Is a Mentor a good thing to seek?

Question

Do you think looking for a mentor is a good strategy?

I wouldn't  mind having a good mentor with experience that could minimize the risks I take and lead me in the right direction.

The problem is that it is hard to find someone reliable and trustworthy. We live in a business and selfish world, Many people (Not All) are out for themselves.  They like to take advantage of the not so experienced and try to make a quick buck.

These are just my thoughts and would like to know what are yours?

All information and feedback is appreciated.

Thank you

Ed Emmons · Answer

If you can attend some investor meetings locally, you may be able to connect with someone that you relate to. A mentor will cut your learning curve drastically. You could probably screen potential partners too just as you would an employee. Ask around to others that have worked with him or her. Take your time and pay attention to your intuition. In the meantime get as much education as you can. It would also be good to fill out your BP profile as anyone that is going to consider spending time with you is going to want to see what you have done and where you are headed.

Jackson Pontsler · Answer

@Nathan G. thank you for pointing what what I gleaned from @Iyad Salem post.  Iyad if you want a mentor a good trust worthy one that is great but right now from the tone of your message it seems like you have written off anyone as a good mentor.  If you are worried about finding a bad mentor or tire kickers you have 2 routes in my head.

1. Find the biggest investor in your area and pay them to mentor you, with a written contract.

2. Become friends with the different investors, as you see who really walks the walk you will be able to develop a better friendship where you will be able to approach them with your questions and situations.

Honestly I hear all of these buzz words like "network and mentor" but people seem to forget what it is at its simpliest level.  Friendship, (que the gagging sounds that message sounded too cheesey).  So you either need to cement it as friendship or as a buisness partnership.

Nathan Gesner · Answer

@Iyad Salem I understood what you are saying. I'm just saying that most investors want something in return, which is natural. It's unreasonable to think someone would share the secrets of their business for free.

I was just pointing out that they want something from the relationship just like you want something from the relationship. Figure out how to demonstrate your value and you'll find a mentor that is willing to make an exchange. For example, if you were really good at analyzing deals, the mentor may have you help him find deals and then work together to purchase them. Or maybe you are a flooring expert and can install flooring at a discount in exchange for shadowing him on a few transactions to learn the ropes.

Jay Helms · Answer

@Iyad Salem having a mentor is great but I’ve found being part of a mastermind really pushes me and holds me accountable.  I have the input of many individuals not just 1 person who are pushing me to succeed. Have you looked into joining a mastermind group?

Exavier Hamilton · Answer

When you meet the right person you'll know.  Not too many genuine people in the world less known this industry so when you do find someone you click with appreciate them.  In this business everyone wants a buck for the simplest things.  I stay away from cynical people.   Just put out the right energy and don't be afraid to ask questions and you'll eventually find the right person to help you become the you that you want to be.  (Tongue twister)

Melissa McRay Johnson · Answer

I would highly recommend finding a mentor in your area. A good mentor is someone who has many years experience in the business and is willing to take the time to guide you, not tell you step by step what to do. The important thing to remember here is that a good mentor will expect you to execute and really use the guidance they provide. It's a total waste of their time (and really yours too) if you can't show that you are willing to do what it takes to succeed. I would say self education and making sure that you have thought through issues you would bring up, instead of just asking a lot of questions without first trying to figure out the answer yourself are important. We worked this way with our mentor the first couple of years we were in business. We did a lot of the leg work on our own, and the mentor was there to guide us and provide advice on situations that we weren't sure how to handle. In return, we split the profits of our deals with him and he provided the funding. So everyone won. He made money on our deals and we got private money as well as the benefit of learning from someone experienced in the business. I hope this helps, best of luck!

Nathan Gesner · Answer

Do you know what's more selfish than a mentor? Someone looking for a mentor!

Of course the mentor is wanting to gain something from the relationship, but so are you. The key is to provide something of value so the mentor will want to work with you. You help him, he helps you. Typically, you would help him make a little money while he provides you with an education that would otherwise be expensive, lengthy, and possibly painful. You're getting the better end of the deal.

Ed Emmons · Answer

I’ve been in real estate for about 25 years. I haven’t used a mentor but I’ve probably spent 50,000 in. educational over the years in tapes, seminars, courses and mistakes.  Most of them were well worth it.  But I would suggest not spending a lot of money in the beginning but rather get a book or something relatively cheap and see if you have what it takes to follow that information first before you spend thousands of dollars. There is not any one magic bullet course that will teach you everything.  Some of the more expensive courses were very specific to a certain area that I wanted more information on.

Iyad Salem · Answer

@Jay Helms I am actually looking into one now. Long distance and trying to charge me a hefty fee to be mentored.  Would love to join the team but always nervous about investing money into someone that I don't know.

Iyad Salem · Answer

@Jackson Pontsler @Exavier Hamilton Thank you both and note taken.

Is a Mentor a good thing to seek?

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