As a new real estate investor, you may be wondering how to get best started in the industry. One of the best ways to learn about real estate investing and gain valuable experience is to find a mentor. A real estate mentor is a more experienced investor who can provide guidance, advice, and knowledge to help you succeed.
However, not everyone who claims to be a "mentor" is the right fit to guide you through the best way to start investing in real estate. So how can property investors find the right industry mentor? When adding this asset to your real estate investing team, here's what to look for.
It's Not Easy (But It's Worth It)
Finding a worthwhile real estate investing mentor isn't always easy, but it's worth it. A good mentor can be an invaluable asset, providing insight and expertise that can help you make better decisions and avoid mistakes.
A great mentor doesn't claim to have all the answers or to have found success without any issues along the way. Instead, real estate investors should look for someone who has overcome obstacles and experienced many ups and downs before building long-term success. An investor with plenty of experience throughout the good and bad aspects of investing can guide you through similar challenges.
Tips to Find a Real Estate Investing Mentor
So with those initial insights, where do you start searching for a mentor? Here are a few tips!
1. Start by Asking Your Network
Start with who you know (or who someone you know might know). Letting family and friends know that you're looking for a real estate mentor can help you get the ball rolling. Someone in your current network might have a good resource that could be a potential mentor for you.
2. Your First Mentor Might Not Be "the" Mentor
The first person you talk to about becoming your real estate guide might not ultimately be your long-term mentor. It's okay if it takes a few tries with a few different professional relationships to find the right person to add to your team as your mentor.
Don't get discouraged! It can take a while to find someone who has built real estate industry success similar to what you have in mind for your real estate portfolio and long-term goals.
3. Make Sure You Work Well Together
Remember that your mentor is not a "partner." The mentor-mentee relationship must be positive, but it's not often one of equal merit.
Starting as a new investor means you have a lot to learn to develop a successful residential real estate business! Your mentor is there to guide and teach you as you build your real estate investment career. Be sure you can take direction well from the person you choose as your mentor. It's also crucial that they teach you in a way that works with your learning style for growth.
4. Expect to Pay
In many cases, mentors don't offer mentoring services for free. Since they're not your real estate partner or a friend or family member, expect to pay for the quality of mentorship that can really help you grow and build long-term success a property investor.
However, not every "learning" relationship is something you'll need to pay for. If you don't have the budget for a formal mentorship opportunity, seek counsel from others in the industry that are willing to offer advice and guidance as part of your professional relationship.
Often, real estate brokers, mortgage lenders, and other colleagues can be valuable assets on your REI team and offer mentor-type insights as you work together. However, be open to hearing "no" from colleagues who aren't interested in a mentorship role without something that benefits them in return.
5. Use Referrals and Advertised Resources
Search online resources, like LinkedIn or BiggerPockets, to find people you could connect with as a mentor. When considering a professional mentor, be sure to check reviews and ask for references before paying anyone to guide you in this role.
6. Get the Most Out of It
As with any working relationship, make sure your mentor relationship serves you well. If it's not working or helping you learn more about the industry and being a successful real estate investor, it might be time for a different mentor.
The right mentor can bring a lot to your journey as you start as a new investor. This type of relationship can also expedite the time it takes to gain the necessary knowledge to find and buy rental properties or other investment properties and make money from the right deals!
Learn About Real Estate Investing With a Mentor!
Getting into real estate investing the right way is easier with the right members of your real estate team. When choosing a mentor, choose wisely! They can influence your success for the better--or slow down your progress with bad advice and a lack of commitment to your long-term success.
With the right mentor, you're ready to find great properties and excellent deals! Privy helps new and seasoned investors find the real estate investments they need to build successful real estate portfolios. Reach out soon to learn more about the Privy Advantage and how we can help you find your first (or next) investment property!
Make sure you have the right members on your team! Download our free copy of the "Assemble Your Real Estate Investing Team: A Worksheet."