Looking for 1 on 1 mentorship

[Jenna M.]

Hi! My husband and I are moving to Wilmington NC in a few months. We did live there for several years & are regretting moving. I am a former interior designer & home stager & my husband has worked for a national home builder for 23 years. He plans to keep his job at the moment. We are in our early 50's, empty nesters and looking to fund an early retirement. Looking to invest in coastal North & South Carolina and the surrounding areas. We are looking to invest in 1 on 1 coaching. Have done some investing courses (one costing $5,000) but feel as though personalized mentorship may be more helpful. Any suggestions?

[Bob Anthes]

I’m also an investor in Wilmington.  I would suggest Sarah Weaver for 1 on 1 or group mentoring. 

[Jenna M.]

Hi Bob!!

Thank you so much for the info. Nice to “meet you!”

[Diyan Yap]

Join local Wilmington Real Estate Group and start to learn Real Estate IRA so you have free tax retirement $$ when you are 59,5 y.o

[Basit Siddiqi]

What did you learn from the investing courses?

It seems like you already know what you want to do - fund your retirement account with real estate located in SC and NC.

What are you looking to achieve by attending a course of having a 1 vs 1 mentorship?

The goal is to have as large of a fund to cover your expenses in retirement.
Yes, there are some different options you can take between different retirement accounts but the growth of the accounts will depend on your specific investment choices and the risks you take.

Best of luck.

[Nathan Gesner]

Mentorship isn't about finding a great mentor. It's about being a person great mentors want to help!

A mentor can accelerate your growth, no matter what level you're currently at. They can sharpen skills you already have, or expose you to things you've never even thought of. Unfortunately, a good mentor isn't always easy to find.

Think about it. You're asking someone to spend a lot of time and energy to share what they've spent years - maybe decades - learning and developing. That's a lot to ask of a complete stranger! Why would they want to invest in you? How do they know their investment will not be wasted? What can you offer in return?

You are far more likely to find a mentor through in-person networking and building relationships. The mentor will have an opportunity to know you, see your determination and will, and then decide to pour their time and energy into helping you develop.

How to find a mentor
Not every successful person will make a good mentor. Not every good mentor is a good mentor for you. Here are a few things to look for:

1. They should have current experience and plenty of it
2. A love for real estate investing
3. A desire and ability to share their knowledge
4. The ability to speak the hard truth with empathy

It doesn't matter how good a mentor is: if they don't mesh with you personally, it will be a disaster. That's why I stress the importance of building a relationship first. You need someone who clicks with you personally before engaging in a mentor/mentee relationship with the dedication and stress that may be involved.

Where to find a mentor
Start by looking within your existing network. Do you have a family member or friend who's achieved what you want to achieve? Remember, it doesn't need to be Grant Cardone! As a beginner, you can learn a lot from your uncle with a few rentals in another state or a co-worker who's on their second house hack. Make a list and look closely at each one to see if they are an option.

If you can't find someone within your network, expand your network. This entails building personal/working relationships with people successful in the field. You could do this in the BiggerPockets forum, but building relationships with people from other states behind a keyboard is hard. Get out and rub elbows with local investors by joining a local real estate investor group. Even if you have to travel a couple of hours, you have a much better chance of finding someone.

How to approach a mentor
Once you've found a likely candidate, it's time to reach out and ask. Some tips:

1. Have a goal. Let them know - as specifically as possible - what you are trying to achieve. If you walked up to Michael Jordan and said, "I want to learn sports" he would walk away. If you told him you have been playing pickup games for the past year and need help improving your jump shot, now he has evidence you're motivated and a specific goal he can quickly help you work towards. Example: "I want to build financial independence through real estate investing. I'm unsure what the right path is, but I've been reading about investing in owner-occupied, multi-family properties. I've crunched the numbers and if I could purchase three four-plexes in the next ten years, that would give me the financial independence I'm looking for."

2. Make a short list of questions to ask. Even though they are the expert, you still need to ensure they fit you well. This is an opportunity to confirm they have the expertise you need. You don't want to start a relationship to learn about storage units and then find out they only invest in single-family homes.

