What is the secret to becoming successful investor, a three day seminar or a mentor?

[Toyin Dawodu]

The other day, I was thinking out loud to myself. The question on my mind was, how many people who read Donald Trump's books on Real Estate are now building skyscrapers? 

 The answer is probably, zero. One thing I do know is that Donald Trump's son, Donald Jr. and his daughter, Ivanka are building skyscrapers or supervising the building of some.

How many people who read the book, "Rich Dad Poor Dad" are now buying properties or investing in real estate? The first person who told me about the book was my lawyer who had read the book four years earlier. At the time he told me, he had not bought a single property.  I still have not read the book, but I have bought over 400 properties.  

This begs the question, how far can you really go from a novice to a budding real estate investor from reading a book or attending one of those three day seminars?

Please don't get me wrong. Reading books and going to seminars have their place. I have read a lot of books, and I have been to a lot of seminars.

However, my success came from someone holding my hand. I had a mentor at some point. But most importantly, I went out and started doing it. My confidence to do it increased because I  had someone to guide me and or answer my questions when I got stuck. 

A few weeks ago, I wrote a post and asked the question, "Why is it that 95% of people who attend seminars or read books about wanting to become a real estate investor never buy a single property?

The answer is simple. The solution to buying properties and becoming successful is not found in books only, but in getting into the trenches and doing it.

The fear of rejection and making mistakes are some of the factors preventing newbies from buying their first property. 

But a mentor besides you, will eliminate those fears. So the bottom line is, you need to become an apprentice to someone who has done it and who is doing it.  There are plenty of people on BP who have demonstrated success. As a newbie, you should ask to become their apprentice, even if you have to pay them or split your deals with them until you have the confidence to do it on your own.

This point was drive home to me again this morning when I read an article in the Wall Street Journal and one of the most successful deal makers in the world, Mr Schwartzman, founder of the Blackstone Group LP stated, "entrepreneurship in in finance is an apprenticeship, it takes years to get the skills required" You can substitute the word finance with real estate. 

However, real estate is still all about finance. If you don't get the numbers right going in, you will lose money when you exit the deal.

Making money is a skill, and real estate investing is no exception. If you don't learn the skill or have someone teach you, I don't think books or seminars are enough. What do you fellow investors or even newbies think?  Do you think newbies need mentors?