One of the advantages of starting a new business is the amount of support available from those who have been through the same challenges and succeeded. There’s no need to learn everything the hard way, when you network with other people who are willing to share their knowledge and strengths. Finding one or more mentors who can guide you through the maze of building a real estate investing business can mean the difference between great success and utter failure.
Listen and Learn
Successful real estate investors are those who learn from the efforts of others. There’s nothing to be gained by “going it alone” when it comes to building your own business. Many mentors can tell stories of their own frustrations and obstacles along with how they overcame these problems. By listening and learning from a good mentor, you’ll save huge amounts of time, energy and money.
Keeping on Track
Anyone who has studied how to play the piano can tell you that, unless they’re held accountable by a teacher, they don’t practice their scales. The same goes for business goals. A mentor keeps you on track by requiring that you consistently tell them where you are on the goals you’ve set for your project. Just knowing you’ll need to report to them can be a motivation to stop procrastinating. When you get stuck, a mentor can offer advice and suggestions to help you get going again.
Eat the Frog!
A wise ski instructor once told me, as I hesitated at the top of a steep run, that I should stop looking at how ugly the frog was, and just eat it! This funny analogy of taking a leap into something that seems too scary applies to building a business too. It’s too easy to be frozen into indecision if you listen to the voices in your head telling you to turn back. A mentor can offer invaluable encouragement to take on challenges you may hesitate from if left to your own devices. Taking risks is scary but can be a transforming experience and infuse you with confidence in all aspects of your life.
Know Your Limits
Risks are good in real estate investing but not if they take you so far outside your plan, that it all falls apart. Boundaries can be a good thing, which is why a mentor is invaluable. When you begin building a real estate investing business, you’ll always want to set limits on costs and time. It can be tempting to exceed these but a good mentor will keep you on track and help you catch yourself when you’re about to make a rash decision.
Ten Ways a Great Real Estate Investor Mentor Can Help
- Avoid those mistakes that can cost you money – A simple mistake, made without the advice of a seasoned mentor, can lead to thousands of dollars wasted.
- Being mentored builds confidence – Having a good real estate investing mentor helps take away much of the fear of making mistakes. Something as simple as learning what price to offer on an investment helps you grow in knowledge and confidence.
- Get richer, quicker – By being mentored, you’re less likely to waste money on things that are unnecessary and you’ll have more money in your pocket for other things in your life.
- Saving more money – The advice of a good mentor helps you make wise decisions on hiring contractors, buying carpet, and other supplies.
- Get there faster – Your mentor can help you get to your goals quicker, which only means more money in the bank.
- Make a winning offer – Many new real estate investors are unsure how to make an offer that will lead to a quick sale and a good profit. Software programs can analyze the market values of investments and quickly recommend the right offer.
- Personalized training – Your specific questions are answered because your training is tailored just for your situation.
- Reassurance – A mentor can be right there beside you during the whole process, offering reassurance and guidance. The money saved will far outweigh the cost of paying a mentor.
- Accountability – Everyone can benefit from being accountable when it comes to his or her goals. Your mentor can question you about your progress and keep you on track.
- Learning from Experience – Learning from someone who’s gone through it all and achieved success is a priceless experience.