Real Estate Investing Basics

How Do You Find a Real Estate Investing Mentor?

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72 Articles Written
how to find a real estate mentor - direction

First and foremost I am not talking about a “Mentor” that costs you significant money and requires you sign up for multiple mentoring sessions, buy multiple boot camps, etc.

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Thankfully I can’t speak for any of these programs as I am too cheap to sign up for any of them.

Instead I chose the low cost approach to finding, reading and listening to my mentors.  I recommend you at least start at this level and then decide on your own if you are going to step up to that kind of commitment.

When I started out as a new investor I knew two things to be true.

First, I wanted real estate investing to be my long term investment platform.  I wanted it so bad I could taste it, I thought about nothing else; it was all consuming.

Second, I knew there had to be hundreds if not thousands of people that had already done what I wanted to do.

All I had to do was decide what I wanted real estate investing to mean me and then go find people that had done it before.

Finding a Niche

So like many of you I went to various book stores, went on-line, attended various free workshops and attended local investment group meetings.

This investment of time and a few hundred dollars allowed me to review all kinds of possible investment options.  I read or reviewed things on Flipping, Lease Back, Tax Liens, Mobile Homes, Commercial, Probate, etc-etc.

This time investment lead me to the decision of focusing on buying distressed properties, repairing them and holding as rentals for the long term.

The Hunt for a Mentor

Once I had my niche and I was committed to it, I had to go find my mentors.  As expected, I went online, and various search engines became my best friends.  I found more books and websites and started to really hone in on the individuals that were really doing deals instead of the glorified sales people.

Your search may lead to different results, but I found two individuals to be my initial mentors and I did everything I could to read what they had to share.

My first mentor is in my mind the original buy, repair and lease investor, William Nickerson.  Unfortunately, I never got a chance to meet the man as he passed away in 1999 at the age of 91.  The good news is he left several classic investment books.  They are all out of print now but that didn’t stop me from buying what he produced.

His timeless classic ”How I Turned $1,000 Into a Million in Real Estate — in My Spare Time” provides a tremendous blueprint on how to be successful in this business.

Another benefit of Mr. Nickerson’s contribution is the fact he started his investment career during the Great Depression.  I figured 10 years ago if he can make the model work during that time frame I certainly can make it work during my lifetime.

The second mentor I found goes by the moniker of Fixer Jay (AKA Jay P DeCima).  Fixer Jay has produced several investment classics that built on the foundation Mr Nickerson provided.  One of his books “Investing in Fixer Uppers” is the single real estate book I have read the most times cover to cover.

The real life examples, the sharing of his plan and the review of the numbers is exactly what I needed from my mentor, to know I was on the right track and that buying distressed properties, repairing them and leasing them long term was a profitable business.

Why did I chose these two as my mentors over all the others I could have chosen?

  1. They we both deemed to be leading experts in the business model that I wanted to follow.  Said differently, They had already blazed the trail and they left guide posts on how to succeed.
  2. They showed my how one could start with a full time job and then at some point cut over to full time investing.  This was important as I have a full time job I love and I was not looking to make it a full time business for many years.
  3. They seemed to be generally interested in sharing information vs. selling books.  I felt the books were complete and not some big marketing ploy to buy another book or attend another seminar.
  4. They were talking about real deals and real experiences.  I didn’t want theory I wanted to hear about real deals.
  5. I felt I could trust them.  You have to trust your mentors and I trust both of them.

It might seem odd to you that I chose my initial real estate mentors this way, but having a full time job, a busy life and starting a real estate investing portfolio didn’t provide another option.

Put simply . . .

In closing, if you are a new investor the first thing to do is decide on the real estate investment framework that will work for you. Then go out and seek experts that you can learn from without spending thousands of dollars.

You are already one step ahead of me when I started as you found BiggerPockets that is full of experienced professionals.

My final comment is actually a question.

Who are your real estate mentors?  I would love to hear from each of you as you can never have to many mentors.

