A fun thing about real estate investing. It continues to be 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 compounded by the fact that today’s real estate landscape has a number of obstacles, but a savvy 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-to-one relationship between a more and less experienced real estate investor. You rely 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 don’t succeed 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 you need to effectively achieve your investment goals. 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 alone.
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, what would have been a temporary setback may well turn out to be a permanent failure.
How to find your mentor
Unfortunately, finding a mentor can be easier said than done, but networking is undoubtedly 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 walking the talk, actually doing business. If you keep your eyes and ears open, you’ll 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. You currently invest in real estate using the strategies you are teaching.
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 you. If a mentor is teaching you how to buy a property and is selling you one of her own properties, there is the possibility of 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 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 time.
Relationship with his mentor
In order to maintain a successful relationship with your mentor, you need to really understand your mentor’s role. Starting a relationship based on wrong assumptions will lead to disastrous results.
Unfortunately, some people mistakenly think that your role as a mentor is to take new investors under your 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 only 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 yourself.
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 take the plunge.
Benefits of having a mentor
Possibly the biggest benefit of having a mentor is that it gives you the confidence you need to move forward with your investment plans. And once she decides to go ahead, she’ll reap even more benefits:
A. Beat the learning curve faster
b. Greater skills and knowledge
against Failures can be evaluated in a non-conflicting way.
d. Powerful way to gain experience
my. 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 their value and reward them for it.
How much should a mentor pay?
Of course, it will not be more than your pocket will allow and not less than what the mentor considers appropriate.
In general, a mentor’s fee will depend on how much of their time you think you need to achieve your goals. A financial commitment clearly demonstrates that you are serious about achieving your goals.
A mentor will share their expertise for a fee. This levels the playing field because both parties have a stake in the relationship. Why should a mentor throw in all sorts of useful and valuable 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 his time and talent so you don’t have to go 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 that is done overnight or over a weekend. A mentor can help you 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.