Real estate investing requires good navigational skills. Choosing a mentor to provide insight into the many complex processes can save not only time but money. Small mistakes in the real estate investing can cost thousands. A mentor can help guide you through the myriad of contracts, closings and marketing.
Choosing a Mentor
Finding a mentor is something that should be taken seriously. A good mentor will be an active, successful real estate investor with many successful deals. Choose a mentor who is in your area. A local mentor will know the market as well as demographics and what marketing approaches work best. Avoid a mentor who is only trained to help learn the tricks of investing. A mentor who is an active part of your local real estate market will be of more help than one who lives counties or states away.
A good mentor should have the respect of their peers and be able to devote a large amount of time to you. You should trust your mentor and be able to discuss all aspects of real estate investing. Personalities that conflict will not be to your advantage. Find a mentor who you can relate to and develop a good rapport with. A good mentor will be sincerely interested in your success as an investor. The cost of a good mentor needs to be reasonable and come with a guarantee.
What to Avoid
If it sounds too good to be true it probably is. Avoid programs and mentors who make claims that are well above normal. Use common sense when looking for a mentor. Check the mentor’s credentials by asking for references. Ask for the names and telephone numbers for at least six people who have achieved success through the guidance of the mentor. It is important to call these individuals to hear about their experience with the mentor. Not all mentors are good ones. Keep in mind that a local mentor will understand the particulars of the real estate in your area.
Programs to Avoid
There are many mentoring programs available. Many of these for profit business make claims that can be alluring. Some say that you can quit your job and still improve your monthly income. Others make claims that you can begin investing without any money. Still some say that bad credit will not stop you from purchasing investment properties. Advertising can be deceptive. There are a few programs who will say that anyone can own a million dollars worth of real estate in less than a year and can earn upwards of $22,000.00 a month from the start. If it sounds too good to be true then it probably is.
Locating an Honest Mentor
Using the internet can help you find successful real estate investors in your area. Searching the internet for local mentoring programs offered by real estate companies or individuals can also be useful. Find local real estate investment clubs and organizations. Ask other investors for references. Sometimes a community will offer real estate investing courses as do many small colleges. If you are unable to find anything in your immediate area, expand your search to include the surrounding area. Take your time when looking for a mentor. Finding a person who is compatible, knowledgeable and is capable of devoting the time necessary to ensure your success is well worth the time and financial investment.
A Mentor’s Job
In addition to guiding you through the more complex aspects of real estate investing, a good mentor will hold you accountable. Sometimes it is easy to fall into habits that are counter-productive. A good mentor will help you develop the habits necessary to become a successful investing.
A good mentor acts like a coach. Like all successful coaches, the mentor will assist you in developing a business plan that will be successful. The close relationship helps the mentor keep you on track. Staying on track is one of the primary requirements to becoming a prosperous investor. A mentor will not be concerned about calling you to task. This allows you to visualize what steps need to be corrected to regain momentum and continue the steps towards success.
In all walks of life it is easy to get sidetracked. One of a mentor’s most important jobs is to keep you focused. Reminding you of things you may have overlooked, pointing out mistakes before they become costly and helping you develop daily habits that will help your investments grow are a few ways a mentor will help keep you focused.
There are many advantages to choosing a mentor to help you learn the real estate investing business. The potential for costly mistakes are many in this particular line of work. A mentor will help you learn how to avoid these mistakes and overcome difficulties, and this makes a mentor well worth the investment of your time and money.