Good Investing

Photo: Michael Cory

    Tom
    Replied about 8 years ago
    I’m going to check out Nickerson’s book. Thx!
    Mike Z
    Replied about 8 years ago
    Tom, Well worth read and investment. Good investing
    Mike Z
    Replied about 8 years ago
    Tom, Well worth read and investment. Good investing
    Drew
    Replied about 8 years ago
    Great point. Having a network of professionals doesn’t hurt either. That’s the aim at REIA of Oakland in Southeast Michigan to bring real estate investors together and provide networking and mentoring opportunities for local investors. Great article as always Mike. Drew
    Drew
    Replied about 8 years ago
    Great point. Having a network of professionals doesn’t hurt either. That’s the aim at REIA of Oakland in Southeast Michigan to bring real estate investors together and provide networking and mentoring opportunities for local investors. Great article as always Mike. Drew
    Drew
    Replied about 8 years ago
    Great point. Having a network of professionals doesn’t hurt either. That’s the aim at REIA of Oakland in Southeast Michigan to bring real estate investors together and provide networking and mentoring opportunities for local investors. Great article as always Mike. Drew
    Donna Mann from Hermitage, Tennessee
    Replied over 2 years ago
    Drew, I am just getting started on real estate investing and I am going to attend an REIA meeting next month in my area. Is this a place you would recommend in finding a mentor? I have had the passion for a couple of years, but have been afraid to go out and try to do this on my own. Thanks Donna
    darwish alkuteifani
    Replied about 8 years ago
    Liked your tips as Im in that process right now. Thanks Michael
    Mike Z
    Replied about 8 years ago
    Darwish, You are welcome. Good Investing
    Rolanda
    Replied about 8 years ago
    Jay P. DeCima, Investing in Fixer Uppers, is a great read! Reply Report comment
    Rolanda
    Replied about 8 years ago
    Jay P. DeCima, Investing in Fixer Uppers, is a great read!
    Arthur Garcia
    Replied about 8 years ago
    Hey Mike, I’m a big fan of the books you’ve mentioned above, I also like stuff by John Schuab and for non-real estate type motivation – Roberty Kiyosaki and Brian Tracy. They have really helped keep my mind in the game. As far as mentors I personally know – I talk to this guy from the bay area from time to time. He seems to know what he’s talking about and has the same business model I do – ha!! Thanks again for the wealth of knowlegdge! AG
    Mike Z
    Replied about 8 years ago
    AG Keep up the good work!!!! Good Investing
    Melinda Allen
    Replied about 8 years ago
    Hi Mike! I enjoyed your article, I have read a Fixer Jay’s book that you mention and I am really finding it helpful. John Schuab has great read too. But for me, the most important thing I have found is a local investor I can split deals with. He is teaching me step-by-step how to find buyers, leads, how to wholesale (which is a great beginners step to rehabbing), he has his own contracts that I can use, his own closing company, can help me work the numbers, shows me how to make offers, and negotiate, close the deal, and flip it. I have read in books how to do all of this stuff, but it is really useful to have someone to turn to to ask questions, get immediate answers AND know the area you are working in, the agents you are working with, the ins and outs of contracts, etc. So while reading books and articles such as these found on BP, local investors willing to share (for a fee or partnership) is priceless to me! Thanks for the great read! Melinda
    Mike Z
    Replied about 8 years ago
    Melinda Getting connected to a local investor is a great idea. Good Investing
    Paul Deckard from Cape Coral, Florida
    Replied over 3 years ago
    Thats exactly what Im looking for, any tips on where to start looking for local investors, or where did you find your mentor? My guess would be investor based meetings, any other tips would be helpful thanks.
    Lori Agajanian from Las Vegas, Nevada
    Replied about 1 year ago
    Hi Mike, that is exactly what I want is a local investor to split the deals with and where I can learn step by step. Where can I find someone who has contracts, local people in the area to work with closing deals, etc…I would like to find this person in Las Vegas , where I live. It would be great to find a local investor willing to share ( for a fee or partnership) I’d like to wholesale , and buy and hold. Thanks, Lori
