Hey Wes! Congrats on pursuing large multifamily - you're on the right track! My Dad and I had a couple of mentors before we finally found the right one. It can be confusing with so many options to choose from, but once we found the right mentor our success was fast-tracked (0 to 173 units and now another 236 units closing March 1)
Here are a few things we realized are super important to look for in a mentor to be successful:
-Will they partner with you? (this is a MUST) In any market - as long as they agree with the underwriting and have confidence in your leadership. (*in any market is crucial because some mentors will only partner in one area which creates too much competition amongst their students)
-One-on-one coaching directly from the MAIN mentor (NOT a sub-coach). Many mentorship programs are growing quickly and they can't keep up with the pace so they bring on "sub-coaches". You absolutely want direct access to the Mentor who has all of the experience. We can text/call/email whenever we need ours and he's super responsive.
-Culture of the group - this is established by the leader. Look for integrity, character, and a standard that's required of all members in terms of how you do business and treat one-another. Your success depends on the reputation of your group - make sure you like their reputation. Our mentor only accepts a few people a month at the most and he screens everyone to make sure they're a great cultural fit. The importance of this and impact on your success is often overlook and/or underestimated.
-How is their existing portfolio performing? Make sure their investors are raving fans and the properties are on-target or exceeding target.
-Is the entire group active? or just a few people? You want a group that's very active and high-quality people who are driven to make it happen.
Hope that helps! Best of luck in your journey - you're in for a wild (but very fulfilling) ride! :) Feel free to reach out or shoot me a message if you want clarification on any of my points above - I'm a bit rushed this evening when typing this message.