Is it a good idea to seek out a local mentor?

Question

Hello everyone...is it beneficial to seek out a mentor in my local market (Raleigh, NC)? I've read a great deal of material, done a ton of research, but I'm a hands on kinda guy...so for me I think its the next logical step. I know peoples time and effort are valuable so I don't know if its even feasible. Thanks so much for reading and any suggestions!

Mark Updegraff · Answer

Mentors come in many shapes and sizes. There are lots of ways to get the info you need without being a burden to an asset that you may need to mentor you in the future. So yes, you want to build a network of mentors, but you don't want to slam any one mentor with a bunch of time suck questions. Find the mentor that fits the need. Are you closing deals? Then your RE attorney will be a valuable mentor and he won't mind, you're bringing him closings. Are you giving any lenders business? I'll bet they would be happy to answer any questions they can. Rely on those whom backs you scratch first, and save those whom you are yet to scratch for those important times when only they know the answer you seek :D

Cheers,
Mark

Cheers,
	Mark

Andrew S. · Answer

@Rick Shipp  you might also consider signing up for the creative real estate investing class at Wake Tech Community College (6 evenings - 80 bucks, I think).  Jim Morton, the instructor, is a local REI with decades worth of experience. Great way to get started.

Erik Hitzelberger · Answer

@Rick Shipp - I'm personally a huge believer in having mentors and attribute much of my success to expertise I gained from others.  That being said, you need to have clear goals and reasonable expectations before you get started.

If you know what you want to achieve, why you want to achieve it, and how you plan to go about achieving it, you can pick someone who is best suited to help you.  As an example, if you want to own 25 rental properties, you need to find a person or people who can teach you about property management, acquiring houses, financing, maintenance, etc.

Once you've identified what you are looking for, you need to also identify what value you are going to provide to the relationship.  This can be money, time, deals, referrals or any number of things.  But, the exchange of value should be clearly defined so that both of you understand your roles and responsibilities.

So, do you know what you are looking for?

Good Luck!

Jacob A. · Answer

@Rick Shipp

I think you're on the right track going to the TREIA meetings.  Figure out what you can offer to another local investor.  Do you have your real estate license and can bring that person deals?  Have you started a direct mail campaign that is producing deals?  Are you good at any handyman skills (plumbing, electrical, framing, etc)?  Do you have any money to offer to potentially partner on a deal?  Bring something to the table and make it worth someone else's time to show you how they operate.  For me personally, there is so much information available on the internet these days I'm not even sure you need a mentor.  However, I guess as the saying goes, there's no substitute for real world experience.  Good luck.

Rick Shipp · Answer

Thanks so much for the replies and guidance. I've signed up with my local REIA...canceled tonight (due to the weather)....but I'll be attending next week. Andrew...thanks for the Wake Tech tip...didn't know they had such a class but I'll be looking to enroll! Best wishes and much success to all!

Account Closed · Answer

@Rick Shipp  The question of this thread for me is more about it being LOCAL or not.

100,000% YES< be local! While someone from a distance can get you high level advice, they have no clue what your local market is like. What your local municipalities require for codes, rental registrations, whom to talk to. What inspectors to work with. Local lending institutions, etc.

The first rule in real estate is well known, it is LOCATION, LOCATION, LOCATION.

I personally mentor/coach people here in Chicago. I will not work with people outside of it, not because I am not knowledgeable, but because I don't know their market, and I am unable to give hands on advice. I prefer to walk a student through properties, show them what to look for, what to look out for. The tell tale signs of future issues, etc. I also walk them through the county buildings, introducing them to the clerks and employees they will have to deal with when recording documents, filing evictions, tax appeals, etc.

Now for some, mentors that are cross county, may work. They may give them the encouragement and kick in the butt they need. However, I am not a proponent of that personally.

Is it a good idea to seek out a local mentor?

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