Looking for a mentor

[Rhonda Shrum]

I think I'm at a good place, I am just dropping my first postcard mailer to absentee owners and I almost have a completed website. I've got a list of cash buyers, but I still always hear that having a mentor is the way to go. Would anyone be interested?

[Grahm Nash]

Rhonda,

I ran the largest REIA in Texas for about a decade. Here's the skinny on mentors and mentoring.

There are 2 times when it makes sense to hire mentor. The first is at the very beginning of your career. You are paying them to help you shorten and flatten the learning curve. I mentored investors and Realtors all over the US. Trust me when I tell you that you can learn everything you need in this phase in 3-6 months (MAX!).

The second time to hire a mentor is when you need to overcome a specific issue or learn a specific task/skill. Examples would be learning to do a SubjectTo deal, a review of why my business growth has stalled/my business profitability is declining, I want to learn how to do H$Ling, etc.

In each case, find a LOCAL REIA. Attend a few meetings and learn who the "Good Guys" are (seasoned investors who like to help new investors get started, but who do not mentor/guru for a living). Ask around about these individuals and confirm they are not con artists or failed investors who only make a living teaching.

Once you have identified the right person, make sure they have a) done what you want to learn how to do, b) profitably, c) in the area where you want to learn to do it, d) full-time, e) for at least the last 2 years. 

Then approach that person and ask them if they would be willing to mentor you for a specific length of time, for a set fee, with measurable results ( the best result is doing a profitable deal in the new manner you wanted to learn).

I would shy away from individuals who are affiliated with TV Realty stars or self-styled Real Estate "gurus." 

By following the above advice you can usually get better training, in less time, and for a fraction of the price the "mentors" usually charge.

If there is anything else my staff or I can do to help you grow your business, please don't hesitate to let me know.

Very Best,

-G