Why Hiring a Mentor is a MUST!
During a conversation I had with Jay St. Hilaire, I learned how he was able to close over 140 deals since he began investing in 2009, while continuing to work a full-time job! How did he do it? By finding an experience, successful mentor.
Jay’s best advice that he would give to ANY investor, whether they are just starting out or have been in the real estate game for a while, would be to find a mentor. Here are some of the main benefits Jay has personally gotten from finding a mentor.
- A mentor can show you the tried and true methods that work
- A mentor will provide you with the fastest path to success
- When you have a mentor, you can learn from their mistakes
- When you have a mentor, “you pay for speed”
Maybe you are telling yourself “this all sounds great, but I still have my reservations! Aren’t mentors expensive?”
Well, you are not alone. When Jay first began thinking about hiring a mentor, he had his reservations as well. He didn’t have much money at the time, so it was a huge risk. However, what pushed him over the edge was an offer that the mentor he found was offering. The mentor would provide Jay with a full refund if he were able to close on 5 deals and make a certain amount of money in one year.
As a result, he put the full amount on his credit card and took a chance. One year later, Jay had completed 13 deals instead of the 5 he needed in order to get a refund! Jay still has a mentor, and to this day, he also has the refund check pinned up to his wall as a reminder.
The real risk isn’t taking a chance and spending money on a mentor when you don’t have it, but rather, not finding a mentor at all.
Whether it is a mentor for real estate investing, time or outcome management, personal development, or all three, I believe (as well as Jay and many other successful individuals) that hiring a mentor is a must if you want to take your business to the highest level possible!
Who else out there can attribute their business’s success to having a mentor?
Comments (4)
@Steve Vaughan I hear you. I think the short answer is that success in real estate can be achieved with or without hiring a mentor. I know that's true because I've spoken to people on both sides of the fence. And if you do hire someone then make sure there's alignment of interest just like you would in any other partnership.
Joe Fairless, over 8 years ago
Thanks for the article, Joe. Because I know you are simply trying to share and give back, I won't be too hard on you for 'vagueness' :)
This is all just my humble, never paid a coach before opinion of course. I learned the long, hard way and still try to learn everyday.
I agree a quality paid mentor or coach can shorten the learning curve greatly and magnifying success, but one needs to find that excellent one in their field that cares about you and your goals.
Folks need to be careful when hiring a coach or mentor just like anything else. It is a very important partnership.
Like with any partnership, check references and be vigilant and diligent. How are they compensated? At the beginning, in full? Or do they share in you profits for a few deals as you earn them together? Are they incentivised by your success?
Most I've read about are mediocre at best, sheisters at worst. Sure, most people that leave reviews in any industry are the angry that feel cheated, but these can be tens of thousands of dollars. We're not talking about low restaurant service here.
Anyone with a complete 'secret system' is suspect to me. All niches do not fit every investor in every market.
Find a (local would be best) coach that specializes in your chosen niche and has a reasonable compensation model. Educate yourself enough to know what your niche is, as you mentioned. Your point and process overall was outstanding.
As an example, my buddy and local meetup founder here recently started charging folks that want to learn about lease options. Did it for free for a long time. Wore him out. He's $500 to follow him around for a couple weeks or he'll split your first 3 deals with you for longer. Just an example. If I was starting out with LOs, I would consider that an excellent investment. If I wanted to be a coach (not) I'd do something similar and care deeply about my student's outcome.
Find that coach that is knowledgeable and cares. Make sure they are best compensated when you are. Cheers and thanks again!
Steve Vaughan, over 8 years ago
@Natasha Keck my opinion is it depends on the learning stage you're in. I did not hire a mentor when I got started because I was establishing my foundation. I read books, spoke to investors, and attended seminars (didn't listen to podcasts back then but do now). After that I took action and started my investing. Then when I reached the point where I wanted to take it to another level (i.e. go from single family homes to large multifamily) I hired consultants (mentors) and it helped me learn the multifamily biz. I wouldn't have gotten where I'm at if I didn't. But, again, it all depends on where you're at in the process.
Joe Fairless, over 8 years ago
Are you advocating hiring (as in paying) a mentor, or is this just a new way of looking at finding a mentor. I like the concept of "hiring" a mentor, who is paid with whatever skills you have to reciprocate but I'm leery of paying actual money.
Natasha Keck, over 8 years ago