3. Practice your pitch! How you approach the mentor demonstrates how you will approach real estate investing. If you don't do the homework, you will give them the impression you may not be up to doing the homework with real estate investing. You should be able to express your goal in one minute and then expand if questions are asked. It sounds cheesy, but the best way to prepare is to work with a friend or two and role-play. Consider what questions the potential mentor may ask and how you would answer. Practice these answers until they roll off the tongue. Be prepared to demonstrate what you've learned and how hard you will work to put their advice to work. This is a two-way interview, so have a short list of questions to ask the mentor (What books do you recommend I read to gain a better understanding? What, specifically, would you recommend my first step be? How can I help you achieve your goals in exchange for you helping me?)

4. Know how to take constructive criticism. A smooth sea never produced a skilled sailor (Franklin D. Roosevelt). You will make mistakes. You won't understand something and need it beaten into your head ten times. If you feel they're being too harsh, think about their intent. Maybe they communicate differently but have good intentions. If they're not challenging you, or your personalities don't mesh, be prepared to give them honest feedback. Let them know if they're not a good fit and you need to move on.

5. Pay them back. A successful investor's time may be worth hundreds of dollars per hour. They're willing to share it with you for free, so try to find ways to pay them back. I've heard of mentees who started cleaning up construction areas on a flip at the end of each work day or picking up supplies at Home Depot and delivering them to the job site. Some mentees will act as a bloodhound for the mentor, knocking on doors, driving for dollars, scouring the internet, making cold calls, or performing other services that help the mentor find new deals. Your mentor has needs; try to meet them and develop a mutually beneficial relationship.

A mentor can benefit your growth, but it's not as simple as one post on a forum full of strangers. Put in the effort, build relationships, prove your value, and improve your odds of finding someone to help launch you on your path.

[Wale Lawal]

@Jenna M.

North and South Carolina's coastal areas are ideal for investing in short-term rentals and vacation homes. Find mentorship from reputable coaches like BiggerPockets Coaching, local REIGs, Rich Dad Coaching, and Real Estate Gurus. Consider mentorship programs with networking benefits and vet coaches thoroughly. Alternatives include mastermind groups and virtual mentoring. Utilize unique skills like interior design and home building to maximize investment opportunities. Interview multiple coaches and check local investor meetups.

Good luck!

[Jenna M.]

Thanks so much for the advice!! 

[Travis Timmons]

I'm not sure if one would call me a mentor, but I'd be happy to help if you think that I can be a resource. We own and self manage long, mid, and short term properties both locally and out of state. I have nothing to sell; please shoot me a direct message if you want to chat further. 

[Jenna M.]

@Nathan Gesner

I would never expect someone to share their time and expertise without compensation. I thought that perhaps there were some real estate investors who have been successful that now also offer paid Mentorship/guidance. I ran a business for years and the first few, I paid business coaches and mentors, and it was the best money I spent. Finding the right mentor is worth every penny. Thanks for the advice!

[Nathan Gesner]

Quote from @Jenna M.:

@Nathan Gesner

Many investors would love to mentor someone. However, they typically won't do it unless there's an existing relationship and evidence the individual is worth the effort. I would hate to pour a lot of time and energy into someone only to see them walk away and start investing in bitcoin!

I also recommend you be very careful about who you latch onto as a mentor. Clayton Morris was a trusted name at Fox News, and seemed to be a promising real estate investor. Turns out he is probably a scam artist. It's easy for a newbie to become enamored with someone's success and fail to see their flaws. I would hate to see you get roped into something illegal or be scammed out of your hard-earned money.

The best method is to network and build relationships, then find a mentor within your trusted circle.

[Jenna M.]

Thanks so much!

[Jenna M.]

[Jenna M.]

@Travis Timmons thank you so much! I will be in touch.

[Colin E O'Connell]

Jenna, there are several RE investor groups that meet monthly here. CCREIA, NCREIA and BP are three that I attend most months. 

[Jenna M.]

Hi Colin!!! You and your wife Debbie gave us a quote on the LT rental of our townhome. We also went to dinner! Brian and I moved back to Maryland last year and are regretting it. We just bought a home in Porter’s Neck and will be heading back to Wilmington in November. We plan to start getting serious about investing. We will be at all the meet ups, so I’m sure our paths will cross. I hope all is well with you and Debbie!