What motives do mentors have? (and other quick questions)

Question

Hello,

Ive been very interested in growing generational wealth and have started reading the classics, I.E Rich Dad, Poor Dad, and also a book about multi family investing from amazon. On the way are multiple BiggerPockets books in the mail, and I listen to the Bigger Pockets podcast daily while taking notes. Right now , because of my personal life I will not have the capital to invest as I would be comfortable for at least a year (looking to house hack , 3-plex here in Chicago). Given this introduction I have several questions.

1) Most importantly why would anyone with good intentions mentor anyone ? I grew up with little money and was forewarned of people promising to make you money. Not to be cynical or rude, but what motivations do people answering forums like these have? Surely it takes time and effort to educate dummies like me, what is the end game of classes, mentors, etc. Why don't they just take their strategies and make more money for themselves?

2) Book suggestions, Book suggestions, Book suggestions. Fortunately at my day job (which I love and don't intend quitting) I have the opportunity to read often. I have ordered

The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom (Financial Freedom, 3)Curelop, Craig

The Book on Tax Strategies for the Savvy Real Estate Investor: Powerful techniques anyone can use to deduct more, invest smarter, and pay far less to the IRS! (Tax Strategies, 1)

The Book on Advanced Tax Strategies: Cracking the Code for Savvy Real Estate Investors (Tax Strategies, 2)

Are there any other must reads about tax strategies / beginning investing in real estate? Is there any summary of Tax codes that may benefit me specifically in the Chicago area?

Thankyou

-Reilly

Julien Jeannot · Answer

The motivation is diverse and each his own.

Some get a lot of joy and personal fulfillment in passing on knowledge. I find the older I get, the more I want to mentor and see my mentees succeed.

The more you give, the more you receive. I didn't get that one at first, but now I find opportunities arise out of blue the more I help others without expecting anything back.

Another is to market yourself as an expert.

Account Closed · Answer

Some mentors want to give the gift of their experience and knowledge... As someone in the past may have done for them. Its normal to question why someone would want to help with nothing to gain, as these are the rules of capitalism. I give you something you give me something - those are the rules.

Some people like to break those rules and give their gifts(their art)... Read linchpin by seth godin.

Eliott Elias · Answer

I believe they want to give back. They’ve probably reached a point in their career where they have nothing more to learn, and want to stay active. So they take a teaching role. They also want to take a mentee that reminds them of themselves.

Nicholas L. · Answer

We like helping people, and... we ARE making money for ourselves with our strategies. =)  Luckily there is plenty of RE to go around.  144M units in the US I believe.

Go to REIA meetings and network.  Make friends and contacts in the industry.  See what happens.  Don't look specifically for a "mentor."

Book recommendations - Quit Like a Millionaire by Kristy Shen.  The Big Short by Michael Lewis.  The 4-Hour Workweek by Tim Ferriss.  Playing with FIRE by Scott Rieckens.  Work Optional by Tanja Hester.  Am I Being Too Subtle by Sam Zell.  Those are some good ones.

Bruce Woodruff · Answer

Most of the 'mentors' you are talking about are in it for the money. If you can find someone who really wants to help, and will do it for a small fee (just so you have some skin in the game), you will be lucky...

John Warren · Answer

@Reilly Addison Curran most of my mentors have been a bit of a hybrid. I am able to lean on my lender who owns buildings for advice. He is getting paid for my relationship when I close, but he also is more than willing to give me good advice. I also have learned from a few local owners at meetups who were willing to do some low-level mentoring. Things like how do I fix this hvac problem, or what do I do when a tenant does this or that.

I don't think you need a big M, Mentor in this business. Focus on finding people who are one step ahead of you. Align yourself with the right professionals (realtor, attorney, lender, inspector, CPA, contractor, etc). Know that your team will get paid, and be happy for them. You will soon have a team of folks who are all pulling for you to succeed.

Tim Bratz · Answer

1. I can tell you I'm personally motivated because I didn't come from a family of real estate investors and I've seen the wealth that just a handful of good real estate can create. One deal can change your family's financial future forever.

The more people you help, the easier it is for you to get what you want as well. Creating a network of investors who know who you are can only help you get where you want to go. The people I mentor certainly aren't required to do deals with me or give me any percentage of deals they do, but the network is out there and does on occasion work out where I can do deals with people I mentor.

2. The three books I read and reread all the time:

a. 12 Pillars by Jim Rohn

b. Think and Grow Rich by Napoleon Hill

c. How to Win Friends and Influence People by Dale Carnegie

Hope all this helps--good luck on your journey!

Bob Willis · Answer

I am only speaking of mentors you work directly with and do not pay. I think you need to bring something to the game. What is it of value you can, and are willing to provide, your mentor. I know the most valuable asset any of has is time, if you can work with your mentor and give him more time as he shares what's going his projects with you it's a win-win. Do you want to learn how to flip properties? If so, maybe help your mentor find deals, etc etc

Konstantin Ginzburg · Answer

@Reilly Addison Curran

Different mentors have different motivations and those motivations can all be very diverse. Some people have an end game in mind such as finding a potential partner for in other deals or the creation of a sales funnel where their mentees can funnel deals to them. Other mentors simply get joy out helping others and want to have a positive impact on the lives of others. Still other mentors choose to help because they see aspects of themselves in people they mentor. I am personally in the category where I simply like helping people when I am in a position to do so.

As for books to read aside from the ones you mentioned; some of the ones I enjoyed are: Multifamily Millionaire by Brandon Turner, Rental Property Investing by Brandon Turner, The Millionaire Real Estate Investor by Keller, and the additional books from the Rich Dad, Poor Dad series from Robert Kiyosaki such as Guide to Investing and Cash Flow Quadrant.

Best of luck in your real estate venture!

Nicholas L. · Answer

the latter - everyone is welcome.

What motives do mentors have? (and other quick questions)

Most Popular Reply