How to Find a Real Estate Mentor for Free
“If you cannot see where you are going ask someone who has been there before.” This wise quote by J Loren Norris applies to all investors at different stages of their investment journey. Whether you are a beginner aspiring to learn about real estate investing, or a savvy investor yearning to scale up, you need a mentor.
To advance your expertise in any field, valuable knowledge is a necessity. A mentor will give you prodigious insights to speed up the achievement of your real estate investing goals. Mistakes are expensive. A mentor will guide you to jump pitfalls that can cause losses.
Align yourself with an investor who has achieved what you desire. This way, it is simple to achieve your targets. If this has triggered your interest in a mentor, keep reading.
What is a real estate mentor?
This is an experienced real estate investor willing to share his knowledge and skills with a novice investor. While working with a mentor, you will learn new investing techniques and how to succeed in real estate investing.
A mentor is a guide and teacher who sometimes provides coaching one on one. A good mentor will push you beyond your elastic limit and help you succeed in real estate investing. This is an individual who will give you practical examples of what they have done that you can apply to your own project and get excellent results.
Who is the right mentor?
Not all experts in real estate investing can be mentors. Search for a mentor who:
- Understands your long-term and short-term financial and investment goals. They will guide you on the right financial options, how to increase your cash flows and grow in real estate investing.
- Has knowledge of tax laws to give you insights on tax benefits and how to stay on the right side of the law.
- Can analyze a property and tell you whether it is a wonderful investment using different metrics.
- Holds you accountable to ensure you achieve your intended results.
- Is rich in information about asset classes and profitable markets to invest in.
- Has good interpersonal skills; someone who is honest, patient, optimistic, a keen listener, a great communicator, and upholds high ethical standards.
- One who is within your reach. Easily accessible and around your geographical location.
Steps to finding a real estate mentor
#1: Define your needs and objectives
First, do a self-analysis and know what you want. Determine your investment strategy as a real estate investor. Outline your aspirations and what you want to accomplish. The experience you are seeking to get. For a mentor to meet your needs, you must first know the direction you want to go professionally.
#2: Evaluate your mentor’s success
Prosperity can’t be quantified. There is no specific level of accomplishment that your mentor should have. Determine whether your prospective mentor has excelled in the things you intend to do. The success level of your mentor will show what you expect in the future.
#3: Find out the risk level you can put up with
Real estate investing is all about risk-taking. Some investors choose to deal with less risky ventures like wholesaling. Others don’t mind high risks as long as they get good returns.
Engage a mentor with whom you agree on the risk one should take while investing in real estate. With the same investment philosophy, you will work with mutual respect.
#4: Establish respect
Respect goes both ways. To fully benefit from mentorship, you must have high regard for your mentor. The same applies to your mentor. If they don’t exalt of you, they won’t attend to you fully. This is worse than not having a mentor.
#5: Identify common goals
It doesn’t just end in mentorship. A possible future partnership is something you should have in mind. Therefore, ensure you align your goals with your mentor’s. With such a strategy, you will learn and gain more from mentorship.
How can you find a real estate mentor for free?
#1: Join a local real estate investment association (REIA)
Do a Google search to get local REIAs in your city. They hold regular meetings to discuss real estate investing challenges, solutions, and potential opportunities. The sessions are attended by industry leaders, experienced and new investors.
Attend those meetings and interact with specific, experienced, and successful investors in your area of investing. Offer to buy coffee or lunch for your potential investors and inform them of your intentions. You will definitely get someone willing to guide you for free.
#2: Explore your current network
Your existing contacts with investors can land you an excellent mentor. Talk to family and friends to connect you to excelling investors. Get in touch with your past or current real estate professionals like contractors and real estate agents they make wonderful mentors.
#3: Look into online forums
There are several online forums that bring real estate investors together. Engage and chat in meaningful conversations. Read through threads, you might discover a prospective mentor. Contact them and arrange for a meet-up.
#4: Join social media groups
Social media groups like Facebook, Linked In and Twitter connect investors with common interests. Join these groups and talk to investors that do what you aspire to do. You will not only find a mentor but also enlarge your network.
#5: Take advantage of real estate trade shows and conferences
Attend various trade fairs and exhibitions in different locations. It is an opportunity to mingle with performing real estate professionals.
The success of your real estate career is pegged on both what you know and who you know. A valuable mentor will skyrocket the achievement of your investing goals. The more knowledge you have, the more you will earn. Know how to find a real estate mentor you can depend on without having to pay. Respect, trust, and dedication will build a solid mentor relationship. Therefore, choose a mentor wisely.
Take a Course On Real Estate Investing
- Real Estate Investing School – How to Make $100,000 from Real Estate
- How to Fix & Flip Houses
- How to Buy Rental Properties
Or sign up for my weekly email newsletter to get tips and lessons sent to your inbox.