i hear a lot about how important is to get a mentor. I agree with the notion in pretty much at professional are.
BUT...it has gotten in my head that a real estate mentor will try to take advantage of me, try to push me into certain non favorable deals, take my money or somehow not steering me in the right direction.
Do you, BP out there, have tips on how to vet or approach mentors?
When I started in RE investing I was going to approach an acquaintance that has several hundred units and see if he would be willing to mentor. However, I decided that I should first do some basic research so I wasn't just asking basic/obvious questions. I came across BP as part of that research and rest is history!
I started out listening to the podcasts to get a broad overview of the RE field - wholesaling, SFR, MFR, etc. I then got into reading specific forum posts and blogs along with some of the books posted here. I started thinking about investing as a business, and started organizing the parts I needed to make that business successful.
After a few false starts (mostly being too conservative when bidding) I ended up with a few properties. Now whenever I have an issue my first stop is to do basic research on BP or post a question to get fellow BP'r feedback. It has been fantastic - instead of one mentor I feel like I have 1000 mentors all ready to help out.
So while this is not an answer on how to vet a specific mentor I just wanted to tell how I feel BP is a community of mentors that you can rely on to get started, give advice, help vet deals and point you to any number of resources you need to be successful!
IMO you need to make sure they are actually doing deals in this business today,not just selling you a load of info for you to read and not know anything about this business
that is where i made my mistake
good luck @Leandro Rodriguez
IMO, I have learned that spending about an hour or more each day on here is a great mentor and doesn't pigeon hole you to one area. I also try to take local investors out to lunch to find out what their strategy is. This has helped me learn a lot. And I would much rather make friends than pay someone who might not have my best interest at heart. I think there is to many people out there trying to make a living without trying to help others. This is very much a relationship business. Connect with your local BP people.
bp is a treasure trove of information, the integrity here is off the charts and even the most prominent members have always been more than generous when I've had questions. That being said I hold the student/mentor relationship in high regard, and when I'm ready to move into more complicated deals you better believe I'll be looking to connect with somebody that I can lean on. Personally I don't have any problem paying someone for their help, frankly I prefer it. I mean these folks have businesses to run, it's extremely generous for them to answer a question here and there but I'm not going to pester them to death. I've been blessed to have wonderful mentors in other areas of my life and they've proven to be invaluable.
thanks all for the advice. My next ste p is to attend local rei meetings to get to know people locally.
I am interested in your thoughts about mentors. I have actually never actively worked with a mentor in the true sense of the word. You mention that as you advance you would definitely seek one out as someone you can lean on. In what ways do you you think you'd lean on them - what would the mentor role be in your case?
Since starting in REI I have made new friends, and spend a lot of time talk to them and learning from them. For instance I met another investor that hooked me up with a network of people he uses for transactions, lending etc. That said I don't have a specific go to person for issues, and instead decide on issues based on research using BP/google.
Connect with people and network. There's no better way to get to know people and develop a relationship which could lead to a mentorship then meeting them at an REIA meeting and then meeting them for coffee, or lunch. Once you've talked a couple of times, and heard their stories, you'll have a better understanding of who they are, and if they fit with your goals.
Bruce Lee Had A Mentor...
I think a mentor is super important. I was mentored by the Mike Ferry Organization for over 8 years... Mike hasn't sold a home in years... However, through his training as a listing agent, combined with the skills I learned from other mentors caused me to at the peak of my career; list, sell, buy, rehab or wholesale 75 transactions in a single year.
All from a guy who taught me how to sell..
Sales skills are what is important. You don't have to be Bruce Lee to teach Kung Fu... remember, he learned from a little old man.... Ip Man...
Want to find a mentor? Find the Ip Man of Sales Skills.... then you will be Bruce Lee.
In my mind.. it is utter foolishness to expect that Bruce Lee would have been who he was unless he had Ip Man teaching him by his side.
Could he learn from a book, from a podcast, from a online blog how to kick massive amounts of butt? If he was smart enough, and dedicated himself. He might have learned Kung Fu...
But he wouldn't have beaten Chuck Norris.
If you want to be average... read a book.. listen to podcasts.... read BP..
If you want to dominate your market... Get a Mentor who will teach you how to sell.. Once you learn how to do that.. then you can do whatever else you want to do.
That's my thoughts! Hope it helps!
Have a Powerful Sales Day!
I'm not sure why a mentor would do that. I mean, if they are an A-hole, sure. But most aren't. I am even more conservative when giving out advice than when pulling the trigger myself and I think most real estate investors are like this. But I would vet whoever you choose as a mentor as well. Ask around and make sure they aren't a shyster or a slumlord.
I guess you have two kinds those that make a living mentoring IE guru's one on one folks REIA clubs and their programs.. BP to an extent as this is a for profit out fit.
I know most folks that are doing business for real have little time to spend helping newbies get going unless there is something in it for them.. I know I don't and would not just do this , unless I was retired or something... too much going on if your actually working to hold hands for those that want to somehow not do the apprentice part and jump start.
@Jeff Zamora sorry for the late response, the @ function doesn't work with my phone or tablet. As I said, I place a lot of value on the mentor/student relationship, probably the biggest breakthroughs in my life have come from a few different people that I've been blessed to know, but of course that may not be true for everyone.
I LOVE doing research for information on my own, i.e. here on BP, but there's something powerful when you work with the right person. It might sound "new agey" but its kind of like you pick up their vibe and confidence or something. Not exactly sure what the explanation is but I like the results!
Specific to RE, lets say I wanted to attempt my first rehab, I would definitely look to partner with someone, pay someone to advise me, or ask to be an apprentice. Sure, I've read books and blogs and have hung out with other rehabbers but having someone there as an insurance policy when I venture into unfamiliar territory seems prudent and even more fun.
I started out in BP 6 months ago. It has been a tremendous help. I was so scared to pull the trigger. I was frustrated being beat with multiple offers. BP taught me how to calculate max ARV, 50% rule, 1% rule, how to look at ARV. I bought 4 properties in the last 4 months, 1 flip, closed on 2 properties today with a partner. I learned to find private money, leverage, HELOC, portfolio lenders. BP taught me the courage to get HELOC on my primary house. After my first property I saw there was lot of options. I did all this with a full time job. I don't know about mentors but BP is my mentor.
[email protected] Deenadayalan
In choosing a mentor, definitely asked detailed questions of what deals they are CURRENTLY working. I did not vet my last mentor to find out what kinds of deals she was currently doing and my results showed it.
I realized that I don't just need to get knowledge from my mentors, I would need to be exposed to, and be able to imitate, their DRIVE to continue building their businesses as well.
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