Was a mentor the catalyst to move you forward?

Question

I think it’s fair to say that many of us reach a place while expanding our portfolio when we hit a plateau.  We’re not sure which direction to take.  Or we may be stuck trying to decide if we should take any direction at all beyond what's familiar to us.

Seeking the advice of a mentor seems to be the catalyst for elevating us to the next level.

For those who have used a mentor, can you name one thing he or she  advised that really got your attention and helped you achieve something you could not have otherwise accomplished.

Thanks!

Matthew McNeil · Answer

Cameron, amazing yet simple advice! We've heard the expression, "Don't get lost in your spreadsheets."  And yours were nice, as you wrote!

Mat's advice that led you to get in front of homeowners was the catalyst you needed.  Congrats!

Thanks for sharing.

Cameron Tope · Answer

@Matthew McNeil Great post!

When I started the house buying company, and deals weren't coming in, my mentor (@Mat Trenchard) helped me realize I was focusing on all the other parts of the business, besides actually buying deals.

I had the nicest spreadsheet, the best business card, etc. but I wasn't getting in front of homeowners to buy their house!

He really helped me focus on what's important, and that propelled my business forward - allowing me to buy ~25 SFRs in the following 2 years.

Cameron Tope · Answer

Exactly! "The fish notices the water last" as they say.

A mentor/coach can help you see what you're missing. It's definitely helped me grow my business.

Russ B. · Answer

The above sounds like good advice.

I've never had a mentor for anything myself. The "catalyst" for me has only ever been the realization that I'm standing in front of a deal.

I'd say don't even limit yourself to just real estate, even if that's what you know. If you do, you're limited to a handful of possible investments out of thousands - and many other businesses involve real estate as one of the biggest hurdles to get open. If you can make it possible for a business to open (and succeed) by handling the finance and real estate side, you might cash flow 10x what the building would rent for.

Many beginners especially want to plan their next deal in detail before even seeing it, and that's just not feasible. This, IMO, is how people spend a ton of money taking classes from gurus, but then never do a deal - they never find the one they imagined.

Was a mentor the catalyst to move you forward?

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