 99%, chase the property with a potential of 20%-35% and your path will be sustainable.

By: Eric Hempler

Eric Hempler — Fri, 27 Nov 2009 15:02:54 +0000

I had another thought on this. This could apply to anything, but more so for Realtors. Having more than one mentor is a great benefit. How about taking it a step further and finding a different mentor for each part of your business. Maybe you have one for open houses…for some reason this particular individual as a lot of success when they host them. If the person is willing to share find out why they work for them. Is it the time of day, the day, church or even sporting events? Might sound odd that sporting events would affect the traffic, but if you’re in an area with a huge football following will there be much traffic at game time? Then find a different person that has success with their website, blog, the different pieces of social media, calling expired listings, FSBOs, etc.

I think if you’re able to find experts in these different areas it could get you far.

By: Ryan Moeller

Ryan Moeller — Fri, 27 Nov 2009 05:10:51 +0000

Well said Peter. The best mentors can give you the personal attention help you meet your goals, not their goals. I don’t consider gurus who coach and mentor tens or hundreds of people to be mentors.

By: Peter Giardini

Peter Giardini — Fri, 27 Nov 2009 04:51:47 +0000

Great article. Every successful person will tell you that they have had one or more mentors who have helped move them through their careers.

While real estate investing offers many opportunities to find a mentor, the biggest challenge is finding one that will help in such a way that your success is as important to them as their own success. There are just too many “gurus” out there who will gladly mentor anyone… or 100′s of anyones and then try to move them through the program as quickly as possible with little or no benefit to the investor.

Bottom line… a lousy mentor will only take your money and offer little in return… while a good mentor will shorten your learning curve, help you to avoid costly mistakes and increase your overall profits.

By: Eric Hempler

Eric Hempler — Wed, 25 Nov 2009 14:12:58 +0000

I agree. Although, sometimes it takes some time to find the right person.

By: Pfs

Pfs — Wed, 25 Nov 2009 13:19:48 +0000

Having a mentor is a very supportive aide and it’s great to have one in any field. Real estate in particular can make big gains or big losses, as we’ve seen recently, so it’s worth paying extrra to make sure you stay on the right side of the spreadsheet. You’ll need to be careful to choose your mentor carefully and be sure to ask him or her enough questions to know his own successes so that you can trust him to help you make yours.