    REI
    Replied about 8 years ago
    A local mentor is ideal, always a great option.
    Nakeya Womack
    Replied about 8 years ago
    Mike, I am an beginner investor, if that. I am looking for a mentor , a local investor, but I can not seem to find any. I have read books, bought CD’s, and picked apart the internet looking for this indivudal. I am consumed by wanting to be a Real Estate Investor. My niche for starting out will be Wholesale. Any advise on where to look?
    Nakeya Womack
    Replied about 8 years ago
    Mike, I am an beginner investor, if that. I am looking for a mentor , a local investor, but I can not seem to find any. I have read books, bought CD’s, and picked apart the internet looking for this indivudal. I am consumed by wanting to be a Real Estate Investor. My niche for starting out will be Wholesale. Any advise on where to look?
    Mike Z
    Replied about 8 years ago
    Nakeya, Couple of thoughts. My first goal would be to find other investors in my market as well as other agents. Looking for a local Real Estate Club is never a bad idea. Lastly I would post on this site the location of your market and see if you can find other investors with history or experience with it. Lastly this business is simple but NOT easy so keep working at it and things will get easier Good Investing
    Mike Z
    Replied about 8 years ago
    Nakeya, Couple of thoughts. My first goal would be to find other investors in my market as well as other agents. Looking for a local Real Estate Club is never a bad idea. Lastly I would post on this site the location of your market and see if you can find other investors with history or experience with it. Lastly this business is simple but NOT easy so keep working at it and things will get easier Good Investing
    Melinda Allen
    Replied about 8 years ago
    LOL! Persistance is the key! I am finding that out. If you want something badly enough you find a way to make it work. I have been attending several REIA meetings in my area, networking is the backbone of this business, that is how I found my mentor. I found a couple of meetings by searching on Meetup.com.
    Bruce May
    Replied about 8 years ago
    Great article. Over the years I have bounced around with different teachers. Lately I have been focusing in on one guy, Mike Cantu. I believe his portfolio consists of 30 free and clear properties and each one has a job to do. Let me explain. If Mike wants to go on an annual vacation, then he designates a house to be the Vacation House. He has one for Utilities, he has one for everything and best of all he has the lifestyle that appeals to me. Mike is in San Bernardino County, California and has put out two courses that are great. The one I like best is Don’t Get Voted of Real Estate Island.
    Melinda Allen
    Replied about 8 years ago
    Bruce, What an interesting idea that Mike has. Are the courses you speak of books that can be found on sites like Amazon? Thanks! Melinda
    Melinda Allen
    Replied about 8 years ago
    Bruce, What an interesting idea that Mike has. Are the courses you speak of books that can be found on sites like Amazon? Thanks! Melinda
    Mike Z
    Replied about 8 years ago
    Hi Bruce, Following Mike Cantu as a Mentor is a GREAT IDEA!!! I have heard him speak a couple of times and I love his style, his plan and his willingness to share Good Investing
    Melinda Allen
    Replied about 8 years ago
    Bruce, What an interesting idea that Mike has. Are the courses you speak of books that can be found on sites like Amazon? Thanks! Melinda
    Mike Z
    Replied about 8 years ago
    I don’t believe Mr Cantu has authored a book yet, because if he did I should own it already. But I could be wrong.
    Arthur Garcia
    Replied about 8 years ago
    Melinda, here is a link to his site (this isn’t spam) you can purchase his materials there: http://www.mikecantu.com/?page_id=110 I hope this helps! Arthur
    Bruce May
    Replied about 8 years ago
    Mike Z. I think you’re right, he hasn’t authored a book, that I know of, but he should it would be a good one. Arthur, thanks for posting the link for Mike’s stuff.
    Melinda
    Replied about 8 years ago
    Too cool! Thanks Arthur, I’ll check it out.
    Melinda
    Replied about 8 years ago
    Too cool! Thanks Arthur, I’ll check it out.
    Jason Homes
    Replied almost 8 years ago
    Great article! Finding an excellent mentor wouldn’t be as hard as you imagined, as long as you know what kind of real estate investment you’ll focus in.
