How do I find and chose a MENTOR

Question

I feel like I have come to a place in my real estate education, where I have hit a wall. Scattering about Bigger Pockets and other publications out there trying to get as much information as I can. At first, all information was good information, and I felt that I had direction in my education. Now, I feel like I should be focusing in a specific direction and I am just not sure what it is. Every time I think " THIS IS WHERE TO GO " another 9 or 10 "THIS IS IT " options show up. I feel like now would be a very good time for a mentor. So, a few questions...

1. What are somethings I should look for in a mentor?

2. Does it need to be someone in my area or can mentoring be done completely online?

3. Is it better to have the option to have face to face meetings?

4. Do all mentors charge a fee or is it a I will help you when I can situation?

5.  What might a mentor require of me if not a fee?

6. Do people have more than one mentor?

7. How do I find a mentor that fits me and my needs?

Thank you from another future house flipper,

Carl

J Scott · Answer

1.  You don't choose a mentor --  a mentor chooses you.  A mentor is someone who has a vested interest in your success, and a good mentor won't choose to spend the time mentoring if they don't believe they can help you.  A mentor is different from a coach -- a coach is someone you paid to teach you something.  A mentor doesn't teach you -- he helps you make decisions, provides advice and gives general guidance.

2.  A mentor is going to be someone you know.  Good mentoring is very personal -- the mentor knows all the details of your life and situation, and tailors his guidance and advice to your goals.  Coaching (for real estate investing) is something that should be done in person and locally, as real estate is very local and it's difficult to teach someone the business when you're not on the ground with them.

3.  Again, depends on whether you're talking about a coach or mentor, but in general, face-to-face is always better.  Though I have a couple mentors from decades back that I can still email or call when I'm looking for advice or opinions.

4.  Mentors never charge.  Coaches charge.

5.  Mentors have a vested interest in your success.  They may be long-time friends or family, a boss/co-worker, etc.  The only thing I've required of those I've mentored is a sincere interest in learning.

6.  I've had several over the years.  Typically, once a mentor, always a mentor (unless you outgrow the relationship or it doesn't work out).  So, yes, many people have more than one mentor, and typically each mentor has a unique experience and skill set.

7.  Build relationships, and mentorship will natural fall out of that if you are receptive to it and the other person is interested in helping you.

Carl Gorson · Answer

@Cory Botright    I think I want mentor, I'm thinking that might be more personal. On the other hand, if I'm paying someone, would that be a more straight to the point approach? I would appreciate  your feed back. Thanks

Carl Gorson · Answer

@David Ferrette

thanks David, REIA meetings, I will definitely add that to my schedule. A two way relationship, got it ! thanks, any other advice I would appreciate.

Carl

Bob Okenwa · Answer

Honestly, being on BiggerPockets gives you access to thousands of mentors 24 hours a day. Signing up and asking questions is free and you may eventually meet someone in your area that can provide some mentoring to you. I say that because it is not easy to find a mentor as investors don't go around advertising that they'll help new people just because they like to be helpful. You need to provide something of value, and that usually isn't money as successful real estate investors have a good amount of that already and their focus is not on a few hundred dollars from a trainee, but finding more deals to add to their pipeline. You should be willing to hustle and do just about anything to help that mentor in order to get your foot in the door and learn everything you can from them, even if you have to work for free. You have to add value to their operation without just adding a burden to them. The number one you need to consider is not how a mentor fits your needs, but how you fit theirs. They are not in business to help you out and make you a better investor. You should do that for them, and in return, you receive (hopefully) a hands-on up-close experience that will guide you as you move forward with your investing career.

Account Closed · Answer

@Carl Gorson  You should poke around BP for a few days before signing up a mentor. You need to decide what interests you first.

Decide which kind of investor you want to be (SFR, Commercial, Land, Tax Liens, HML, Multi-Family, Notes, Fix & Flip, Buy & Hold, “Subject To”, apartments, duplexes, assisted living, REOs, Foreclosures, Short Sales), etc.. Decide how much money you have access to, & the zip codes, city or state you want to focus on. That will determine the next step. Outline where you want to be in five years. Put it all in writing. Start working your plan. There are plenty of people around to help you each step of the way.

Carl Gorson · Answer

Account Closed

working out the bugs, please see post , thanks

Cory Boatright · Answer

Personal mentors are phenomenal, but you need to go to them and serve them first. Don't ask for anything in return. The lessons that you learn from being around them will be very valuable.On the other hand, hiring a coach is very straight forward and because you are paying them you will often take what they say more serious. A coach will guide you, but will not do the work for you. It's not the coaches responsibility for your success. I used to have a very hard time with that statement, but after coaching a lot of people, I now understand it's true. You have to take action on what the coach tells you to do. You need to have a checklist created so you can check those things off and have accountability to each other too. First and foremost, you have to define WHAT it looks like after 3-6-12 mo working with a coach and you're happy with the results. From there, you start getting granular on what exactly you want to accomplish working together. The coach should give you a blueprint that bridges the gap in where you are now, and where you want to go working together.

Carl Gorson · Answer

@Brett Snodgrass   Thanks,this is the mechanical approach I've been looking for.This along with the other advice I've been getting , will help me out. I would appreciate any other feedback.

Carl Gorson · Answer

@Bob Okenwa ,

Thanks Bob,sounds like sound advice. I'm starting to detect a theme here, so you must be putting me on the right track.thanks again , any other advice would be appreciated.

Carl Gorson · Answer

@J Scott,

thank you. WOW. That definitely put things in a different and better light. Because of limited funds and the fact that, a personal interest definitely appeals to me, I believe a mentor is the way for me. I guess the fact that I don't think I have anyone in my life in that position that I know of, says that I need to start establishing new and specific relationships. thanks any other advice I would appreciate.

Carl

How do I find and chose a MENTOR

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