Is a mentor necessary?

Question

This is a topic from another thread I created, but is it absolutely necessary to have a mentor?? Other people do it without a mentor, I think I can too. The mentor I have chosen wants $500 a month for 6 months, for a total of $6000. He has never mentored before but he has a very successful wholesaling business.

Do I really need a mentor? Can't I just get out there and do it?

Do I really need a mentor?  Can't I just get out there and do it?

George P. · Answer

no. paying someone for "advice if this is a good house to invest in" is crazy. if he finds you the deal, sure...

what kind of stuff will he help you with, btw?

i did not have a mentor when i started. just made sure the numbers made sense and dove in. that's the best mentor.

Chuck Redman · Answer

Brian,

I am new to REI and I feel a mentor is invaluable!  I found my mentor from networking and he is NOT charging me a dime!! He is helping me because he sees the true desire I have to learn from his experience. He is a multi-millionaire with many years of experience and owns a lot of real estate. We are getting together again this afternoon to discuss how things work and look for a property to work on together as my first project.

Best of luck to you!

JD Castillo · Answer

brian,
I'll give you some advice my grandpa gave me;  "Hang out with people who you want to be like."

a "mentor" isn't necessary per-say but if you want to be an investor, hang out with investors.   talk real estate.  learn all you can and when you see the right deal jump in head first!!   if you loose $6k on your first deal...you just paid $6k to learn more than ANY mentor could teach you.

James Vermillion · Answer

My favorite answer...it depends.  I started with a business partner and neither of us knew a thing about real estate when we started.  However, I am not the type of person who needs someone to guide me through everything, instead I went out and learned as much as I could and we formed a plan.  After we spend time researching our market, learning more about the business, and preparing our business we started investing in real estate.

Everyone is different though and some people need someone to coach them through their first couple transactions (although I do not believe paying thousands of dollars is necessary).  Only you can answer whether or not you need a mentor.

Nancy Roth · Answer

It's a very personal thing. I do not want to waste time making mistakes a wise adviser and advocate can help me avoid. But many people have prospered without such advice, and more power to them.

My mentor has helped me with decisions that I simply did not have the base of experience to figure out by myself. A lot of times I don't clearly understand that a choice had to be made, for example, about marketing strategy. And whether a deal is worth pursuing. He catches things I miss, like a safety net. That has strengthened me in pursuit of my goals.

Brian Stone · Answer

that's what im saying!  these mentors and coaches are going to cost me a lot, but i think i have everything i need already!

I read so much and learn so much from BP, plus I read books, ebooks, attend webinars, im going to a reia meeting tomorrow, I just am AFRAID i think to be alone.

but if others have done it, so can i!

Is a mentor necessary?

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