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Ninja Tips and Tricks

How to Find a Real Estate Mentor in Your Market

Finding a real estate mentor is one of the best ways to learn how to become a great real estate investor. Here’s how to find one in your market.

Post by REISift Team
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It’s been said (accurately so) that the surest path to wealth is through real estate investing. 

Andrew Carnegie says it like this: 

“Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.”

But for what that quote inspires in the wannabe real estate investor, it lacks in actual substance. 

How do you become a successful real estate investor

That question is loaded with mountains of details and nuance — many of which can only be answered by speaking to someone who’s “been there, done that…”

… by finding a mentor. 

And in this guide, we’re going to explain the different types of real estate mentorship you might consider, the benefits, things to consider, and how to find a great mentor in your market. 

Onward!

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What is a Real Estate Investing Mentor? 

A real estate investing mentor is just what it sounds like — a seasoned real estate investor who will show you the ropes of real estate investing. 

But before you start looking for the right person, it’s important to understand that there are differen types of mentor-student relationships you could pursue. 

For example…

Paid — You could pay someone for their mentorship. This usually involves buying a program or signing up for real estate coaching.

Partnership — Instead of paying someone to mentor you, you could build a partnership. Offer to work for them for free if they’ll teach you everything they know. This structure requires a lot of trust. 

Free/Casual — Another option is just to build an authentic relationship with an experienced real estate investor and offer to buy them lunch every week. Make a routine out of it. You can ask them questions as you’re building your own real estate investing business. 

The type of mentorship you choose will depend on your real estate investing goals, your current knowledge, and the network that you have available to you. 

We’ll walk through the steps to finding a mentor in your market here shortly using all of the above structures. 

The Benefits of Getting a Real Estate Mentor

There are countless benefits that come with having a real estate investing mentor. 

Here are just a few of the most impactful ones:

Avoid Costly Mistakes — The first and most obvious benefit is that you get to avoid making mistakes. This is, by far, the best way to learn anything — by seeing what not to do through the lens of someone who’s already made those mistakes.

Build a Powerful Network — If you find the right mentor, they will have an extensive network of powerful people that they can introduce you to. This could include potential joint venture partners, lenders, contractors, real estate agents, and more.

Get Deals Sooner — A good mentor will also be able to help you get your first few deals under your belt. This could involve introducing you to someone who’s looking to sell their property or providing funding for a deal.

Gain Confidence — When you have a mentor, you gain confidence. This is essential when starting out because real estate investing can be a very intimidating process. Having someone in your corner will help you feel more confident and motivated to succeed.

Do You Actually NEED a Real Estate Mentor? 

Okay. 

But do you actually NEED a real estate investing mentor? 

After all, it’s going to require a bit of effort and trust on your part — is that hassle worth it?  

Here’s the thing…

You don’t NEED a mentor. But it would definitely help accelerate your success. 

The truth is, you can absolutely become a successful real estate investor without ever speaking to a mentor. But it will take you longer and you will make more mistakes along the way. 

So, if you have the opportunity to get a mentor, we say go for it!

5 Things to Consider When Looking for a Real Estate Mentor

Before you start looking for a mentor, there are a few things you need to consider:

Your Goals — First and foremost, what are your goals? What do you want to achieve by working with a mentor? This will help you determine the type of mentor relationship you should pursue.

Your Relationship — It’s also important to consider your relationship with the person you want to mentorship. Do you have a good working relationship? Do you trust them? Keep this in mind as you move forward.

Your Budget — Depending on the type of mentorship you pursue, it could cost you money. Make sure you have a budget in place and that you’re comfortable with the investment before moving forward.

Your Schedule — Working with a mentor will require time on your part. Make sure you have the bandwidth to dedicate to this relationship before getting started.

Your Expectations — It’s also important to set realistic expectations for what a mentorship will look like. This will help prevent disappointment down the road.

How Much Does a Real Estate Mentor Cost? 

The cost of a real estate mentor will vary depending on the type of mentorship you pursue. 

There are a few different types of mentorships you can pursue, each with its own set of costs: 

Free Mentor ($0) — The first type of mentor is the free mentor. This is someone who’s willing to help you without charging anything in return. They may be a friend, family member, or acquaintance who knows a thing or two about real estate investing.

Paid Mentor ($500 - $5,000 Per Month) — The second type of mentor is the paid mentor. This is someone who charges for their services. They may charge an hourly rate, a flat fee, or a percentage of your profits.

Equity Mentor (5% - 20% Equity) — The third type of mentor is the equity mentor. This is someone who takes an equity stake in your business in exchange for their mentorship.

Partner Mentor (50% - 50% Partnership) — The fourth type of mentor is the partner mentor. This is someone who becomes your business partner and helps you with all aspects of your business.

In other words, there's a type of mentorship for every budget. 

How to Find a Real Estate Mentor in Your Market

Now let’s dive into the nitty gritty. 

Here are 9 steps to finding a great real estate mentor in your market. 