    Mike Z
    Replied almost 8 years ago
    Jason I agree you need to know what type of investor you are or want to be before you seek a mentor. Very valid point Good Investing
    Michael Oster
    Replied almost 8 years ago
    Hi Michael, I came across your website (wealthbuildingpro.com) this morning and was immediately captivated. Since then I’ve been poring over every bit of information you’ve put on the internet. From the moment I read the “Our Strategy” section of your website I knew that we had similar real estate and investment philosophies (it’s just that you’ve got a ten year head start on me 🙂 ). Thank you for all the wonderful information that you’re providing. You mention that you appreciate Nickerson and DeCima because “they seemed to be generally interested in sharing information vs. selling books”, and I see the same philanthropy in your own content. I can tell that you’re doing this for honorable reasons and are legitimately looking to give back, and I truly appreciate it. After reading this article I felt compelled to tell you that YOU are my real estate investing mentor. Honestly. Thanks again, and good investing to you as well. Best, Mike
    Mike Z
    Replied almost 8 years ago
    Mike All I can say is Wow, such an honor. I’ll do what I can and I will keep sharing our story as we grow and learn Good investing
    Mike Z
    Replied almost 8 years ago
    Mike All I can say is Wow, such an honor. I’ll do what I can and I will keep sharing our story as we grow and learn Good investing Reply Report comment
    Mike Z
    Replied almost 8 years ago
    Mike All I can say is Wow, such an honor. I’ll do what I can and I will keep sharing our story as we grow and learn Good investing
    Mike Z
    Replied almost 8 years ago
    Mike All I can say is Wow, such an honor. I’ll do what I can and I will keep sharing our story as we grow and learn Good investing
    Richard
    Replied almost 7 years ago
    I need a mentor, I’m more than willing to change my life through real estate for my family,community,and my future. Assignments and flipping hold my interest. I’m quite sure buy fix and hold or flip would be excellent…if I knew how. I don’t have money now, but if I could learn how to get property without money..I will do it…please help…thanks in advance
    Joshua Dorkin
    Replied almost 7 years ago
    Richard – What do you need help with? Did you read the post? There’s lots of great advice regarding finding a mentor. Do a search here on the blog for “mentor” and you’ll find many great additional articles on the topic. If you peruse our forums, you’ll find a ton of great advice on the subject as well. Good luck.
    Frank
    Replied over 5 years ago
    Thanks Michael…Finding a mentor is high on my priority list. I’ve heard the first book you mentioned several times before and have added it to my amazon wish list. I feel better knowing that many people out there are using their jobs as leverage and investing on the side. This is the route I’ll have to take at least for the time being. Thanks for the article Frank
    Kathleen
    Replied over 4 years ago
    I love people showing their real stories and talk real deals. You help us a lot. I am actually looking for property development mentor. You are right, I need to have a clear route map before I start to search a professional mentor me. Thanks!
    Kathleen
    Replied over 4 years ago
    I love people showing their real stories and talk real deals. You help us a lot. I am actually looking for property development mentor. You are right, I need to have a clear route map before I start to search a professional mentor me. Thanks!
    Shashin
    Replied over 4 years ago
    This has been my biggest obstacle, and that is finding a mentor without paying $15,000 like I have seen on certain high-profile sites. I have scoured the internet and will continue to do so, but any tips?
    Ron Harris Investor from Oklahoma City, OK
    Replied over 3 years ago
