It's common for inexperienced real estate investors to seek the advice and help of a more successful investor in the form of mentorship. But finding worthwhile real estate investing mentors isn't always easy.
Whether you want to start investing in real estate or are simply looking for a local mentor to help you increase your business and revenue, learn how to find the best real estate investing mentors, the pros and cons of real estate mentoring, and some tips for working with a mentor here.
What is a real estate investing mentor?
A real estate investing mentor is a seasoned investor who provides coaching and knowledge to a less experienced investor. Mentoring can take many forms and will look different for each mentor-mentee relationship, but in most cases, a mentoring program provides knowledge, support, or one-on-one coaching to help the mentee learn a new investing technique, improve aspects of their business, earn more money, or see success with a real estate investment.
Pros and cons of working with real estate investing mentors
Real estate mentors can bring a lot to the table, and for most new investors, they can expedite the time it takes to gain the necessary knowledge to invest in real estate, find and buy investment properties, and make money from your first deal. But a good mentor can be expensive, and not all mentors offer the same benefits. Below are a few of the pros and cons of working with a mentor, which should be considered before deciding on working with anyone for a program.
|Pros of Working With a Mentor||Cons of Working With a Mentor|
• They can shorten the time it takes to learn how to invest in real estate.
• They can work with you one on one, giving you personalized advice to help you reach your cash flow or financial freedom goals.
• They can provide the structure to help you take action and hopefully avoid common mistakes.
• They can be very expensive, costing a few thousand to hundreds of thousands of dollars.
• They may not provide what they promise.
• Not all mentors provide the same quality coaching or mentoring.
Where to find a real estate investing mentor
A mentor relationship doesn't have to be one that you pay money for. You can ask your real estate broker, a real estate agent at their office, a friend, or a colleague in your real estate network if they are able to mentor you -- just don't be offended if they say no.
A successful real estate investor is busy running their own real estate investment business. They may not have the time, desire, or skill set to be a good mentor, or you may not bring enough to the table to justify the time it would take to coach you. If you feel you know someone who would make a great mentor, find out how you can help their business in exchange for knowledge or coaching.
If you don't personally know someone who you would like to work with, you can seek professional help from a mentor who advertises their coaching service publicly. It's fairly common for national or local real estate investors associations (REIAs) to offer a formal mentoring program for new members, and there are dozens of mentors you can find by searching your local market for the word "mentor" or "mentorship" and the type of investing you want to learn. For example, "Orlando wholesaling mentor" or "Los Angeles rehabbing mentorship."
Another option for finding a mentor is to ask for referrals on LinkedIn or BiggerPockets. This can be especially helpful for finding someone in your local market.
Do your homework on a particular mentor before you begin working with them or pay for their services. While they may seem successful in the public eye, they may not be all they claim to be. Look to see if they have any judgments or litigation against them for their services or investing practices.
Search in public records and check that they own the properties they claim to own, and always ask for a second opinion. Speak to past or current students or mentees or search on real estate investment forums like BiggerPockets or Reddit to see if others have posted reviews about that person or program.
Tips for working with a real estate investing mentor
Most mentoring programs are expensive, ranging anywhere from a few thousand dollars to hundreds of thousands of dollars. As a mentor myself, it's incredible how many people pay good money for a course or coaching program and never log in to the course, read a page, watch a video, or take any action at all.
Make the most of your money and the time you have with your mentor and do what they say. Whether they provide information online with videos or in written form, be sure to read, learn, and gain as much knowledge as possible from the resources they provide to you.
Follow through with the tasks or activities they assign, and keep track of your progress with daily, weekly, or monthly goals based on the knowledge you're gaining. If they aren't providing enough actionable steps for you to follow, ask questions on what you should be doing to continue furthering your business or get to the next step.
Consider it like an advanced, real-world college course. Show up, do your homework, and take action. If you do this after taking the time to find the right investment mentor, your chances of reaching success will be greatly increased. Just remember, not all real estate mentors are considered equal. Weigh the pros and cons of working with one and determine whether it makes sense financially for you.
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