Finding an Awesome Mentor

“Your associates can be priceless.” ~Napoleon Hill

Finding a mentor is like adding a force multiplier to your investment career. I can personally vouch for the significance of having a good mentor as part of your team. A mentor can help guide you and serve as a crucial part of your education and your network.

You may be wondering exactly what makes a good mentor. Since you’ll be looking to your mentor for guidance and direction one of the most important things is to find someone more experienced than you that you respect and trust. Not every investor will be a candidate for a mentorship relationship. Some people are too busy to devote their energy to mentoring. Look for someone willing to share their time and knowledge with you. Working with an experienced mentor will be easier if you are flexible and respect your mentor’s schedule.

One of the best ways of finding a good mentor is networking with other investors (you should be doing this anyway)—not specifically looking for a mentor—but evaluating the people you meet to see if any may be a potential mentor. I found one of my mentors through an internship opportunity at school and others are colleagues at school who simply got started with real estate investing before I did.

There is no point making the easy mistakes. I can’t underestimate the importance of having a mentor. I am fortunate to have several. These are individuals that I can have coffee with, call with questions, or simply observe what they do. If you want to have a successful mentoring relationship, make sure you bring something to the table. In other words, don’t be a leech. What do you have of value that you can share with your mentor? The key is to offer something that an experienced investor needs in exchange for mentorship.  One resource you have is your time. Offer to share your time to do research, draft Pro formas, sit in on negotiations, etc. This is not only a great way to learn, but also an opportunity to show your mentor what you are capable of. The more confidence your mentor has in you the more they may delegate to you. This way you learn the business first hand.

One of the smartest moves a beginning investor can make is to associate with experience. In addition to time, if you have investment capital, a veteran real estate investor may be willing to do a deal with you in exchange for the funds you bring to the table. This is a great opportunity for you to gain experience and investment knowledge firsthand.

Where should you look for potential mentors?

• a real-estate agent experienced in investment property deals who can help you locate promising properties
• a more experienced real-estate investor
• a mortgage broker or loan officer that is knowledgeable and experienced in commercial deals
• your local real estate investment association
• reputable online forums and investment communities.

If you get creative, I’m sure you can come up with more places to look for a mentor.