How important is it to have a Mentor?

Question

I've noticed that about 95% of all Real estate investors interviewed on the biggerpockets podcast say that they started with a mentor and highly recommend finding one. With that being said, I wanted to know how many BP users have also started investing under a mentor and did you find them? Do you think you would still be investing if you never found a mentor?

For those who did not have a mentor, how did you get started investing in Real Estate?

For those who did not have a mentor, how did you get started investing in Real Estate?

Connor Nellans · Answer

@Lamar Washington I think mentors are crucial and can help you avoid mistakes and expedite your growth. That being said, I believe mentors can come in a lot of different forms. By listening to the Biggerpockets podcast and reading RE books, you have mentors. Just because we cannot interact with these people directly doesn't mean they aren't mentors in a way. They are helping you learn and giving advice. I didn't have anyone mentoring me in the traditional sense when I first started out, I just listened to as many podcasts and read as many books as I possibly could. Then, once I got a deal or two under your belt, I now had some rapport when networking with potential traditional mentors in my areas. I have found that people are more eager to help once you have some experience and show that you have the drive to make a deal happen. Hope that helps!

Justin Frank · Answer

@Lamar Washington

If a mentor is available to you from a relationship you currently have, or you can afford to pay for one I would say, “DO IT.” You will get to your final destination so much faster, and with a lot less mistakes having a mentor. If I could do it all over I would have found one from the very beginning. With that being said, it’s not necessary and I wouldn’t stray away from investing in RE just because you don’t have one.

I got started by simply jumping in and buying. The problem I ran into was that I found myself following everyone else’s ideas, goals, and purchase criteria rather than developing my own. That led to wasted time and putting my money into deals that fit other individuals goals. I did learn a ton, and I got a lot of experience in a lot of different areas of real estate which I do not regret at all. It was a great learning process but was very risky. Finding or funding a mentor upfront would have saved me a lot of time. Hope that helps a bit.

Shiloh Lundahl · Answer

@Lamar Washington I have gotten into some very difficult situations with investing and I am certainly glad that I had mentors to help me navigate those situations along the way. Without having mentors I think I would have experienced much greater losses.

John Barrett · Answer

@Lamar Washington I didn't start investing with a mentor but I did read a lot of books and do research on properties online. This is not to say I did not have people  I asked advice from. However, by doing the research I had a more confidence in my decisions. While I likely made more mistakes this way, I do feel I benefited from having to figure things out.

As @Connor Nellans mentioned, I have used podcasts and books as my mentors along with local REI groups.  All of these things expand your current way of thinking and expose you to investment ideas / methodologies / tactics that you might not have otherwise thought of.  Often people think a mentor is going to give you all the  answers but rather a good mentor (person, book or podcast) will simply help you determine the right questions you need to answer.

John

Eric James · Answer

People who have mentors are probably more likely to be interviewed on a podcast. They are interested in interacting with more people. People who go it alone are less likely to end up on a podcast.

Jonathan Greene · Answer

I don't think many people had mentors to start with and those that said they did weren't paying them. Do not think about paying a mentor or coach before you have an established business in real estate. A mentor or coach is great for taking a business and getting it to the next level, but when you are trying to get started your mentorship comes solely from relationship building and soaking knowledge from those you form win-win relationships with. When most are talking about their early mentors, they are found through REI meetups, these boards, and things like that. You can find what you are looking for right here and by hitting virtual REI meetups and real-life ones when they come back.

How important is it to have a Mentor?

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