Are real estate mentors just mythological creatures?

Question

Does anyone have a legit experience involving a mentor/mentorship that lead to REI success?

Andrew Michael · Answer

I do and I could name several other people on this site who have also reaped the benefits when partnering with a mentor.

Perhaps my definition of a mentor is a bit different but I consider anyone who was more experience in an a particular area of real estate that I wish to get involved in a potential mentor.  Of course a mentor-ship is not a one way street.  Me as the mentee must figure out a way to bring value to the deal and relationship.

I think too often people are looking for a teacher student type relationship and someone they can cling onto and shadow as they learn the game.  I think this is the wrong approach.  If you want to get into flipping, find someone who has flipped several houses and do everything you can to find him or her a deal.  Go house hunting every weekend, do direct mail, knock on doors, make cold calls for them.

Don't get stuck in the idea that you need an overall "Real Estate Mentor".  Find an experienced agent and learn what you can from them.  Find an experienced wholesaler and harvest that relationship.  Find someone with a rental portfolio and offer them your services.

Jeff B. · Answer

I frequently see "I just got xyz.  Now what do I do?"

Frankly - - get out of xyz asap and learn more would be the best advice you can get."  WHY?  Because IMO, a mentor is one to whom you pass alternatives and have him/her evaluate the choices, show you the consequences, and project thing you can do for better choices in the future.

Again; IMO, if you really don't know the steps for the REI path you've chosen, you're in trouble and easily manipulate.

Gary Harris · Answer

@David Dachtera,

I wholeheartedly agree with you, but their does come a time when you reach a certain level within your business that you simply cannot help everyone that asks for it.  A good way to select those to help are those that have taken a level of action to differentiate themselves from everyone else (I.e. found a deal or can bring money to help complete a deal).  These individuals have set themselves apart and it allows me to teach them by actually doing and not just giving my 2 cents on a topic.

If these new investors asked four other people they might get 4 different answers.  Nothing in my opinion is more valuable educationally then by actually doing.  As scary as it is sometimes.

Gary

Abdul Azeez · Answer

Also, you can't depend on just one person to be your mentor. You are constantly learning and relearning things based on your interactions with different people.  So you get multiple perspectives from different channels based on their respective experience. So, each of these could be considered a mentor.

David Dachtera · Answer

@Gary Harris,

Purely my opinion, but mentoring is not about, "What's in it for me" as the mentor. To my mind, mentoring is about, "How can I give back by helping a newbie get his feet wet?"

My $0.02 ...

Gary Harris · Answer

I completely agree with Andrew...as a mentor....I am much more willing to work with someone that brings value to the table.  That value is a deal or money for a deal.  Don't come to me with no value for my business and expect to get mentored for free, sorry just isnt going to happen.

Gary

David Dachtera · Answer

@Christopher Riley West,

It rather depends how you define it, Chris.

If you mean a guru-type who asks a king's ransom up front, no - I've never heard of that going well. It may on occasion, but the bad stories get more publicity, let's face it. Personally, I've never heard of a success story where someone got a paycheck their first day on the job.

However, I have 200+ people around me and most of them are potential "mentors" in that they will willingly sit down with me and help me analyze a deal for profit potential and help me reach a go / no-go decision. ALL I have to do is buy them lunch or dinner. They'll share their sources with me when it comes time to look for private money, GC's, tradespeople, ... They'll even partner with me if it's the type of deal they've done before but I haven't.

We all have the same education and we all speak the same language the same way.

For what it's worth...

Derek Carroll · Answer

if you want a mentor then you have to find people doing what you want to do and just reach out. Everyone has to eat, offer to buy them coffee lunch or dinner and just chat. Don't expect any formally arrangement and don't ask anyone to mentor you because that sounds like a responsibility to them. After the conversation just say something along the lines of " I'd love to keep talking to you or pick your brain about more specific questions/deals as they come up". Most people will say yes, especially if you're not asking them to commit a huge chunk of their time.

For example the other night someone called me asking for advice and I was in a position to talk to I chatted for an hour or so offering my thoughts. I've done this a few times. I've also said no a bunch so it all depends on when you catch someone. I think that for the most part people like to help others as long as it doesn't take a lot of time or energy. A few conversations isn't asking for much and you'd be surprised how many people would be willing to talk.

If you're approaching prominent people who may be asked often then be prepared to do some homework upfront on how you can relate and maybe they will help get you a meeting. Think about a student calling a former alum for job advice, this is standard practice and there's a common connection.

Think about it this way, would you ask someone to be your friend? No the relationship just develops. Same thing in a mentorship. Don't ask for it just develop a relationship over time with people who you can ask for advice when you need it.

Christopher Riley West · Answer

Thanks everyone for this great insight! I understand that these high cost mentorship programs are probably not worth it. After all, why pay for advice from someone not in the area.

We have a construction company and a contractor on board with 20+ years running his own business. He have given us the opportunity to use his assets and expertise for a cut in profits. Like many, we are trying to balance the line of taking it full time or not. I guess he is a "mentor" in many ways.

I guess having a decent job is my biggest crutch. Again, thanks to everyone for the ideas and good luck!

Linda Labbe · Answer

HI would not be where I am today without input from many and am more then willing to pass on what I have learnt and how i got to the place I am today..but investing is not a stagnate thing one is constantly  re-evaluating how one works and learning its a trip  that can be taken together..interested one can always look me  up

Are real estate mentors just mythological creatures?

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