What is the best way to find a mentor in REI

8 Replies

Hi there! I am a new to REI. So far, I only have one Airbnb STR. I want to branch out to more variety of ways to invest in real estate. For seasoned investors out there, can you please share some good resources to learn as a newbie? I enjoy reading books and listening to podcast. I also would love to pick someone‘s brain in person. Any tip will be appreciated!

Hey @Amber C. Personally I've always found personal development books to help me more with real estate than real estate books specifically. I think finding people you can speak with regularly & are in similar markets makes the biggest difference. A London or Windsor Investor may have a lot of wisdom but maybe can't relate to your investing issues in the GTA and vice versa.

Would be happy to chat anytime. Feel free to send a DM - I'm in Toronto pretty regularly.

Jacob

It is a good question that the OP asked. How did people find a mentor. (not a paid one) ? Because I am having trouble finding one and I see that so many  people seem to find one pretty quickly

@Amber C. I’d recommend going to meet ups or REI related classes. I like to know my mentors on a personal level. They have to be my kind of crazy which I find is hard to sync with. I wouldn’t recommend jumping on the first opportunity you see right a way. Remember, youre letting someone into your inner circle to teach you and to take care of you. This makes you susceptible for manipulation.

If you want to find a mentor, then I'd suggest that you get out there and start making moves.  I've found that mentors are willing to help those who are willing and ready to take action; but shy away from those who "talk" but never do seem to really do anything.

@Amber C. that's a wonderful question. If possible, find a mentor that will be candid with you and can speak to you honestly. Plenty of folks will tell you what you want to hear which feels great but is dangerous. As @Nick Rutkowski mentioned, your allowing a person to have a very strong influence in your decision making which will influence your goals. Most importantly don't give up, the hard work of relationships is well worth it. 

For books, and audiobooks, I find a lot of the REI books to be a little dry. Certainly, if you haven't read Rich Dad, Poor Dad yet, I would start there. I also agree that some of the self-improvement/business books can be really motivating. Recently, I really enjoyed Crushing It, Miracle Morning, Four Hour Work Week, Drive, and Subtle Art of Not Giving a F*ck. I'm waiting for the @Chad Carson Retire Early with Real Estate book to become available on Audible. I think I might also download Miracle Morning Millionaires. (I love a good book, so always happy to chat books with anybody!).

For the most part, I have also found Facebook groups to be a good source of information, and a great way to connect, although I find FB groups come with their own set of drawbacks. For the most part, people have been very helpful and it's easy to figure out who the posters are that align with your goals and visions. 

For mentorship, I feel like the best relationships happen organically. We actually met with a money lender earlier this year to discuss a commercial deal we were looking at. We didn't end up needing to borrow from him but we really hit it off - he loved our numbers, energy and the work we were doing - and he kind of took us under his wing. He's sent us deals, introduced us to people, offered advice, and has even offered to guide us if we want to get into private lending (I would love to eventually). And it all happened because we made the effort to reach out.