A fun thing about real estate investing. It remains one of the best ways for people to achieve financial freedom. But it is also one of the most difficult businesses to maintain. The challenge is that the current real estate landscape has a number of obstacles, but a smart investor can avoid them by getting the right mentor. The right mentor will help you see where the pitfalls are and how to avoid them.
But let’s not get ahead of ourselves. In case you are not familiar with tutoring, let’s start with what tutoring is all about.
What is tutoring?
Mentoring is a relationship based on learning. It is usually a one-on-one relationship between a more and less experienced real estate investor. It is based on a mentor who is committed to your growth and development. Having a good mentor can be a shortcut to success because you learn from other people’s mistakes, allowing you to avoid the same pitfalls and progress faster. It is about applying learned knowledge that is difficult to do on your own. Most of us are not successful alone. That’s where mentoring comes in: you’re not alone.
What is a mentor?
A mentor is a real estate investor who will provide you with the advice, consultation, direction, or practical help necessary for the effective achievement of your investment objectives. A mentor has already done what you want to do. A mentor should be your learning coach: someone you can talk to and trust. A mentor should help you focus on your goals and give you direction that will help you succeed faster than you could on your own.
A mentor has knowledge, expertise and experience and is willing to share those skills and knowledge with others. If you decide to go it alone without a mentor, it’s quite possible that what would have been a temporary setback could turn into a permanent failure.
How to find your mentor
Unfortunately, finding a mentor can be easier said than done, but networking is hands down the best way to find a mentor you can trust. Join a local real estate investment association (REIA) near you. Attend the monthly meetings and look for investors who are leading by example, actually doing business. If you keep your eyes and ears open, you will find someone who not only shares your passion for real estate investing, but is also interested in advising less experienced investors.
Choosing a Real Estate Mentor
To help you choose your mentor, look for people who have at least the following credentials:
1. Currently investing in real estate using the strategies that are being taught.
2. They bought and sold a minimum of 25 properties, so they have faced different buying and selling situations.
3. Someone who has no property to sell to you. If a mentor is teaching you how to buy property and is selling you one of her own properties, there is potential for a conflict of interest. Certainly not in all cases, but a word to the wise.
Why choose a mentor who has bought and sold a certain number of properties? Very simple. You will certainly want a mentor who is actively involved in real estate investing.
Look at it this way. If you want to learn how to build a watch, you will do better with a mentor who is a watchmaker than with a mentor who only knows how to tell the time.
Relationship with your mentor
In order to maintain a successful relationship with your mentor, you must truly understand the role of your mentor. Starting a relationship based on wrong assumptions will lead to disastrous results.
Unfortunately, some people mistakenly think their role as mentors is to take new investors under their wing, but it’s really to teach them how to fly.
Conversely, some people who choose to work with a mentor mistakenly believe that their mentor’s sole responsibility is to make them rich. A mentor can’t make you rich any more than a weight trainer can lose weight for you if he decides it’s time to lose weight before you qualify for group insurance on your own.
A weight trainer will guide and advise you on the best way to successfully reach your desired weight goals. But real weight loss is something you do yourself.
A real estate mentor will guide and advise you on the best way to successfully achieve your desired financial goals. But actually achieving those goals is something you do yourself.
So when starting the relationship, it’s important that you know what to expect from your mentor before you jump in.
Benefits of having a mentor
Possibly the biggest benefit of having a mentor is that it gives you the confidence you need to follow through with your investment plans. And once she decides to move on, she’ll reap even more benefits:
has. Get over the learning curve faster
b. Greater skills and knowledge
against Failures can be evaluated in a non-confrontational manner.
d. Powerful way to gain experience
me. networking opportunities
F. Stay motivated and on track
Friendly compensation plan
A common sticking point in mentoring relationships is creating a friendly compensation plan. To maintain your relationship with a mentor, you must recognize his value and reward him for it.
How much should a mentor pay?
Of course, it will not be more than your pocket allows and not less than the mentor thinks is appropriate.
In general, a mentor’s fee will depend on how much of your time you think you need to accomplish your goals. A financial commitment clearly demonstrates that you are serious about achieving your goals.
A mentor will share their experience for a fee. This levels the playing field because both parties have a stake in the relationship. Why should a mentor throw out all sorts of valuable, practical information to put you on a fast track to success, but then abruptly quit as an investor?
The mentor made an investment in terms of their time and talents so you don’t have to do it alone. Properly compensating your mentor is the right thing to do.
Real estate investing is not a get-rich-quick scheme. Learning the ropes is not something you do overnight or over a weekend. A mentor can help speed up the process. He can achieve maximum success in minimum time. Get a mentor because working with a mentor is an investment in yourself.