Best ways to find mentors?

Question

I recently graduated from Duquesne and trying to break into the real estate market in Pittsburgh. I have been researching wholesaling mainly for the past few months since it requires little capital to get started. I feel like I have a pretty good understanding on what to do, but I know there are some things that I am missing. I currently work as a marketing specialist for a private lender and I have a good understanding of the market across Pittsburgh. What is the best way to find a good mentor?

Rick Pozos · Answer

Did you say you work for a private lender??? Ask him or her. He/She is doing this everyday. They should be the best person to guide you. AND they can lend you the money also.

Melissa McRay Johnson · Answer

People often ask what they should look for in a mentor. I have found that experience is often one of the best teachers, and a good mentor can help you learn from both their successes and their failures.

Here are some things to look for:

• years of experience in the real estate industry is an important factor, as you want to learn from someone who has been through market changes and changes in the laws, and is adept at pivoting within their business when necessary.
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• consider if you are able to connect with the person you are seeking a mentorship with. Being able to work together and communicate easily are key. A good mentor is someone who can help you identify your strengths and work with you on your weaknesses.

What should you not do when seeking a mentor? Don't contact someone you don't know and ask to "take them to coffee and pick their brain." As much as people think this is a good move, a real estate professional who knows what their time is worth often won't be able to spend their valuable time with someone they don't know for no clear purpose, no matter how well-intentioned they are. Instead, take some time to cultivate a relationship. See if there is anything that you can do that could be valuable to them, such as small tasks or business errands. If you're a marketing whiz, offer some insight or tips that could be helpful to their firm. Assess what you can bring to the table in the relationship and use it as leverage.

A mentor relationship shouldn't be one-sided. Remember, you are seeking them out for their valuable knowledge, so do your best to make sure the relationship is mutually beneficial. Don't expect your mentor to give you all of the answers. A good mentor is there to be a guide, and to help where it's needed. Make sure that you are continuing to self-educate and bringing ideas and possible solutions to anything that you need help with. When we were working with our mentor on our growing business, for example, we made sure we had found out as much as possible about the situation we were facing before approaching him with questions. This forced us to think through the problem ourselves and not just ask for someone to give us the answer.

Check your local REIA's, online groups, meetup group leaders, and LinkedIn. You can also do a Facebook post looking for individuals who are high level investors willing to mentor.

Marlen Weber · Answer

Best way to find anything, mentors included, is worth of mouth and referrals. Ask those around you for honest reviews and experiences.