As a beginner real estate investor, you may have been doing all of the right things to successfully launch your career. You have a business plan, you are educating yourself, you are using real estate investment tools, you are working with a real estate agent, etc. Still, investing in real estate can be challenging when you are getting started and have little or no experience. You may have a few people who can offer you some casual advice on real estate investing. However, this will not be enough. To fast-track achieving your real estate goals and building your real estate portfolio, you need a proper real estate mentor or real estate coach who you can call on for important strategic advice.
Why Should You Work with a Real Estate Mentor?
Real estate education is the first step to effectively start investing in real estate. More than ever before, it is now easier for anyone to access information and learn real estate investing. However, this in itself makes it more challenging because of the vast amount of low-quality resources, outdated information, and fake news. This often drowns out what is accurate and valuable. Yet, with a good real estate mentor, you will get guidance on what is most useful and learn the ropes.
Yes, there are many successful real estate investors who have amassed great wealth without a real estate mentor. However, if you are in real estate investing for the long-term, it is hard to survive without someone to guide you. Doing it alone can be very challenging and you are likely to make expensive mistakes that can sabotage your success. You should have a close relationship with someone who has mastered the business and is willing to transfer their knowledge to you. You can also learn a lot from them by watching what they do, how they manage their time, how they interact with other professionals, and what they write about on their blog. Following their habits and applying some of their techniques can help you to achieve your real estate investing goals much faster and even rise to their level.
Most real estate moguls typically have a mentoring team. But finding a real estate mentor, let alone a team of real estate mentors, is easier said than done. Most mentorship programs available tend to involve a significant financial investment, which may not be affordable to most beginner real estate investors. However, there are many other options available. Learning how to find a real estate mentor is a skill that every beginner real estate investor should have.
Here are 5 ways to find yourself a great real estate mentor:
1. Join Your Local Real Estate Investment Association (REIA)
Many cities usually have periodic meetings for real estate investors organized through REIAs. These are trade organizations where real estate investors meet to talk about real estate and help each other. These real estate investment groups often comprise of industry leaders, strategic partners, and your peers. It is a good place for investors to network and find real estate mentors in an organic way.
Local REIAs can be found all over. They are sometimes in the form of informal mastermind groups of a few individuals. They may also be large groups with hundreds or thousands of members. To find local REIAs, try to do a Google search with your city name. You can also explore other cities or states and attend meetings there too.
Ensure you attend local REIAs on a regular basis. This way, you can meet real estate investors who are familiar with your local market. They’ll know what investment strategies work in your area. Try to locate investors that are specific to your field of investing. For instance, if you want to generate passive income through rental properties, find investors who are successful with this strategy. Once you find some potential real estate mentors, offer to take them out to lunch or coffee. Offer to help them out in a way in exchange for an opportunity to learn.
2. Use Your Existing Contacts
Your current network can be a great place to start your search for a real estate mentor. You can meet potential real estate mentors through contacts you already have of friends, family, and real estate professionals in the area. For example, you can reach out to a friend who knows an established investor and ask them to connect you. You can also contact past or current professionals you have worked with such as a property manager, real estate agent, mortgage broker, etc.
3. Search Online Forums for Real Estate Investors
There are a number of forums on the internet that are designed to bring real estate investors together. On these online forums, investors can chat, ask questions, and get answers. You can go to online forums like BiggerPockets and REIClub and try to find investors in your city. Strike up an online conversation and offer to talk on the phone. You can then arrange to meet in person. By simply scrolling through such online forums and reading the threads, you may also identify potential real estate mentors. Also, when reading real estate blogs, always make sure to leave a relevant question or comment. Engage in meaningful discussions and you may end up retaining some of these people in your network.
4. Check Out Groups on Social Media
LinkedIn, Twitter, and Facebook have several networking groups aimed at real estate investors and professionals. These social media groups offer amazing opportunities for connecting with potential real estate mentors. Join a few social media groups and connect with real estate investors who are doing what you want to do. The advantage of social media and online forums is that you can continue to build your real estate network from the comfort of your office or home.
5. Attend Real Estate Trade Shows and Conferences for Investors
Attend different real estate trade shows, exhibitions, and conferences in your own city or even in other locations. Such meetups will give you the chance to meet real estate investors and other professionals in the industry. You can make valuable contacts from a property show which might offer opportunities for finding a real estate mentor.
The Bottom Line
More than hard work is required to become a real estate investor. To achieve high levels of excellence, you require insight and knowledge from those who have mastered the art of real estate investing. A real estate mentor can help you to build the right skills, mitigate risks, improve your strategy, grow your business, achieve your goals much faster, and reach your full potential. However, it is important to remember that just because someone in the industry is willing to offer you advice, that doesn’t mean they will be a great real estate mentor. He/she should not only be an experienced and successful real estate investor but also good at mentoring.
It’s also important to look for a real estate mentor with whom to cultivate a long-term relationship. You should choose someone with whom you share values. It’s always good to evaluate the options you have and test them out before you make a big commitment. Once you have found the right real estate mentor or established a mentoring team, ensure you meet with them regularly to make use of their knowledge and experience.
Be sure to use Mashvisor to learn more about real estate investing.