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Finding the Best Mentor

Finding the Best Mentor

Before hiring a mentor, think to yourself why you want a mentor in the first place.

Most will say they want to collapse the time frame it would take for them to get where they want to go. This alone is reason enough to work with a mentor, but many also don’t want to make the same mistakes that have more than likely already been made by someone else.

You can invest in real estate without any formal education and without someone holding your hand but the question you should ask yourself is do you want to? Do you want to work off trial and error or would you rather follow the successful footsteps of those who came before you?

It’s truly a personal preference but once you’ve decided whether working with a mentor is something you’d like to do, you then need to find someone who can guide you down the proper path to accomplish your goals. To find a good real estate mentor and to feel like you’re getting a good ROI (return on investment), follow these steps:

  1. Identify your goals: What is it that you want to accomplish and why? Only after self-reflection and getting serious about your own desires can you reach out for help because until then, how do you know what to ask? Once you’ve drilled down what you want to do, like flipping houses, or buy and hold strategies that produce passive income, select a mentor who has done the same.

  2. Determine your risk tolerance level: How much, if any, are you willing to invest of your own money and how much are you willing to lose? Obviously, we don’t want to ever lose money, but the reality is, when you invest in real estate, you are taking a risk. Risk is involved in every investment you ever make, but how much you’re willing to risk is up to you. Some strategies may require more than others. For example, holding a property verse wholesaling it. Consulting with an attorney or tax advisor could help you determine this.

  3. Find someone who has followed a similar path or accomplished similar goals: Make sure the mentor you select doesn’t just talk about investing, but actively does it or has done it, and hopefully on a larger scale than you hope to. A lot of people can talk about strategies and encourage you to take a risk, but unless they’ve done it and taken the same sort of risk, they may not fully understand your fears or struggles. If you accomplished all that your mentor has, would you be satisfied? If the answer is yes, then you’ve found your mentor. If the answer is no... keep looking.

  4. Set a time frame for yourself with your prospective mentor to accomplish your goal: If you give yourself forever to accomplish a goal, you’ll take forever. Setting realistic expectations and time frames for your achievements will help you stay on track and will help you measure your goals along the way. Some mentors may charge per hour, some per call, per session, etc., so having a realistic timeline of what you hope to accomplish will help both you and your mentor set proper expectations. You may have goals that you think can be accomplished sooner rather than later, but a mentor may know whether it’s realistic, and that’s something to discuss with them during the consultation.

  5. Hold all parties accountable and follow what they tell you step by step: Do not try and tell your mentor how to mentor you. You want to do what they tell you, when they tell you, not what you want, when you want. That’s the point of hiring a mentor who has already done what you want to do. Challenging them for understanding purposes is one thing but challenging them because you intend to follow a different path defeats the purpose of what a mentor is supposed to do and can potentially cause you more harm than good. Holding them equally accountable to your achievements is necessary, as a good mentor will appreciate your follow-up with them.

Whether you have a little knowledge, a lot of knowledge, little experience, or a lot of experience, taking proper, deliberate action is how you’ll get ahead in the real estate investment world. Things are always changing, but the processes are relatively the same. Do your best to set your own goals and once you are sure about what you want to achieve, a good mentor can take you to the next level.

Areas of Review

Takeaway

Big picture takeaway points

  1. Before getting a mentor know what you are looking to be mentored in.
  2. Write down your goals and make them very precise.
  3. Look for somebody who has accomplished what you are looking to accomplish.

Reflection

Self-reflection questions to think more about the content

  1. What do I know about this mentor? Make sure you know that they are reputable and practice what they preach.
  2. How long have they been doing this? Make sure they have been in business a decent length of time and have a record of accomplishment for success.

Legacy’s Building Wealth Club offers you the financial education needed to pursue your goals. Let our education and experience lead the way!

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