I'm really grateful for the opportunity to be a part of real estate in this time.
What are some questions to ask a potential mentor student?
I've closed 16 deals since 2018 which to some of you may not be that impressive but to me it's enough considering I'm a one-man operation. I'm beginning to attract interested parties who want me to mentor them which I'll do for free as long as they bring something to the table as well. This is the way I was mentored I've never paid a dollar to mentorship but I was a bird dog for a few years prior to me jumping in this full time. I learned from some phenomenal mentors who are extremely successful these days.
I would appreciate any advice and thank you in advance.
Mentoring, particularly for free, isn't a formal endeavor so you just play it by ear. I would try to put something in writing about how much time you're willing to spend with them, what you'll teach them, what they'll try to provide in return, and some specific steps or goals you intend work towards. In other words, I wouldn't just say, "I'll mentor you" and then spend six hours every week for the next three years on a guy that never gets off the pot and buys a single property.
Set a concrete goal:
I will market to 100 properties a month with the goal of purchasing one single-family home in the next 90 days.
Make them report their progress so you know each month that they're putting in the effort. You can't guarantee a house under contract in 90 days, but if they're taking the steps along the way, then you should be able to see progress.
Thank you Nathan that pretty much sums it up. I did create a simple accountability system the track is progress using Google sheets. I'll be able to see how many dials he makes, who he's working, I gave him a couple hundred leads to see what he would do with it. I think it's a great way to test him to see how serious he is.
I've had a bunch of people over the years tell me that they want to be mentored and then they don't put any effort and I'm the one that ends up putting in 100% of the effort. I'm a lot wiser today considering all the time I wasted.
I appreciate your advice Nathan. Stay classy and I hope you get another deal this week.
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