Fostering a fruitful mentorship in the business world greatly helps one navigate the murky waters we’re all faced with in our careers. Us real estate folks lean on mentors much more than most because of the sheer complexity, scale, and ramifications (i.e. risk) that comes with a career in real estate. A wrong move for us can often times be an order of magnitude greater than that in other fields.
Think about all the unknowns and facets we must be masters of: finance, marketing, business development, construction, design, sales, etc. Mentorships with seasoned real estate vets helps alleviate some of the pressure that we face when taking on unknowns in our projects and careers.
While the development of a mentorship in real estate is often stressed, many people seek mentors by asking one simple question: How can I find a mentor?
How to Invest in Real Estate While Working a Full-Time Job
Many investors think that they need to quit their job to get started in real estate. Not true! Many investors successfully build large portfolios over the years while enjoying the stability of their full-time job. If that’s something you are interested in, then this investor’s story of how he built a real estate business while keeping his 9-5 might be helpful.
That’s Not Good Enough…
I’m going to put my foot down once and for all. That’s not good enough!
On one hand – it’s a valid question to ask because guys and gals with years of experience in real estate are waiting, sometimes begging, to help us “younger generations.” However, a simple ask for a mentor won’t be the silver bullet to real estate success. There are too many people seeking mentors for the sake of seeking mentors.
But you’re not one of them. You’re serious about real estate. You’ve done your homework. And you’ve come to the realization that you are so excited about the real estate game that you can’t wait to start.
- Yet, where do you begin?
- How do you analyze a deal and know it fits your risk profile?
- How do you avoid the competition to find the true gems?
- How do you know how to structure the right deal once it comes along?
These are just some of the questions we’re faced with (sometimes on a daily and hourly basis). So having someone on our side to help us navigate through this complexity greatly helps.
The One Thing You Need to Find a Mentor
Let’s do a quick recap. On one side we have a stable of ambitious people eager to play the real estate game. On the other side we have many highly knowledgable people wanting to help. What’s missing?! It’s execution.
I’m going to be bold in saying this because I believe it to be true: execution is the single thing that helps promote and grow a mentorship in our real estate realm.
Because it’s not easy. However, it shows that one is serious about playing the real estate game.
Seasoned real estate professionals have been through the gauntlet. They’ve experienced high highs and low lows. And they’ve learned a tremendous amount from these experiences. When an ambitious person comes along and asks for help, the last thing they want to see is their advice–which has been battle tested and proven over many years–falling on deaf ears. It means the world to a real estate pro when someone hears their advice, takes it to heart, and executes on it.
Simple tip: Mentorships help accelerate one’s growth in their real estate career. They are important. However, don’t just ask how to get a mentor. Do your homework and seek out advice when you’re stuck. Seek out people that have been where you’ve been.
Here’s the crux of the exercise: when given advice, execute on it (and be thankful)–you’ll be amazed at the results.