Some of the greatest mentors are those that you don't even "get" right away. Like in Karate Kid, Danielson sought after Mr. Miyagi to mentor him in martial arts. Mr. Miyagi had Danielson paint his fence and wax his car and seemed to pay little attention to him. Danielson was unhappy, confused and thought his time to be wasted. But, little did Danielson know Miyagi was actually teaching him core martial arts strikes and blocks.
Some real estate mentors may have a similar indirect approach where you don't even realize you're getting a valuable lesson. Other mentors are just full of crap.
I would say, spend as much time around people who are at least 10X further than where you want to be because even if you only learn 10% of what they know, you would've hit your target. Example: If your goal is to make $100,000 a year in real estate, stay close to people who make $1,000,000. Eventually, you'll at least pick up how to make $100,000.
I would also suggest never paying for some expensive guru program either. It's all scams. Yes, I'm using the word ALL. Even some local experts have scam mentor programs. Conversely, at one point I paid $350 an hour for some sit-down time with a big time local investor going over his strategies. That was extremely beneficial and about as far as I recommend going in terms of payment.
Hope this helps
Anybody who tells you they have an idiot-proof system that works anywhere for anyone is lying to you. Anyone who's packaged up said system in pretty presentation booklets and has tiered prices is also lying to you. A good mentor is local, has lots of skin in the game, has a formal teaching background, and is genuinely interested in helping you.
But all the mentoring in the world isn't going to instill in you the ability to keep going when the way is not clear, to keep developing and working on what you know, to help you turn you into an independent, autonomous learner, and that is a crucial part of this business.
Most people want a sure-fire path to certain riches with as little uncertainty about it as possible. Mentoring is not going to make you less risk-averse, more tolerant of uncertainty, more able to independently motivate yourself in the face of the fear of failure. Instead, when trouble strikes, a person who pays a mentor will tend to pick up the phone and call him, just like Mommy. Well sometimes Mommy is busy, or has better things to do than lead you to the crapper, and very often Mommy is deeply resentful that Mommy had to figure something out all by her lonesome but here you are begging and pleading to be spoonfed knowledge you are unwilling to risk anything except a buck or two to learn. This tends to make mentors contemptuous, and leads to the aforementioned presentation booklets and tiered pricing.
Thanks for the responses. I have not paid anyone. I have identified a mentor and he has given me advice and has told me that part of my learning is getting out there and doing. I agree. I utilize my mentor to review deals etc. so that I can see if I have a good grasp of the concepts of ROI making an offer etc. I'm not complaining but I wanted to know what others experiences have been with mentors.
@Tiffany U. a mentor does not have to be a formal relationship. I and many like me have "Mentored" thousands of investors via our posts here. Many people I consider my mentors, probably don't even realize I think of them that way. Over time you will have various mentors. They will come and go.
To answer your question, keep looking. Always be looking for those that can help you learn.
This post may be helpful
@Ned Carey thanks!
Originally posted by @Tiffany U. :
How do you know if you have a great mentor or if should keep searching?
More importantly, how will the mentor know if he has a great student? The mentor has already made it. The student quits too soon.