Archive for Real Estate Team

Do You Really Need A Real Estate Investment Mentor?

When starting out in Real Estate Investing such as rental properties, how important is it to have a mentor? Do you really need one? Or can you do very well even without a mentor?

The short answer to these questions is No. Of course you don’t NEED a Real Estate Investment mentor. There is no law that requires one of course. I’m sure plenty of people have gone on to become successful investing in Real Estate without a mentor.

But…I’m sure the most successful Real Estate investors have or have had mentors. A great mentor is worth their weight in gold. Platinum even. Great investors will save you years of headaches and doing things the wrong way.Telemachus_and_Mentor1

A great Real Estate mentor will help you to reach profitability light years faster than not having a mentor. They will provide you with a plan or a blueprint to follow. The blueprint will have the same steps they used to become successful just without all the mistakes and missteps that they went through. That’s the value of a mentor. They made the mistakes so you don’t have to.

A mentor does not have to cost money. There are many “mentors” out there on the internet that would love to be your mentor….for a price. They may ask you to buy their book or their online video course or buy “mentor” hours of consultation from them. You can do this if you want but you don’t have to.

You could find a mentor just buy starting on your real estate investment journey. By taking the steps necessary to begin your investment journey you are bound to come into contact with an individual who may make a great mentor. Maybe a real estate agent or real estate lawyer.

You could also start to attend your local real estate investment group meetings. These are full of people who have done many deals and are in the know. You may also choose to find your mentor on the internet. If you go this route just make sure the potential mentor shows that he or she cares much more about helping you than they do about selling you their next product. It will be pretty apparent right away.

In my case, my mentor happens to be in my family. My real estate mentor is my father-in-law. He has been in the business of rentals, flips and building homes for many years. I am always bouncing things off my mentor and asking for his advice. We have even done a few deals together and not only made money but had fun in the process.

You may not be as lucky as I am having a mentor right in the family but there are still many ways to find a mentor. Start with a book on Amazon or go to BiggerPockets.com and browse around. There are tons of folks on BiggerPockets that love to help the beginning real estate investor.

Of course I am here to help too! Feel free to send me your questions and I will respond personally. Good luck investing and don’t be afraid to ask for help.

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Do You Have These 3 A-Team Members On Your Real Estate Team?

ATeamYou have often heard that it takes a team of people to make one successful. While that is usually hard for me to accept (I’m very much an “I can do it myself” person), I truly do believe it and I have seen proof that this quote is true. I will often spend hours working on something trying to figure my problem out by myself at my computer in my basement. The next day I’ll ask someone for help and BAM! The person has a solution right away for me.

This of course also rings true in Real Estate and rentals. You are only going to be as strong as your team. So make sure your team is top notch. Of course you may not be able to do this when you are first starting out. Which is why it is really great to offer to be on someone else’s team. Be their gopher. Offer to do leg work for free. You’ll gain a ton of experience and when the time comes that you need help these folks will be more than happy to be on your team.

 

So what types of people should you have on your real estate team? Well, that depends on what type of skills you bring to the table. You will obviously want to fill the skill gaps on your team with other folks that may have those skills.


And if it’s not skills you need per say then it’s abilities. Such as the ability to access things a real estate agent may have access to that you don’t (if you are not a real estate agent). Like the agent version of the multiple listing service. The agent version of the MLS is a must-have tool. This provides you with comps so you can tell if you are getting a property below market value.


So I would say a real estate agent is on A-Team member you must have on your team. They will be in the “know” regarding your target area or the area that you have rental property in. They will see what other people are renting for. The agent will be able to spread the word quickly when you have a property for rent or if you are looking for a property to buy.


Another person you need on your team is a banker or lender. The banker will be able to loan you money when you need it. They will know you and trust you (hopefully). The banker is the person who will enable you to hold multiple rental properties. They will save you tons of money by getting you the best deal on financing saving you money on interest rates and points. Make sure you have a banker on your team.


The third member to round out an A-Team of Real Estate is the lawyer. This may have more to do with where you do business but in New Jersey, having a lawyer on your team enables real estate deals to happen very quickly. The alternative is going to some random lawyer who doesn’t know you from anybody and also practices a million and one types of law besides real estate. This type of lawyer will not process your deal quickly. They will sit on your deal and delay closings. They will give you issues when trying to evict bad tenants because they would rather be working on the higher paying cases. So make sure you find a good real estate lawyer and make them part of your team. You will save money and be able to close deals quickly by having this A-Team person on your side.

There are of course more than 3 people that you should have on your team but if you are just starting out I think these 3 folks are key to have working with you. I would throw in a bonus fourth person who will save you from yourself. That is a real estate mentor.


A good real estate mentor is worth their weight in gold. They will save you time from chasing down the wrong deal. They will save you money by showing you a cheaper way to to go about a deal. They will make you money by networking you into the best deals. A great real estate mentor may take you some time to find but always be on the lookout for one.


So who does your real estate team consist of? Who did I leave out? Tell me in the comments!

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