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.
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.