Do I need a mentor?

Question

Hello Everyone. I’m a 20 year old from the Chicago area and I’m just starting out. I’m currently reading “how to invest in real estate” by Brandon Turner. Do I absolutely need a mentor to become a successful investor or can I just continue to read different books and go based off of what I’ve learned from reading? I’m currently leaning towards wholesaling so I can make money to potentially fund the down payment on my first house hack 4plex and start from there. I’m still learning a lot so I don’t know much.

Also, are there any clubs or events in the Chicago area I can attend to network?

Doug Smith · Answer

Hi @Darius Lemon, If you have to ask if you need a mentor, you likely do, but I would certainly avoid "gurus" that have a lot of sizzle with no steak. I was a long-time banker that had financed hundreds if not thousands of rentals/flips prior to getting into it myself. I had a massive head-start as I knew people that were in the business and was able to find a guy that really knew how to do it. I used my knowledge of banking, leverage, and getting property from banks while he provided the know-how and the resources (sub-contractors, etc). From there, I slowly learned the art of flipping and eventually ground-up construction. I strongly suggest vetting your partner to ensure they've actually done it and they are going to truly hands-on teach you...not on calls with other "students", but really get into the trenches with you. I wish you well in your endeavors.

Julien Jeannot · Answer

It helps, but is not required. The mindset is more important, always seek to learn from others and your mistakes. I feel its the hard way, but I managed to retire from my W2 w/o a mentor.

Jonathan R McLaughlin · Answer

There is no such thing as a paid mentor

(repeat)

There is no such thing as a paid mentor

Ray Hage · Answer

It's not absolutely necessary to have a mentor but it would make your life a lot easier to learn the ropes through someone else's experiences (their previous wins and failures) rather than slowly learn on your own. Books will teach you a lot but it's not the same as having someone with local experience. You can definitely find local REI events since you're in a major city. If you are looking for a mentor, you also need to remember to offer something back depending on what skills you can also offer.

Eliott Elias · Answer

You don’t need a mentor, I’ve bought over 20 properties without one. Would I have avoided a few lessons if I had one? Most likely.

Scooter Williams · Answer

Prior to a mentor all I did was study, analyze deals and take no action. I was able to find a mentor by mistake , learned his system and followed it to t. I paid him a lot but it changed my life. So I would say, it’s not essential but will certainly help limit mistakes and most importantly take action.

Also I will also say , I’m not doing any unpaid mentoring. I don’t have the time for that and any experienced person able to mentor would agree. Yes of course I want to help others but my time is valuable . There’s plenty of free content out there, however free advice isn’t necessarily always good advice. Just my 2 cents

Alecia Loveless · Answer

@Darius Lemon I’ve spent money on some mentors but it’s been a waste. I’ve learned more through BP, books, and hands on just buying a couple of properties than I did with about $20K worth of 3-4 different mentoring programs. The ones I did I got associates not the actual mentor and group calls or chats with the mentor where I rarely ever even got to ask a question. There were some trainings with them but I didn’t learn much that I hadn’t already learned from the books and BP.

I still read as much as possible. Real estate, finance, business, any time someone asks for book recommendations I look over what’s recommended and add stuff to my list. Or if things are recommended in Podcasts like Brandon Turners new podcast I read them.

I started small and bought a SFH locally and rehabbed it through my contractor and got it rented. Then I bought 4-unit about 30 minutes away. It’s been pretty easy to manage and is in very good shape but the drive is a little bit of a pain. I live where most things are either 10-15 minutes or 2 hours. And in winter the 30 minutes is annoying.

Then I just kept buying and buying. I’m up to 7 buildings and 25 units.

Account Closed · Answer

I have a mentor, and it helps a lot seeing what someone is doing on a daily basis to achieve wealth through real estate. Books are great for knowledge, but a mentor will provide you experience.

John Warren · Answer

@Darius Lemon I think everyone needs a mentor, but a mentor isn't always what you think it is. I didn't realize until about 5 years into my career that my first mentor was my residential lender. I would call for the occasional advice on leasing (he self manages) or strategy in regard to when to refinance or buy. Over time, I have met other folks who are one step in front of me, and those folks would give me advice. In return, I have helped the folks who are one step behind me as well.

If you want to build a rental portfolio, this is really a very simple business. You don't need to attend fancy classes that cost 10k. Use that money to house hack or to buy an affordable building that can get you started. Find good local contractors you can trust to do the work. Rent the units out to qualified people. Meet lenders, agents, insurance brokers, inspectors and attorneys through your network, and keep networking. You will get there!

Erin Church · Answer

I think you have a lot of great suggestions here! Getting involved in local meet ups, REIAs is super important. With you being in Chicago, seems quite possible. Also, start digging in as much as you can on wholesaling. Read "Never Split the Difference", watch John Martinez videos. Chris Voss has another book out that's for real estate folks, but I haven't read it yet, so don't want to recommend it (but suspect it's good).

If you're getting into wholesaling and are thinking about a mentor... go work for a wholesaler! It's a great way to learn, get comfortable on the phone, and they may even do some training :) This is like getting paid to be a mentee. :)

Do I need a mentor?

Most Popular Reply