How to Find a Mentor in Real Estate

Question

I am new to real estate and trying to get started. I am looking for ways to find a mentor in this business. It would be super helpful to be able to send a possible deal to someone and get a second opinion from someone that has done this before.

Marcus Auerbach · Answer

Forget looking for a mentor and work on your self-reliance. I am saying this as someone who was just as scared as you when I bought my first duplex in 2009 (Milwaukee real estate did not look very promising at that time)' The reality is nobody is going to make the decisions for you. Even worse, you wil get conflicting advice and that will paralyze you even more. So, ultimately it's your call.

Read some books (I used to say all you can find, but there are so many now) about REI. You can always post numbers here on BP - that is probably the single best way of getting feedback and you can tap into swarm-intelligence.

The best tip I can give you is instead of analyzing deals and never knowing how good is good enough, at some point: define your buy box. this will get you out of the maybe-zone into a pass/fail decision. Either it's in or out. That makes it a lot easier.

Also make sure your buy box is realistic. If you are looking to buy a single family for 50% less than the best deal in the last 12 months in that neighborhood you are chasing a unicorn. Be realistic.

Finally, don't overthink it. It's not rocket science. Buy the best quality deal you can find in an at least decent neighborhood. Stay away from the hood, no matter how mesmerized you are by the theoretical cash flow on your spreadsheet.

You don't need to make all your money on your first deal. Remember you are looking to build a portfolio, so buying a lower ROI, but less risky deal for the first one is never wrong!

Rebecca Knox · Answer

ChatGPT is a great mentor :)

As someone who offers consultation and mentoring and who has also partook of paying for courses, honestly, there is nothing people can say or do that you can't find yourself on Google or ChatGPT.  There will still be a market for coaching/training as most hope to be able to pay for the magic potion but honestly, try ChatGPT paid version.

Gregory Chadwell · Answer

I would suggest joining a local organization like a REIA or landlord group in your area.  Great tips from fellow landlords and join their discussion groups too.

Nathan Gesner · Answer

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Prioritize your financial stability. Eliminate debt, establish a budget, and save. Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts. A prudent investor doesn't seek quick riches through shortcuts. To thrive in real estate investing, you must maintain a firm grip on your finances. Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, Facebook, or a Google search. Birds of a feather flock together!

5. Now, you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum. A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, recognizing a good deal will be much easier when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.

7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still need to learn more because certain things must be learned through trial and error. You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is forgiving; the average person can still make money even with some big mistakes.

Nathan Gesner · Answer

Mentorship isn't about finding a great mentor. It's about being a person great mentors want to help!A mentor can accelerate your growth, no matter what level you're currently at. They can sharpen skills you already have, or expose you to things you've never even thought of. Unfortunately, a good mentor isn't always easy to find.Think about it. You're asking someone to spend a lot of time and energy to share what they've spent years - maybe decades - learning and developing. That's a lot to ask of a complete stranger! Why would they want to invest in you? How do they know their investment will not be wasted? What can you offer in return?You are far more likely to find a mentor through in-person networking and building relationships. The mentor will have an opportunity to know you, see your determination and will, and then decide to pour their time and energy into helping you develop. How to find a mentorNot every successful person will make a good mentor. Not every good mentor is a good mentor for you. Here are a few things to look for:1. They should have current experience and plenty of it2. A love for real estate investing3. A desire and ability to share their knowledge4. The ability to speak the hard truth with empathyIt doesn't matter how good a mentor is: if they don't mesh with you personally, it will be a disaster. That's why I stress the importance of building a relationship first. You need someone who clicks with you personally before engaging in a mentor/mentee relationship with the dedication and stress that may be involved.Where to find a mentorStart by looking within your existing network. Do you have a family member or friend who's achieved what you want to achieve? Remember, it doesn't need to be Grant Cardone! As a beginner, you can learn a lot from your uncle with a few rentals in another state or a co-worker who's on their second house hack. Make a list and look closely at each one to see if they are an option.If you can't find someone within your network, expand your network. This entails building personal/working relationships with people successful in the field. You could do this in the BiggerPockets forum, but building relationships with people from other states behind a keyboard is hard. Get out and rub elbows with local investors by joining a local real estate investor group. Even if you have to travel a couple of hours, you have a much better chance of finding someone.How to approach a mentorOnce you've found a likely candidate, it's time to reach out and ask. Some tips:1. Have a goal. Let them know - as specifically as possible - what you are trying to achieve. If you walked up to Michael Jordan and said, "I want to learn sports" he would walk away. If you told him you have been playing pickup games for the past year and need help improving your jump shot, now he has evidence you're motivated and a specific goal he can quickly help you work towards. Example: "I want to build financial independence through real estate investing. I'm unsure what the right path is, but I've been reading about investing in owner-occupied, multi-family properties. I've crunched the numbers and if I could purchase three four-plexes in the next ten years, that would give me the financial independence I'm looking for."2. Make a short list of questions to ask. Even though they are the expert, you still need to ensure they fit you well. This is an opportunity to confirm they have the expertise you need. You don't want to start a relationship to learn about storage units and then find out they only invest in single-family homes.3. Practice your pitch! How you approach the mentor demonstrates how you will approach real estate investing. If you don't do the homework, you will give them the impression you may not be up to doing the homework with real estate investing. You should be able to express your goal in one minute and then expand if questions are asked. It sounds cheesy, but the best way to prepare is to work with a friend or two and role-play. Consider what questions the potential mentor may ask and how you would answer. Practice these answers until they roll off the tongue. Be prepared to demonstrate what you've learned and how hard you will work to put their advice to work. This is a two-way interview, so have a short list of questions to ask the mentor (What books do you recommend I read to gain a better understanding? What, specifically, would you recommend my first step be? How can I help you achieve your goals in exchange for you helping me?)4. Know how to take constructive criticism. A smooth sea never produced a skilled sailor (Franklin D. Roosevelt). You will make mistakes. You won't understand something and need it beaten into your head ten times. If you feel they're being too harsh, think about their intent. Maybe they communicate differently but have good intentions. If they're not challenging you, or your personalities don't mesh, be prepared to give them honest feedback. Let them know if they're not a good fit and you need to move on.5. Pay them back. A successful investor's time may be worth hundreds of dollars per hour. They're willing to share it with you for free, so try to find ways to pay them back. I've heard of mentees who started cleaning up construction areas on a flip at the end of each work day or picking up supplies at Home Depot and delivering them to the job site. Some mentees will act as a bloodhound for the mentor, knocking on doors, driving for dollars, scouring the internet, making cold calls, or performing other services that help the mentor find new deals. Your mentor has needs; try to meet them and develop a mutually beneficial relationship.A mentor can benefit your growth, but it's not as simple as one post on a forum full of strangers. Put in the effort, build relationships, prove your value, and improve your odds of finding someone to help launch you on your path.

Cole Jennings · Answer

Thank you for this reply, your advice makes a lot of sense, and I have been trying to build my knowledge up as much as I can. It is nerve racking and it is leading me to over think. I should just focus on the math and trust it. Thanks.

How to Find a Mentor in Real Estate

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