After reading numerous posts and blogs, it has become clear that having a mentor is a key to becoming successful in Real Estate investing. There's no shortage of courses or folks offering paid coaching, but I'd rather develop a mutually beneficial relationship. For those of you who have found good mentors, what did you do to find and develop that relationship? Are there things a newbie can do / provide that would be useful to those in a position to provide legitimate mentoring?
I’ve had several members but never one in REI. If you add value to someone’s life they’ll help you
Hi Caleb, thank for for taking the time to reply, but you have provided a general answer to a specific question. How did you add value to your mentor's life to get them to want to mentor you?
for me personally it was getting my RE license then going to all the sales meetings and networking with the top selling agents.. in my day offices had numerous helpful meetings weekly that were free.. many brokerages still do.. this is where I learned how to make money at real estate.. I can't imagine trying to find random people out there to help you.. not that it can't happen it can.. but I can also see a lot of abuse .. by those that are users that will just use you.
Behind every book, article, and podcast is a mentor speaking to you. Immerse yourself in them and in networking.
Be intentional about who you spend time with...having/seeking aspirational friends can change your life.
Well so far typically they've been people that I️ work for, so I'm adding value through my day job. For REI I'd surmise it's best to find the pain points for people and then see if you can help.
Also though to clarify you don’t necessarily need to solve a problem. There have been plenty of times where I️ just talk to someone and learn as much as I️ can
When I was going through school in my early years, I found that the best skill to learn was how to learn itself.
If you can do that correctly, combine it with books and the internet, you can wind up making the world your mentor.
BUT, I can see there are certain concepts that might be counter-intuitive to my personal opinion.
For instance, I keep hearing that the best way to learn is from making your own Mistakes.
I try to see the other side and I do know that when you make a mistake, it's most likely you won't repeat it... but why must you make the mistake when you can learn from someone else's mistakes?
Also, the kinds of Mistakes that people make all the time are HORRENDOUS!
Take for example not doing the proper due diligence on your prospective tenant. Let's say you did a Credit Check which was not good, but the tenant claims it's from an event like a divorce or student loans or a hack.
The next thing I do is an Eviction and Criminal Background check and a Bank Statement Check to make sure that the prospective tenant is not pulling the wool over my eyes.
Imagine that the prospective tenant has a rap sheet pages long and you decided that he looked honest enough and let him in.
There are so many horror stories of bad tenants and yet I see posting from new Landlords all the time skipping a FULL due diligence Again and Again!
Having a tenant from Hell can make you want to quit Real Estate forever!
SO...... if you learned enough from other people's mistakes as well as developed your skills of learning so you can learn from what's already out there.... It's really difficult for you to lose.
Let the World be your Mentor! (And not yourself by making mistakes).
Some can strike on their own with little guidance. Many need hand holding constantly. If you work with a skilled realtor he will guide you but keep in mind he does not want to be followed unless he can bring commission on the table.
Go to meet ups (website) and discuss interesting things in real estate. See how you can help people and provide value but be cautious of people just using you.
@Steve Wilson , to be specific, I had a number of mentors.
My first was the gentleman that owned the property management company I was working for. I kept asking questions and when I start buying properties I realized how great advice he gave me after looking at my goals. I also just observed how he chose tenants, how he responded to sellers and how he negotiated. So working for him was a huge learning opportunity. I always offered to do more than what my job was and kept extending myself to learn new things.
Another mentor is one of my general contractors. He also owns a lot of properties and when asking him for pricing possible flips or a newly purchased properties, he always gave me pointers on what to look for in properties, floor plans I can work with to add bedrooms and baths, what an over improving was or under improving a property, plus he taught me how to price cost of construction.
I had several mentors that are mortgage brokers as I could not have learned so much about all possible types of financing without them. I kept calling them for years almost daily with questions, and I still call now, as new mortgage programs are offered and some change. As FHA values were just increased in Cook County for 2018 by 40K for almost every type of property. These amazing people keep me informed all the time and take my calls on Sunday evening if that's when I write an offer.
One of my longest going mentors is my managing broker that has been mentoring me since I got my license in 2002. He thought me how to price properties and that the most important thing is to underprice my flips. If when you buy a property you look at an ARV that's lower than most of the active listings, it's almost impossible to lose, as you'll sell your property quick and for the money, you hoped for or more. Also, he thought me the value of not doing dual agency or buying properties from my clients. 90% of lawsuits in this county are from Real Estate. You don't want to get in the middle of that, as you can't win!
I had and have other mentors and a lot of times they become my mentors not because I asked them to mentor me, but because I notice that these people I meet are more knowledgeable than me, are kind and they are willing to share. I always offered to help them any way I can and made sure I found a way to return the favor if it's by referring them, clients, helping them with their own projects or whatever I felt was a good way to thank them.
I also have paid coaches and I have two different one at all times that help me brainstorm my Business Plans, the skills I want to continue to acquire, and discussing all the problems coming up.
Remember you have to think out of the box, find the people you want to get mentored by, find a way to help them first and they will teach you everything you want to learn.
And lastly, don't forget the Mindset mentors. :) Mine are long gone: Napoleon Hill, Earl Nightingale, and Jim Rohn. You'll find their advice on Youtube and you can continuously listen to them.
P.S. Jim Rohn said "You are the average of the 5 people you most associate with" Who are you associating yourself with? Is it time to change some of those people?
Good luck to you!
@Lumi Ispas, Thank you for your sharing your experiences and taking the time to respond in such a thorough and engaging manner. I very much appreciate it!