One of the realizations that you must make early on in your real estate investing career is that you will need a mentor.
Every real estate investor who has achieved any sort of success has had a mentor at some point.
Mentors play a huge role in the development of a novice real estate investor.
A mentor is someone that you can watch, listen, and learn from their experience. You can take away certain tidbits of information from them, that help you to become a better real estate investor.
Also, the relationship that you develop with your mentor can take on a more formal arrangement. This arrangement can be one in which you meet with and discuss your goals and challenges on a more formal basis.
When investors are first staring out, they may not have a mentor, or even know how to go about locating one.
When I began my real estate investing career back in 2005, I did not have a mentor. As time went on, I realized that in order to get better, I needed to search out a mentor who would be able to answer many of the questions that I had.
As my interest in real estate continued to develop, I began to have so many questions that no one was able to answer for me. As such, I realized that a real estate mentor would be the only individual who would be able to answer these questions.
My first real estate mentor turned out to be the father of one of my friend’s. At the time, he was the only person that I knew that had invested heavily in real estate, and who had achieved success doing so.
The important thing to note is that as a beginner to real estate investing, you have to be proactive and go out and find a real estate mentor. A real estate mentor is not just going to fall out of the sky for you. It is also important to note that finding a real estate mentor is not the easiest thing to do, if you don’t know how.
To help you with the journey of finding a mentor, I have provided you with 2 recommendations to consider when seeking a mentor.
How to Find a Trustworthy Real Estate Mentor
1) Word of Mouth
Ask people you know if they know of anyone investing in real estate. You never know who might be an experienced real estate investor. These experienced people are a wealth of knowledge. It is important to ask around, because sometimes real estate investors are very secretive. Believe it or not, but there is a breed of real estate investors that don’t openly share with people that they invest in real estate. It has been my observation that these people are sometimes the older real estate investors, who have adopted an old school train of thought. This old school train of thought is to not share with people what they do. Sometimes these investors, if you get chatting with them and show an interest in real estate, can really open up. These investors can often be the most knowledgeable of all real estate investors. This is because they have been investing in real estate over the long term, and have weathered the ups and downs of the economic cycle. These investors are a great asset. Get them on your side.
To read Part II of How to find a trustworthy real estate mentor, click on the link at the bottom of this blog post.
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In the First Rental Property Newsletter, I will be providing you with interviews that I have conducted with experienced real estate investors. In these interviews, they will share the experiences and challenges they had buying their first rental property.
Onwards and Upwards,
How to find a trustworthy real estate mentor Part II