I am just starting my educational process with regards to real estate investing and as I listen to numerous podcasts the topic of mentors is consistent. Most seasoned successful people in the business recommend finding a local mentor if one is just starting out in the business.
With that I am eager to learn and just as eager to get started with my business. I live outside the Sacramento area in California and am looking for the best strategy for finding a successful, quality and skilled mentor who would be open to supporting me in my investment career.
What area of REI are you interested in pursuing? That answer would be the start of the direction you should start out. I.E. flips... network with someone that does a ton of flips and see how you could benefit them ..
What can you offer a mentor?
I'm just starting out as well but being in the Corporate world for 19 yrs and a father of four, I know a little something about mentoring. The question asked "What can you offer a mentor?" is a good one. Nothing is worse than a Mentor putting energy, time, and effort into a mentee who is just not reciprocating those things.
i've mentored folks in my field for a long time and there are never a shortage of well intentioned individuals who just didn't invest as much as I did so I had to sever a few relationships. Having said that, part of mentoring is teaching mentees how to be a good mentee. Part of that is clearly understanding 1) What do you want, and be specific about skills and technical knowledge you want 2) Do they even HAVE those particular skills?
As for finding a good mentor (in Real Estate or otherwise) the trick is where to look and consciously being observant I'll give you a personal example. The house next door to me is being slowly rehabbed for a rental. House has been empty for years and every now and again I'll see the owner come by to do little things. This is the neighborhood I grew up in so in asking around I find out who the person is and turns out he owns several properties that he has rehabbed and all are rentals. IN MY NEIGHBORHOOD! A little more investigating reveals that my best friend was one of his tenants. I recall several conversation with my friend in the past about his "landlord" being a great guy and really being understanding and easy to work with. Sounds like someone I want to get to know. RIGHT UNDER MY NOSE! Just read another post about someone calling up a rehabbed rental's landlord and kicking it off like that.
Will he be a great mentor? Who knows, there is only one way to find out. In my experience I have also needed to sever relationships with people who were supposed to be mentoring ME but didn't put the time and energy equally into the relationship as I did. It works both ways. My points is, don't have just one, get several. Nobody has all the answers and sometimes people just don't click. Chemistry is important.
Will he want to mentor me? In 19 yrs, nobody has ever turned me down. Most people want to help and talk about the things they are passionate about. MOST. Be ready to potentially do a trial by error and understand nobody is perfect or has all the answers.
Search local investor clubs like REI Clubs, facebook, youttube (I actually saw some folks in my area I definitely need to stay AWAY from), linkedin, and oh by the way you can do a search for people in your area on BP too! Just this morning I connected with two people in my city (one with more experience than the other) and all it took was a private message of something like "Hey, you're in my town let's compare notes!" Networking doesn't have to be as difficult as some make it out to be.
Sorry for the long ramble, but although I'm new to investing in real estate I have a long successful track record of leading people in which mentoring is a big piece of the pie. Good luck, let me know if I can help in any way.
Not rambling at all, great information no matter your background.
Thanks for the reply!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing