How To Find A Real Estate Mentor You Can Count On

Key Takeaways

  • With the right mentor by your side, there is no need to learn by the antiquated process of trial and error.
  • Finding a good real estate mentor has as much to do with knowing their skill sets as it does with knowing your own intentions.
  • People have been successfully investing in real estate forever, and there’s no reason you shouldn’t learn from someone that has already accomplished what you soon hope to.

It is only natural for inexperienced investors to contemplate how to find a real estate mentor. The pursuit of education, after all, is not only a necessary part of scaling our expertise in a particular field, but it’s also something each and every one of us have a subconscious need to satiate on a daily basis. Today’s most prolific investors, at the very least, are never satisfied with their current understanding of the housing market, and are constantly striving to learn more. Anyone looking to emulate the success of their favorite predecessors should, therefore, strive to do the same. At the very lest, learn how to find a real estate mentor you can count on to show you the ropes.

As far as I am aware, there’s only one way to place yourself in a position where success is essentially a foregone conclusion: find a real estate mentor. In aligning yourself with someone that has already realized the success you hope to one day, it stands to reason you will be more likely to achieve your goals. After all, what is a mentor, if not for someone that can teach you the best way to get things done?

If you are convinced a proper mentor can elevate your investing career to another level, you have already made, what I believe to be, one of the smartest decisions in your investing career. If for nothing else, the pursuit of education will take you further than you could have ever imagined; it’ll serve as the foundation of your entire career.

It is worth noting, however, that it’s not enough to find a mentor; you must know how to find a real estate mentor that meets you specific needs — the right teacher, if you will. You see, anyone can apprentice with a mentor, but it’s those that find the right teacher that will witness their careers take off as they intended.

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How To Find A Real Estate Mentor

If you want to find a good real estate mentor that can take your career to the next level, there are several steps you must take:

  • Identify what it is you hope to accomplish
  • Determine whether or not your prospect has the credentials to realize your own aspirations
  • Confirm the level of risk you are able to tolerate
  • Find someone that has as much respect for you as you will give them
  • Make sure your goals are one and the same

4 Questions To Ask Before Choosing A Mentor In Real Estate

Find mentor real estate

1. What is it you hope to accomplish as a real estate investor?

Prior to choosing a mentor that you are willing to put all of your trust into, I highly recommend doing a little self-reflecting. You can’t possibly know who to ask for help if you can’t identify what it is you want in the first place. Therefore, it’s at this time that I want you to identify your own aspirations. What is it you want to accomplish as a real estate investor? Do you want to flip homes? Do you want to compile a passive income portfolio of rental properties? Perhaps you want to make a career out of wholesaling.

Whatever the case may be, determine what it is you want out of your real estate career. Then, and only then, can I recommend seeking out a real estate mentor. That way, you’ll be able to identify someone that has the experience you hope to learn from. At the very least, it stands to reason that you will learn more about rehabs from someone that has done dozens of them, as opposed to a wholesaler that’s never even thought of rehabbing as an exit strategy. So before you choose a mentor, make sure you know what it is you want. And, more importantly, if they can offer what it is you need.

2. Are you comfortable with the success your own mentor has achieved?

Success, for all intents and purposes, is a relative term. What one investor deems a success, another may cringe at. Nonetheless, there has to be a level of “success” you deem acceptable from your own mentor. How successful have they been in their previous endeavors? Have they done the things you intend to do? You need to objectively consider whether or not they have been successful, and make sure it meets your standards.

Take a good long look at the person you intend to emulate, and ask yourself if you would be satisfied in their shoes. That’s not to say they will represent your ceiling, but understanding the level of success your mentor has experienced should “set the bar” for what you can expect in the future.

If you are truly convinced your prospective mentor can get you to where you want to be, you are on the right track. It is those, however, that are less convinced of their mentor’s ability that should look elsewhere. At the very least, there is no use in woking with a mentor that has no experience in what you want to do.

3. How much risk are you willing to expose yourself to?

There’s no doubt about it: investing in real estate involves an inherent degree of risk. There isn’t an investment opportunity out there that won’t coincide with at least a small amount of risk; after all, nothing is for certain. That said, investors of every level have made a living off of the degree of risk they are willing to accept. Some investors prefer the relatively low risk exit strategy of wholesaling, while others like the larger returns that come with “riskier” endeavors like flipping.

If you are more comfortable making smaller sums of money with more risk averse exit strategies, I suggest finding a mentor that subscribes to the same approach. If, however, you are confident in your ability to mitigate risk, you may choose to align your services with a mentor that is more comfortable taking “acceptable” risks on larger projects like rehabs.

It is worth pointing out, however, that risk is a relative term. While I can honestly say no investment is risk free, there are ways to mitigate risk. And, as it turns out, it’s those investors that can mitigate the most risk that stand to be the most successful.

4. Is there a mutual respect between you and your mentor?

I can’t stress this enough: there needs to be a mutual respect between a mentor and a student. Real estate mentorship is not a one way street; respect needs to be given both ways. In addition to finding a mentor in real estate you respect, you must find one that will respect you back; only then will true progress be made on your behalf. You see, to get the most out of your apprenticeship, you must respect the person teaching you. Anything less, and you’ll find yourself questioning their every move and essentially wasting your time. The same can be said about the mentor; if they don’t respect you, they won’t be inclined to give you their full attention, which can do a lot more harm than good. So before you choose a mentor, make sure the respect “street” goes both ways.

Knowledge Is Power

At the risk of sounding trite, it’s true what they say: knowledge really is power. More than anything else, your familiarity with the real estate industry has the potential to elevate your career. However, the pursuit of the right knowledge isn’t without it’s own sea to navigate. You see, you can’t simply trust everything you hear; you need to trust where your information is coming from. That said, it’s just as important to know how to find a real estate mentor you can count on as it is to continue your education. With the right mentor, anything is possible, so choose wisely.

Have you had any luck working with a mentor in real estate? Perhaps there are different criteria and questions you would prefer asking. Whatever the case may be, let us know what you think about finding a real estate mentor in the comments below.

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