If you want to be successful as a real estate investor, you can really benefit from working with a mentor. Just like in other ‘big areas’ of your life you need someone who has been there done that and realized success.
But how do you find a real estate investor mentor? Is it someone in a listing you can choose from or someone that will approach you when they hear of your desire to invest in real estate?
Spoiler alert – it’s none of the above, but it’s a lot easier to find a mentor than you think. These are our top tips for finding a real estate investor mentor:
What Does A Real Estate Investor Mentor Do?
A real estate investor mentor isn’t going to turn you into a millionaire overnight or teach you the ropes in one day. It’s an ongoing relationship, one that benefits you and the mentor.
What a mentor does depends on what both you and the mentor want from the relationship. Are you looking for someone to go over your strategy and give their honest opinion? Would you prefer to shadow an investor and see how he/she operates?
Make a list of what you want from a mentor. This will help you in the next steps, knowing where to look for a real estate investor mentor.
Where To Look For A Real Estate Investor Mentor
There is no right or wrong way to find a real estate investor mentor. You may find that you stumble upon one without even looking. Many investors, however, have to get out there and find one themselves. Here’s where they look:
- Networking events – You probably know by now that investing is all about who you know, not what you know. Get out there and network. Rub noses with all types of investors. You never know when you’ll hit it off with someone who becomes your mentor.
- Attend events – If you follow someone you want to mentor you on social media, you know what events he/she attends and/or holds. Attend them too. Don’t be obvious that you’re trying to get to know them, and they know you, but participate in conversations and make yourself seen.
- Do good work – Investors know one another – it’s not a secret society. If you do good work, you’ll get noticed. You never know when someone you want to mentor your comments on a job well done, breaking the ice for you, helping you start a mentoring relationship.
- Get referrals – There’s no better way to find a mentor than to have one referred to you. If the referral comes from someone you trust, chances are it will be a good fit. You’ll still need to do your own due diligence to make sure it’s a good fit, but it’s a step in the right direction.
Questions To Ask A Real Estate Investor Mentor
Just because you find a real estate investor mentor doesn’t mean they are ‘the one.’ Just like you’d interview a real estate agent or stockbroker, you should interview a potential mentor. Here are a few questions to get you started:
- What is your investment strategy? Figure out if it aligns with your strategy. If your strategies and beliefs don’t align, you won’t learn much and will likely feel resistant.
- What are you passionate about? Some investors have a niche, a certain area, or type of home they like to invest in. See how those passions align with your passions. Why is the investor in the business? Is it for reasons that light you up too?
- Do you offer suggestions? Not all mentors offer suggestions or opinions. They just let you shadow them. If you’re looking for a 2-way street, you want someone who offers suggestions and opinions and also listens to what you have to say.
- How can I provide you value? This seems backward, shouldn’t the mentor provide you value? But think about it, what’s in it for him/her? They’ll likely feel good about helping you, but they may need something too. What if you could help one another? You’d probably have a more meaningful relationship.
How To Handle A Real Estate Investor Mentor
Once you find a mentor, think about how you want to handle the relationship. Here are some top tips.
- Let the relationship happen naturally. Don’t try to force anything. See where things go as you naturally get to know one another and your investing style. You may find more value in the relationship just letting things happen naturally.
- Accept criticism gracefully. Even if you don’t agree with what the mentor says, accept it and move on. If this happens too often, then it might not be the right fit, but don’t run the minute something goes wrong.
- Stay committed. Remember, this is a two-way street. See how you can help the mentor, and he’ll help you too. Don’t push him to mentor you if he’s incredibly busy. You won’t get the ‘best’ of the investor and may not get mentored at all.
- Identify your mutual goals. See how you can bounce ideas off one another regarding your mutual goals. Is there something you can work on together or can you get ideas from one another to make your investments stronger?
Is A Real Estate Investment Mentor Right For You?
A real estate investment mentor isn’t right for everyone. Think about what you want out of the relationship before you decide.
Can you take criticism? Do you accept suggestions and ideas? Will you provide your opinion and/or speak up when necessary? If so, a mentor is a great idea. You can work together to expand both businesses.
If you instead like to do things yourself and don’t like when someone criticizes your ideas or goals, a mentor may not be the best fit. But you can always give it a try! Take your time finding the mentor that will support your goals the most.