Step 1. Look at Your Existing Network

The first step is to look at your existing network.

Do you know anyone who’s already successful in real estate investing? This could be a family member, friend, or acquaintance. If so, reach out and see if they’d be willing to mentor you. 

This is the easiest and fastest way to get help. 

And you might be surprised by how many people are willing to help… if you just ask.

Step 2. Determine Your Goals

The next step is to determine your goals. 

What do you want to achieve by working with a mentor? 

Do you want to learn the basics of real estate investing? Do you want to learn real estate wholesaling? Or maybe the BRRRR method? House flipping? Wholetailing? Something else? 

Just as important is to figure out why you're getting into real estate investing in the first place. 

Do you want to replace the income from your day job? Increase your net worth? Build generational wealth? 

Your answer will help you determine the type of mentor relationship you should pursue. 

Step 3. Learn About Investing (On Your Own Time)

The third step is to learn about investing… on your own time. 

You can do this by reading books, listening to podcasts, taking online courses, or any number of other things. 

The goal here is to become as knowledgeable as possible before reaching out to potential mentors. 

Why? 

Because great real estate investors -- the ones that will make excellent mentors -- don't want to work with someone who isn't willing to put in the work. 

Doing your own research will prove to them that you're serious about learning and that you have the motivation to succeed.

So before you bombard a potential mentor with tons of newbie questions, do as much research on your own as possible.

Step 4. Consider Reverse Wholesaling

The fourth step is to consider reverse wholesaling. 

Reverse wholesaling is a great way to get your foot in the door of the real estate investing world.

With normal wholesaling, you find discounted properties, get them under contract, and then assign those contracts to cash buyers. 

But with reverse wholesaling, you start by finding a cash buyer to work with (i.e. your mentor), ask about the criteria they look for when finding deals, and then go out to find deals that fit their criteria. 

You then wholesale the property to them for an assignment fee. 

What's great about this process is that you're getting real-world experience while working with a seasoned real estate investor. It's one of the best ways to get into real estate investing that we know of. 

Step 5. Search Online

If you can't find anyone within your existing network who'd be willing to be your real estate mentor, your next best option is to search online. 

There are a number of websites and forums that are dedicated to real estate investing (Bigger Pockets is one of them). And many of the people who use these sites would be more than happy to help you get started in your market. 

To find someone in your area, just do a search for “sell my house for cash + your city/state.” For example, if you live in Atlanta, you would search for “sell my house for cash + Atlanta, GA.” 

Once you find a few people who look promising, reach out and introduce yourself. Let them know that you're new to investing and that you're looking for a mentor. 

Then offer to buy them lunch. 

You’ll want to ask them these questions to get to know them… 

If you can't find anyone within your existing network who'd be willing to be your real estate mentor, your next best option is to search online. 

There are a number of websites and forums that are dedicated to real estate investing (Bigger Pockets is one of them). And many of the people who use these sites would be more than happy to help you get started in your market. 

To find someone in your area, just do a search for “real estate investing + your city/state.” For example, if you live in Atlanta, you would search for “real estate investing + Atlanta, GA.” 

Once you find a few people who look promising, reach out and introduce yourself. Let them know that you're new to investing and that you're looking for a mentor. 

Then offer to buy them lunch. 

You’ll want to ask them these questions to get to know them… 

  • What's your investing strategy? 
  • What type of deals do you like to do? 
  • How did you get started in real estate investing? 
  • What has been your most successful deal? 
  • What was your biggest mistake? 
  • Are you currently working with any other mentees? 
  • How can I best help you? 

From there, you should be able to determine what type of mentorship relationship will work best for the two of you, how much it'll cost (if anything), and how much bandwidth they have for helping you. 

Remember, the goal is to find someone who's willing to help you for free. But if you can't find anyone who's willing to do that, don't be afraid to offer to pay them for their time -- or better yet, offer them a percentage of the deals you do. 

In most cases, you'll be able to negotiate a fair rate that works for both of you.

Step 6. Take Action

The final step is to take relentless action. 

Mentorship is only helpful if you're actually taking action and putting what you've learned into practice. 

If you're not doing deals, you're not going to make any money. And if you're not making any money, then what's the point?  

The best way to make sure you're taking action is to set yourself a goal. For example, your goal could be to do one deal within the next six months. 

Then come up with a plan of action to make that happen. Share your goal with your mentor and get moving!

Final Thoughts on Finding a Real Estate Mentor

There you have it -- a step-by-step guide on how to find a real estate mentor in your market. 

Remember, the key is to start networking and building relationships with people in your market. The sooner you get started, the sooner you'll find someone who's willing to help you reach your goals.  

If you're not sure where to start, we recommend checking out some of the online resources we mentioned earlier. Bigger Pockets is a great place to start. 

Once you find someone who's willing to help, be sure to take advantage of their experience and knowledge. The more you learn, the better off you'll be. 

Click the link below if you’re ready for a challenge. 

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