When it comes to real estate investments, one of the most important, and overly repeated phrases that everyone will tell you is that, finding a mentor is crucial.
For one, it’s the biggest advantages you can have, because someone will guide you all throughout the early stages, show you how the trade is done, and an experienced mentor will help you find the best deals and connections, allowing you to make the most of your investments. Likewise, it has been said that almost every successful investor once had a mentor at some point in their lives, and everyone who’s trying to get their operation off the ground should be in search of one.
Also, for those who are new in the business, there’s nothing to be ashamed of, because every successful investor have started as an inexperienced beginner in the real estate. However, most of these investors also asked for help– they relied on mentors when they first started. That’s how they managed to stay on the right track.
Thus, a mentor isn’t a necessity, but an essential tool in the early stages of an investing career. With that, here are some of the useful tips that will guide you in finding a mentor in real estate. Read on.
A Mentor Should Have a Successful Track Record:
When it comes to finding a mentor in real estate, it’s important to look for one that will be willing to listen and teach you everything you need to know. This will give you a guarantee that you’re going to develop a healthy working relationship with him, because you’ll be in a fit position.
Likewise, the mentor should also have an outstanding record of guiding the investors obtain what they’ve previously invested. More importantly, aside from being professional, the mentor should also be devoted to helping you gain what you have invested– not just a fly-by-night “professional” who’s trying to get your hard earned cash.
Practical-minded and Focused:
As you continue your search in finding a mentor in real estate, look for one that’s articulate enough and can efficiently communicate with you. This person should be willing to discuss everything you need to know and continue to motivate you even when things occasionally fall out of place or go wrong.
Also, the mentor should be sensitive enough and know that investors in real estate aren’t always the same. They came from different walks of life and what they need is someone who will support and guide them in the risky market scenario.
Stay Away from Mentors Who Charge a Lot:
Never appoint a real estate mentor who asks for ridiculous fees and forces his clients to sign up for several mentoring lessons that will only load you with a number of theoretical lessons that you won’t even need. As much as possible, look for mentors that are practical and focused on achieving positive results.
One of the best ways to find the perfect type of real estate mentor is by utilizing the Internet. This will give you various results, but it’ll also help you look for mentors of the right type that will be ideal for your needs.
Aside from that, you can also ask your family, close friends, and fellow investors if they know any good mentors that you can rely on.
Be Open to Change:
Even though you have already hired a real estate mentor, it doesn’t mean that you should stay with him all throughout. For instance, you have probably hired an inexperienced mentor who only knows the basics in real estate. Even though this is much cheaper, as you advance, you’re going to need senior mentors who have the knowledge and skill in the real estate market.
For new investors, it’s important to determine on your real estate investment limits, then look for the right mentor.
Use the Property Test:
There are a number of things that you must ask to a potential mentor. Ask what he’s doing right now and in what area does he specialize.
If it seems like he’s having a hard time answering this question, then that’s a bad sign. Also, don’t forget to ask for references. Reputable mentors should be willing to refer past students who became successful by now.
Research, Research, and Research :
Lastly, even when you’ve already found the ideal mentor, you should still continue on browsing websites and reading books that focus on how you can be a successful investor in the real estate business.
For beginners, it’s ideal to become a part-time investor first, then gradually turn into a full-time, once you get the hold of it. Likewise, keep in mind that you cannot expect much results from a competent mentor if you don’t listen nor allot some time in learning your business.