Can a New Real Estate Investor Build a Team without a Mentor?

Question

Okay, I'm new to Real Estate Investing; I mean like brand spanking new! I have heard I need a team which makes all the sense in the world: RE Agent, RE attorney, General Contractor, Lender, Mentor- my head is spinning!  I am trying to figure this all out, so that leaves you - my BP community.

Can I do this, start - without a mentor, while I find a mentor, and how do I find a mentor?!

I am looking into what events will be held near me (Philadelphia, PA), and to start talking to people and getting information, etc. I know the relationships between a real estate investor, their team and mentor should be organically established, and honestly I would not have it any other way.  I do not want to force a business relationship, I would rather enjoy calling and speaking with someone knowing that we both are looking to build together. Any suggestions from my BP Community will be greatly appreciated on how to get all this together, because I want to do this right (though I am sure there can/will be ups and downs). Unfortunately, I do not know anyone in RE, family or friends (except those who bought their personal homes) to go to for advice, but I do not want to let that stop me.

Okay, let the replies begin!

Mark Sewell · Answer

Be on somebody else team.  Find somebody that is doing what you want to do.

I've meet a handful of people locally just from being active on BP.  I've tried to help them with their lead generation to buy properties in their areas, and I have learned a lot about what they are doing.

You want a mentor?  Go find a local hard money lender.  Learn what their lending requirements are and starting running deals at them.  Trust me, if they don't like your deal, they will let you know.  You just need to be willing to listen.

Lance Bloggs · Answer

First, a mentor is optional. In many ways, the journey can be better with a mentor. The problem is the RE investing sector is full of people who want to charge a fee for less than great advice.

I have been investing for 35+ years; Hawaii to London England.

I went a long way before I ever paid a mentor or coach. Books and other information resources were all I used. Frankly, I am old enough that books were all there was at the time (before cell phones). No one was selling over the Web as the Web was not invented until about 8 years after I started. And I was paid to be online back in 1982 so it there was online resources I would have known about them.

What you need are people to turn to. A network where you can ask questions, get advice and otherwise know where to go to when you are in a jam or stuck. There is very, very little in the field or RE investing that someone else has not figured out. You are not inventing something. You will be finding a way to motivate yourself to achieve success. Most of the success comes from playing the long game.

Your local RE meetings will be a great resource. Be careful about spending money on courses promoted at group meetings. The quality will be all over the map. Use online forums to engage with people. Different forums have different vibes and communities. Some will be better for specific strategies. And they sometimes have a geographic focus. When possible, use the online resources to find people who you can meet in person at a meeting. Like doing a bit of DD on a person, finding out what they are good at and then having a quality conversation in person.

Now, a strange coincidence. I will be continuing off my relocation back to the USA in 3-4 weeks. The container has already arrived and the flights are booked. I will be about 25-30 miles south of you. Just inside PA on the DE border. Happy to have a chat in person, by Zoom (from the UK) or on the phone. A personal friend is a DE real estate attorney so they might be able to offer some generic advice (they do not practice in PA). Their husband works in sales in the construction industry so well connected to the builders in the region.

Ruby Schwartzberg · Answer

@Raul R.

Thanks for the reply! I am stuck on what I could bring to the table, since I did read to offer some skill in return. Of course, my mind is coming up blank at the moment. However, I'll think of something because I can and have worn many different hats, so there has to be something I can do for someone else as well.

Michael Zau · Answer

You are looking to build an empire, either small of one door, or large of many doors.  when you start with an end in mind, its easier to digest whether you need a team, a mentor or maybe both.  You may want to even intern for a seasoned professional.  Reading will help and networking functions will definitely help your education.  However when you want to get boots on the ground and really do it, you'll need someone to hold your hand that's been there before. It's easy to make a profit til the one mistake eats all of it, and that is just foolish when  mentor might mitigate that expense.

Raul R. · Answer

@Ruby Schwartzberg

Mentors are optional and Gurus are not needed!!! If you’re lucky enough to find a mentor you will need to bring some value have a skill that they need for relationship to work..

Caleb Heimsoth · Answer

@Ruby Schwartzberg I’ve built teams in 3 different markets and never had a formal “mentor”.  Hopefully that shows it’s very possible to do

Ruby Schwartzberg · Answer

@Matthew Irish-Jones

Thanks for the advice. Guess I am on the right track: reading and looking for meetings. However, I never thought about having more than one mentor. Guess if that happens it would just happen.

Thank you again!

Lydia R. · Answer

@Ruby Schwartzberg You are welcome! BP is an awesome place to connect with other investors. I like local REIAs and RE meetups because its nice to connect in person with other people who are doing what you want to be doing. I met a guy at a RE meetup when I first started wholesaling and he let me come to a house he was rehabbing at the time and gave me some invaluable teaching about repairs and estimating costs which is a huge deal if youre wholesaling. Definitely find some quality REIAs and attend if you can!

Ruby Schwartzberg · Answer

@Lydia T.

Hi, Lydia! I have not attended any as of yet. I just missed one this week unfortunately. But I am searching and in the meantime I am posting on BP and getting great feedback and also just reading, reading and reading! I also signed up for 2 Webinars on BP, I am going to connect with as many people as possible because it can only go upward from there for me and them as well. We'll all grow together right?  Thanks for the advice, I do appreciate it.

Lydia R. · Answer

@Ruby Schwartzberg Have you been to any local REIAs or real estate investing meetups? Those are great places to connect in person with like minded RE folks.

Can a New Real Estate Investor Build a Team without a Mentor?

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