Why All Real Estate Investors Need a Good Mentor
Whether you’re just beginning or if you have plenty of experience as a real estate investor, a good mentor can be your key to success. No matter what your challenge is or goals are, here are some tips to help you choose the right mentor (and what they can do for your business).
Want more articles like this?
Create an account today to get BiggerPocket's best blog articles delivered to your inboxSign up for free
If you are a beginner, do you have a strategy? No matter what the strategy, there has been someone who has done it before; you are not re-inventing the wheel. Finding a mentor who has mastered your strategy could be your shortcut to success and can be your start in building tremendous win-win relationships that can help you achieve a long term successful career.
A Real Estate Mentor Can Help You to:
- Create your strategy and business plan – Having no plan is simply planning to fail. A business plan is mandatory before you start investing. Mentors have expertise in different strategies and can help map a plan.
- Handle challenges such as financing, finding deals and doing them – Financing is a huge challenge. Additionally, there are also many challenges an inexperienced investor can encounter in finding and doing deals. It is ALWAYS helpful having someone by your side.
- Confirm a deal is a deal – Sometimes even experienced investors have doubts and reservations about a deal. Have a mentor evaluate the deal and provide feedback.
- Building teams and systems – Mentors can recommend professionals to join your team and help improve your systems.
- Exiting deals – Good mentors can help you implement your exit strategy and help you achieve success.
Choosing the right mentor is not as easy as finding the first person to help you. They have to be a master at your strategy and willing to create a win-win relationship. A wholesale expert is not going to be the right fit to help you develop raw land into a shopping center or buy a mobile home park. Find out who is the best in your area at your strategy and invite them to talk over lunch.
The right mentor will take you under their wing. They will be an open book, share all the tips and expert strategies you can use in your own business, and open up their entire contacts list. It is important to make it a win-win relationship for both parties. In a sense, a mentor is training their competition, so you must make it worth while for them by partnering, helping them, and becoming allies.
Finally, it is important to respect your mentor’s time. Listen to them and apply their teachings. Remember, a good mentor is one of the best ways to turbo charge your business and achieve success.