    Great read! I think for new investors, finding a local mentor is more important than a national mentor. Having local access that you can actually meet and get to know is big. Plugging into your local mentor resources is helpful since you may not already have all those relationships and contacts developed; plus, your mentor has already vetted out most of those resources. You don’t have to spend 20-50K on mentorship – save that when you are at that level of knowledge and ready to level up. You shouldn’t spend more than 10K for mentorship and you shouldn’t fall for all the advanced techniques. Yes, you can make money doing them, but you do not need them. The basics work and you can become a millionaire from just the basics. Start there, work your way up, and when you get the knowledge and success that is when you can “tinker” with the fancy techniques (though I still recommend you stick with the basics and just do it better). I wound recommend that you find a reputable local mentor (check your local REIA’s & Meetups). Networking with other real estate investors and you will hear the consistency of who they all recommend. The success stories of investors actually doing deals will be the “proof in the pudding” as they say (what does that mean anyways? Ha). Be prepared to compensate your mentor since time is extremely valuable. I have found from my own experience that students that have no invested interested or “skin in the game” have high failure rates. When I revamped my coaching program and started charging I noticed almost 100% success rate (my own mentor beat me up to start charging – see it works!). Plus, now, it isn’t fair to my current student that have paid for me to give it all away for free. Now, we still have lots of free workshops, meetups and local REIA’s where you can get great information. We still share great information for free. We just hold the seriousness of mentorship, accountability, self-development, resources, connections, details in-depth knowledge for our coaching students. Recommendations: I recommend you join the local Real Estate Investors Association (REIA) & free Meetups to be around like-minded individuals. In Oklahoma City, we are a tight group of investors and collogues. Many of us become close friends and like a family! What I have seen over the years, since 2006, is that we can tell the success level of new investors by how often they show up. It’s amazing what it will do for your motivation and momentum when around your peers. For real estate investors in Oklahoma City, we have: 1st Wednesday of every month “Coffee with Real Estate Investors” http://www.coffeewithrealestateinvestors.com 1st Thursday of every month Millionaire Possabilities MPREIA http://www.meetup.com/MPREIA/ 4th Tuesday of every month OKC Real Estate Wholesalers Network http://www.meetup.com/Real-Estate-Wholesalers-Network/events/ 3rd Saturday of every month Real Estate Wholesalers Breakfast http://www.meetup.com/Real-Estate-Wholesaler-Breakfast For entrepreneurship & business in Oklahoma City, we have: 2nd Wednesday of every month “Coffee with Entrepreneurs” http://www.okceg.com 4th Thursday of every month OKC Entrepreneur Group http://www.OKCEntrepreneurGroup.com Every Wednesday morning 1 Million Cups OKC http://www.1millioncups.com/okc Multiple times per month “The Meeting After The Meeting” Dinner with Entrepreneurs & Real Estate Investors http://www.meetingafterthemeeting.com I am a local real estate mentor and business coach so if you ever need guidance and accountability I might be a resource to you. I am always open for a cup of coffee! No matter what you do, you MUST plug in to all the local resources and build relationships! It will be invaluable to your real estate success. Enjoy the day, Ron Harris The Renascent Entrepreneur Renascent Mastermind | Spearhead Realty #realestate #investor #mentor #biggerpockets
    Erik Oquendo Real Estate Professional from El Paso, Texas
    Replied almost 3 years ago
    Michael Zuber, Thanks for a great article on how to go about business starting out as a newbie REI. The current mentors I found and currently am pursuing are Gary Keller, for buy and hold through time on multi-unit properties; also his millionaire agent material. Bigger pockets and a few local investors for wholesale to increase my capital for future projects onto on my day job income. kind regards, Erik Oquendo
    Grace Winfrey Investor from Chicago, Illinois
    Replied over 1 year ago
    All these are great articles. I would like information as to how I would go about finding a Mentor in the Chicago area. I am interested in wholesaling, and fixing and flipping. Thanks again Grace
    Craig Miller Wholesaler
    Replied 7 months ago
    Thank you Michael for all of your insight about finding a mentor. Also, Ron Harris is right, the first step is to be plugged in to like minded people who are walking and talking Real Estate everyday. I’m looking for a couple of REIA’s and places on Meet-up.com today. It’s time to get moving! Thanks everyone for your comments Craig