Continuing to learn as much as you can about the real estate market and investing is important to your continued success. One way to further your education is to find a real estate mentor who’s “been there, done that” and is willing to pass on their experience and sage advice. All mentors are not created equal, however, so here’s what you need to know to find the right one for you.
What Makes a Good Real Estate Mentor?
Finding a good real estate mentor is probably pretty easy. Finding one that meets your needs and is able to give you the right guidance to achieve your goals is a little harder. To find the right real estate mentor for you, you must:
- Figure out what it is that you want to accomplish
- Determine whether the mentor you’ve chosen has the credentials necessary to help you achieve your goals
- Establish how much risk you can tolerate
- Find a mentor that gives you as much respect as you give them
- Ensure your goals align with the goals of your mentor
Important Questions to Ask Yourself Before Choosing a Mentor
Before you choose your mentor, you must ask yourself a few important questions that will force you to take a good hard look at yourself and your goals.
1. What are your goals as a real estate investor?
What is your passion? Do you want to flip homes, earn a passive income with rental properties, or maybe you’d like to get into wholesaling? Whatever your passion, it’s important to identify it so you choose a mentor who has experience in the area you’re interested in. It makes no sense to choose a wholesaling mentor when house flipping is what you really want to do.
2. Are you comfortable with the level of success your mentor has achieved?
Success is a relative term, for what one person deems a success, another may balk at it. The mentor you choose should be successful enough that you’re confident in their ability to help you achieve the same level of success, at the very least.
Take a look at the mentor you want to choose and ask yourself if you would be satisfied with achieving their level of success. If their success leaves you wanting more, maybe they aren’t the mentor you need after all.
3. What level of risk is comfortable for you?
Real estate investing involves risk – there’s no way around it. You have to decide how much risk you’re willing to accept. Some investors prefer the lower-risk ventures of wholesaling, while others enjoy the bigger profits that come with riskier ventures like house flipping.
4. Does your mentor respect you as much as you respect them?
Respect goes both ways in a mentorship. You can only make progress with your mentor when there’s mutual respect between the two of you. If you don’t respect your mentor, you’ll find yourself questioning everything they say. At the same time, if they don’t respect you, they won’t find it necessary to devote the time and energy you need from them.
Finding a real estate mentor helps ensure your path to success. Use the tips outlined above to make sure you find the right mentor for you.