How did you find a mentor?

Question

Hey Everyone, As I get closer to time to invest, as it should be sometime this year, I’m really starting to feel the need to have someone help me with my first couple of deals. I’m independent but also believe I’d have to be a fool to make mistakes that I could avoid by having someone help. My question is, how did you find a mentor and what kinds of things should I look for?

Jay Helms · Answer

You want to find a mentor that has successfully went where you want to go. With that in mind, you have to have your story and YOUR WHY figured out, other wise you'll waste your and your potential mentors time. I will also say while mentors are beneficial, I definitely recommend you to try to find a mastermind group. Three challenges for you Kyler: Today & Tomorrow: really focus on fine tuning your story. Discover Your Why in why you want to get into real estate investing. Also, be open for course corrections in the future, but decide on a direction and GO!Saturday: Make a list of 10 business people within your reach (meaning you can take them to lunch through your invite alone or a mutual friend invite). Take them to lunch or out for a drink (you buy). Tell them your story and ask them who they can introduce you to. Complete this by Dec. 31. This is usually a weekly challenge but you have a buffer because of the holidays. Ten business encounters (lunch/drink) by Dec. 31. Saturday: Post your desires in your social media accounts. Not once, but constantly and consistently. Do this once a day (at various times) for the next 10 days. Once you are finished, post back here and tag me. I'd love to see how it goes for you.

Daniel Banic · Answer

Hi , I knew nothing about real estate but that did'nt stop me to get into it , I'm independent too and a self learner but was always wise to reach out to mentors to get my real estate deals going. I need to buy this buildinng here in NY so I searched out for person who was experinced in their field and see what they need to get get ahead , in this case the contracter need a Hard Money Loan and I found him a relaible one and in exchange he would partner with me on the building purchase. That's how it works. I found out in my life is to always help people less fortunate than you but also to get ahead was to help people who were more fortunate than me. It only brings good karma.

Ned Carey · Answer

@Kyler Cook you might find this interesting. It is one of the most commented on blog posts on the siteHow to Find a Mentor

Bill Goodland · Answer

In my opinion, the best mentor you can have are the thousands of podcast episodes and books out there that go over countless perspectives in different markets, market cycles and strategies that are going to help you hone in on your focus of what you're after in this business. While you may get lucky finding someone successful to help you, its going to be difficult if you're not finding a way to add value to them, or if they have to stop and explain common concepts that could've been learn ahead of time through podcasts and books. By prioritizing your own education first, it also limits being stuck in an echo chamber of one person and their perspective of what works for them as your market, goals or opportunities may differ. The more people you listen to, and/or interact with will help you pick your strategy and give you the confidence to do it on your own. Once you have a deal under contract and proven that you're not just a tire kicker looking to get their hand held through a deal, I'm sure plenty of people on BP would be more than happy to answer specific questions whether it be on the forums or someone willing to hop on the phone with you for 15 minutes to give you some pointers on a specific questons.And lastly, don't underestimate the importance of actually getting out there and meeting people at meetups. Meetup.com should have a bunch of events in your area as well as biggerpockets.com/events. Best of luck.

Kyler Cook · Answer

@Jay HelmsThanks for the challenge! I’m in a waiting period right now, but will be able to move forward with purchasing my first duplex in about 6 months. I’ll keep you posted and will for sure take this challenge!

James Wise · Answer

1st thing you want to do is narrow your focus. What do "deals" mean? Are you buying rental properties, flipping houses etc....Once you've got things narrowed down you've got a few options.You can continue with free learning on websites like this one or YouTube. Tons of info in the forums & videos online.You can buy books or educational courses. I wouldn't go nuts & start spending $1,000's on courses. There are no real secrets in the biz. If you look hard enough you can probably find everything you need to know for free. Courses & books are nice as they organize & streamline everything for you.You can network with other investors to find a mentor. However without you offering them something of value nobody is going to spend any real time teaching you anything. So expect to pony up some coin for a paid mentor or coach if that's the route you take.