The do's and dont's of finding a real estate mentor

Over the past year I have had the interesting experience of switching roles from the mentee to the mentor.  There is no doubt that a little strategic oversight from another experienced investor can drastically increase you're chances of success.  So how do you go about finding such a person?  Here are a few tips and things that have worked for me.

Do - Educate yourself on the basics

A mentor should be someone who helps you hone your strategy, and someone to help you get through specific sticking points, but you should not expect them to give you step by step instructions on a silver platter.  If you don't know where to start, ask for book recommendations and then actually ready them!  Once you have a basic understanding and a general idea of the strategy you want to pursue, then its ok to ask for a little help.

Do - Network

Your success as an investor is 100% determined by the people you choose to surround yourself with.  If you want to succeed you will need to learn the art of networking. Find the meet ups, clubs and organizations in your area and put yourself out there. 

Do - Provide value first

One of the single best pieces of business advice I ever received was this:  Provide value with zero expectation of getting something in return. I cannot begin to express how many good things have come my way from simply helping other people.  If you want to learn from someone offer to help them first.  Maybe its helping out with one of their rehab projects, answering phones etc.  At a minimum, if you want to take a little of their time you should take them out to lunch/dinner and buy them a meal.  I took many investors out to lunch when I was getting started and the advice I received was invaluable. 

Don't - Waste their time

The more successful an investor is, the more valuable their time is.  If you have questions make sure you are prepared.  For example, if you have a deal that you are looking at but want a second set of eyes on.  You should present your analysis, clearly communicate your assumptions and provide  necessary backup (links to the MLS comps you used to analyze the after repair value etc.).

Don't - Ask questions without first trying to find the answer yourself

The vast majority of the questions people ask me could have been answered with a quick 5 minute search on google or the BiggerPockets forums/blogs etc.  Chances are if you have a question, someone else has had the same question and it has been answered somewhere on the internet. 

Do - Show sincere appreciation for their success and recognize their accomplishments

If you have not read the book "How to win friends and influence people" by Dale Carnegie, please add that one to your reading list now.  Investors are humans too, the fastest way to form a deep connection with someone is to show sincere interest and appreciation.  This sounds simple, but I am shocked how many people fail to do this.  

Do - Pay it forward

If you are serious about learning how to invest, and you eventually become a successful investor.  Don't forget what it was like when you first started and don't forget the people that helped you.  It is now your job to pay it forward and help someone else.

-Ian Reeves