How do I find a Mentor?

Question

For the past two years I have read, researched, drove for dollars, assessed deals, looked at properties in my area as well as distant properties and I have yet to "pull the trigger". I have read countless posts and articles about finding a mentor, which state that it has to be a give and take relationship and I completely agree. I have read about reaching out to investors and offering to work for free in return for mentoring. I have researched and paid for mentoring in the form of classes with no personal interaction. I believe I have done it all, EXCEPT, buy property.

My Story: I am a dentist of 17 years and my dream is to create a dental group that provides a great place for people to work as well as provides exceptional care. I believe this is necessary due to the increasing number of huge corporations that are running dental offices that focus on the bottom line and not patient care. I believe that if you take care of your patients with ethics and morals that the bottom line will take care of itself. This has proved true over the nine dental offices that my wife and I have acquired.

THE PROBLEM: This has provided me with zero time and as everyone knows that is looking into real estate investing is interested in ending the era of "trading time for money". Since the outbreak of COVID-19, I have worked seeing emergency patients 7 days a week. This is mainly due to the fact that many dentists for one reason or another have completely shuttered their doors.

That begs the question, how do I find a mentor when I work 80+ hours a week (NOT complaining), in a stay at home society?

Is it taboo to offer my dental services in exchange for mentorship?

Are there other ways to get mentorship that is a win win for both parties?

Any and All advice is appreciated...

Stay safe, stay healthy

Alex Deacon · Answer

@Scott Bares i get this question a lot. Will you mentor me? Will you let me shadow you for a day or a week? I personally believe in order to find a mentor you have to work for free for them. You have to provide value to them first and show by doing and proving yourself first. Another option is to find the deals and possible finance them if you have the funds. If an investor wants to be my partner here is my criteria. 1. You need to bring me a deal OR 2. You need to offer financing thats super appealing and has value to me. My final criteria is that I have to like and trust you. It doesnt matter how much profit is in the deal, if I dont like or trust who I am doing business with I am out. I hope this helps you a little bit. This is just my 2 cents on the subject. A good book to read that will go into a little more detail is Rich Dad Poor Dad.

Marlen Weber · Answer

@Alex Deacon great advice on how to connect with a mentor. Thanks for sharing.

Scott Bares · Answer

I appreciate the advice on the dental offices, however, that is what I currently do. I own 9 dental offices and before the health crisis, had 86 employees. As we have all read, wealthy individuals have no less than 7 income streams. Real estate would be an added income stream.

I appreciate all the input!

Nick Rutkowski · Answer

@Scott Bares

Maybe you can start buying small dentist offices and work on expanding that way? You could find other dentists to run the practice while you keep searching for other dentistries to buy. Eventually this could lead to you forming your dentist group. Food for thought.

Scott Bares · Answer

Cold feet is somewhat right. My major concern is that I live in a very rural area and I am looking for direction on what would be the best market as well as the right deal. My home town that I am most familiar with seams like a bad idea in my gut. The property values are not in line with what average rent is and the crime rate is high. Furthermore, the industries that were previously here (Honeywell, Newell Rubermade, etc..) Have mostly moved out. I would like to be invested in a market that is growing, although the distance from the properties makes me nervous.

Jonathan Greene · Answer

I don't think you need a mentor yet. What you are looking for is for someone to do more of the work and help you close the deals or help you "get off the pot," but that's not your best bang for the buck (or time or trade) with a mentor. To get the best mentorship or coaching, you don't need it to get started, you need it to take your existing business from A to B. Your issue is that you don't have the time to commit to real estate and when people have money and are strapped on time, they tend to trust (or pay) others to do things for them and then never learn why or how and end up losing money or trusting people on a deal that they didn't have the time to fully vet or understand. I would wait until you can get more help at your dental practices so that you have time free to fully invest in REI.

Chris C. · Answer

I could be reading it wrong, but I sounds like you just have cold feet and want someone to look over your deals and tell you to go ahead and buy? It sounds like you have the book knowledge and all the experience that you could get without being actually in a property.

Greg Dickerson · Answer

I work with several Dentists and Doctors that are in your exact same position. It's a delicate balance but there are some great options. Feel free to shoot a message over and we can discuss.

Jim Pellerin · Answer

Im sure we could work something out. The real question is if you would have enough time to do the work needed. Send me a direct message and we can discuss further.

How do I find a Mentor?

Most Popular Reply