Where can I get a mentor?

Question

Hello, does anybody know where to get a mentor, i know that my local REIA has mentor programs but they do charge $$$ for their service. Would it be wise to enroll to their program?  Thanks.

Peter Vekselman · Answer

Whether youâ€™re just getting started down the road towards fulfilling your real estate investing dreams or youâ€™re a little more experienced, a good mentor can get you closer to the realization of your goals by showing you some of the tips, tricks, and other shortcuts that have fueled their success.
The problem many fledgling real estate investors face â€“ and some with a little more experience â€“ is self doubt about their ability to put together profitable deals, as well as having numerous questions about when certain techniques would be most appropriate.
These doubts and questions can easily be alleviated by knowledge, but a lot of real estate investors have trouble applying principles they may have read about, heard about, or seen in a short webinar.  This is one of the primary areas a good, experienced mentor can help increase their base of knowledge and give them the motivation and the direction they need to reach their goals and fulfill their investing dreams.
First of all, mentors arenâ€™t all created the same.  In order to be effective you have to have practical, relevant experience in the same kind of real estate investing as those you plan on teaching.  A mentor can be one of the nationâ€™s foremost authorities on creative commercial real estate investing techniques, but much of that knowledge and experience is pointless if youâ€™re primarily interested in foreclosures, short sales, or rehabbing abandoned properties.  
A good mentor will be concerned about your development as a real estate investor and will take the steps necessary to ensure that you are well-versed in multiple investing strategies.  He or she will share with you accumulated knowledge and advice about how to better market yourself, and provide you with essential real estate investing tips and strategies that you can implement in your own career. By understanding a variety of ways of structuring investment deals, you will not only increase your knowledge, but you'll become comfortable crafting deals of your own.
In many cases, a mentor will work shoulder to shoulder with you in the field and explain to you why certain strategies may or may not be appropriate in a given situation. In addition, certain strategies can be altered or modified in a way that a less experienced real estate investor might not be aware of, or may not have even considered. When you've been around the block several dozen times, you learn things that a simple textbook just can't teach.
There's a special bond that develops between a mentor and their students. I've developed friendships with a number of my students, and am still in touch with a great many others on a regular basis. I get excited whenever I hear that one of my students has put together a profitable deal that might not have been possible had it not been for the time spent with me listening, learning, and asking questions.
If you want to really ramp up your real estate investing career, you owe it to yourself and your future to thoroughly investigate the idea of working with an experienced mentor to shine a light on the opportunity you have to build a strong investment portfolio and a bright future for you and your family.

Jason Wheeler · Answer

Never pay for a mentor.  I got started by working for free in my spare time in order to be close to someone that was having success and learning from them.  Do a good job and dedicate yourself and you will start to make money.

As far as finding one.  Check your local chamber of commerce, networking groups and clubs.  When you meet someone you like let them know that you would like to interview them to see how they found their success.  Most would be flattered by this and happy to spend 15 minutes to help and if you click you have a mentor.  Hope this helps!

Joshua Dorkin · Answer

You're hearing from a group of successful investors that paying for a mentor is unnecessary.  I'd heed their advice.

What do you need a mentor for?

Michael Rossi · Answer

I would suggest making friends with the successful investors in your area.  Your new friends will be happy to help you (mentor you) for free.

Good Luck,

Mike

Richard Warren · Answer

I agree with Mike.  I have mentored many people without charge.  Meet someone who does what you want to do and offer to buy them lunch so that you can pick their brain.  Do that enough and you will find your mentor.

:cool:

Michael Shadow · Answer

I'm with Michael and Richard.  Also offer to run some errands for them, if they do their own turnovers offer to help paint, clean, etc.  It's the least you could do, after all what you learn from them is priceless.

-Michael