Beginning in real estate - use a mentor?

4 Replies

Hello all,

I'm 28 years old and looking to begin pursuing a dream i've had of owning real estate. I've been following the advice I read on the blogs of listening to podcasts, reading books, and attempting to analyze deals. The biggest hiccup I have as I go is I don't necessarily know how to turn this into action and I'm not sure if most are doing their first few deals with a mentor to check things along the way or just go for it and hope for the best based on your personal education? Definitely feel as though i'm in the analysis paralysis stage. Any advice greatly appreciated!


Rich

You can go out and find a mentor if you want but you don't have to.

I believe the first deal is what holds a lot of beginners up. I would suggest to take the jump and learn as you go. Of course you want to make sure it is not an absolute terrible deal but for the most part RE is fairly forgiving. 

Once you get the confidence from getting the first deal under your belt, the rest will be easy.

Rich, I say you definitely need a mentor, especially your lack of experience.  But, let's define "a mentor".  Is it an old guy who's super successful and done hundreds of deals, now he's bored and is available to people like you to mentor because he just wants to see you succeed? No. It's not that unless that is a family member and even then I've not seen it.

A real mentor is someone who you pay for the education or you partner with. Paying sometimes works but I've seen many people waste their money with these so called gurus who just want your money.  One friend of mine paid $35k for a program (I'll tell you which one privately if you are interested) and they say all they got was a "glossary of terms". I then mentored them by partnering with them.

So find someone doing it and beg to be in a deal. Better bring funds though because you don't have anything else at this point. :)