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Finding The Best Mentor A Beginners Guide

Over the last year, I've gone to a lot of real estate investor meetings. While attending these meetings, I bump into quite a few investors that are just starting out. They continue to bring up the same topics during Q&A. The one that rises to the top of the list is on the subject of finding a mentor. Each person might ask it in a slightly different way, but it always comes down to the same thing. They're all essential questions to cover so let's take a look at what they are.

1) What is a mentor in real estate Investing?
2) How can we seek out a mentor?
3) What qualities should we look for in a mentor?
4) Should we just hire a mentor?

What is a mentor in real estate investing?

A Mentor is somebody who has gone down the road before us and has great value to offer. This person can save us an immense amount of time because they can teach us things we don't know about the industry. Often mentors can point out things we don't see in ourselves too. This last element speaks volumes because it's not only required to obtain success, but it's an essential element needed to keep it. Running off the rails is easy.

A mentor is a person worth their weight in gold because they'll have a deeper understanding of the inner workings of a deal. This helpful knowledge could be everything from guiding complicated paperwork along to where we should focus our attention. Mentoring will always be a significant ingredient for a new person entering the real estate industry.

How can we seek out a mentor?

Real Estate Investor Association (REIA) meetings provide excellent value especially when you're new. If you lack confidence in your networking skills starting out, these meetings are probably your best bet. Not only will you get a ton of information but you'll also see who some of the big players are in the area. Attending these meetings will provide an excellent opportunity for you to shake some hands and get a feel for the people. Remember, it's not always the person you're speaking with directly, but it's who they know too. I still attend these meetings as often as possible.

The reach of the internet has never been stronger than it is today. You can do a vast amount of research in a relatively short period using Google. The search engines can be used in a way to research who is currently working large deals in your area. You can quickly get the person's name, and if you dig a bit further, you can find out where they go to network. Having this information allows you to put yourself in a position to meet them face-to-face. When you make an effort to put yourself in front of these people consistently, it can go a long way in having them remember who you are.

3) What qualities should we look for in a mentor?

A give and take relationship.

You can burn a lot of time if you choose the wrong person to Mentor you. If the person you're thinking of working with is not matching your commitment then quickly move on. The relationship should be, give and take, and it should flow well. It's not fun or productive if you're continually having to pull teeth while dealing with somebody.

Share the same area of Interest.

If they're currently focussed on a different area of real estate investing, you may consider somebody different. This mixture is sometimes complicated because they may have experience in the field you're working in right now. However, they may have moved further along and can still provide you a lot regarding expertise. Now, the challenge becomes is it worth having them split their time. I see this situation come up more than any other. It's a difficult one to assess and is ultimately your decision. If this is the situation you face, you may consider working with someone closer to your current position.

What areas have they failed?

The last thing you want to do is partner up with somebody that has not had a lot of failures. People are going to learn more from their past failures than their successes. Somebody riding high on Cloud 9 is very dangerous. You Don't want to Bank on somebody like that.

Do you trust them?

Trust is a significant factor in any business relationship. If you sense any dishonesty with the person your considering as a mentor, pack up your bags and go the other way. Some people step over the line and are desensitized to it because they've done it so often. It's not worth the risk.

4) Should we just hire a mentor?

Everything has a time and a place including paying money for a mentor. I can see why somebody might prefer this route. This decision comes down to knowing yourself. If you've invested in the process, you may perform at a higher level. On the flip side, if money is a concern you can undoubtedly find a mentor at no cost. Either way, you'll need to do your due diligence.

My mentor never asked me for money. He was in a financial position where it wasn't necessary, and for our situation, it would have been just odd. Our circumstance was unique because we became friends first and things developed from there. You have to look at every situation on a case by case basis. For some, this may make a lot of sense for others perhaps not.

Those are the four questions I hear most.  A mentor is an essential element in your business. There are countless ways to find a mentor that is a fit on every level. You can find one with the right qualities if you take the time to look. You don't need to spend a lot of money to find the right mentor.