Real estate investing is one of the most lucrative fields that you can get into, so if you’re going to do it, you need to do it right! Some of the wealthiest people in the world have made their fortunes this way. So how did they do it? Many of them found a real estate investor to guide them along their journey, and learned how the best of the best do it.
If you’re truly passionate about giving real estate investing your all, finding a top real estate mentor is crucial, as it can make quite a difference in the success of your career.
What is a real estate investing mentor?
This kind of mentor is a real estate professional with valuable experience, knowledge, and the desire to pass all that along to a less experienced investor. While all mentor-mentee relationships look a little different, the underlying fundamentals are a line of support, knowledge that is passed from one to the other, and coaching that can lead the mentee in an upward trajectory at a faster pace than their peers.
Finding a mentor in real estate is a vital way to learn quicker and make more money than others in your industry.
How do you go about finding a real estate mentor?
There are plenty of ways that you can locate the best real estate mentors.
Ask someone you already know to mentor you.
This one is arguably the easiest if you have access to a professional that is able and willing to do so. Try asking your real estate broker, a real estate agent at their office, your financial planner, or a friend or family member in the real estate world if they are up for the job. The caveat here is that you need to prepare yourself for rejection and don’t take it personally. They may be too busy or don’t feel comfortable enough to pursue that kind of relationship with you or others.
Ask for referrals on LinkedIn.
This is a great place to ask for help, since everyone is able to see your experience and qualifications at the drop of a hat. If you see one of your connections has a contact with someone in the real estate industry, reach out and ask them to connect you to them! LinkedIn is built for networking, afterall.
Do online research for top real estate mentors.
You’d be surprised at how many results you can produce from a quick Google search for “real estate investor near me.” Bigger Pockets is also a great resource for finding investors. Simply search for people in your city or state and set up keyword alerts to notify you when someone makes a post in your desired region.
Find a cash buyer to connect with.
Nine times out of a ten, a cash buyer will also be a real estate investor. They’ve been successful enough in their realm that they can purchase properties for cash and either flip them or rent them out. If you’re a licensed real estate agent and have access to the MLS, it’s easy to find these buyers on this system. You’ll be able to access all of the cash buyers in your region that have purchased homes in the past six months.
If you don’t have access to the MLS, you’re not out of luck. A Google search for cash home buyers in your area will yield plenty of results that you can dig through.
Attend in-person or virtual meetings and conferences.
Joining a local Meetup group is also a great way to find contacts in the real estate industry that wish to network. If you’re lucky, you’ll even find a real estate investors meeting near you! Check out your local Real Estate Investors Association chapter, too, and find a meeting that you can attend. Real estate conferences for investors, whether virtual or in person, also provide wonderful opportunities to learn and connect. And it doesn’t hurt to attend an investor’s free training session. If they see you already trying to better yourself, they may be more inclined to help you along your journey.
With all of these strategies, remember to make yourself seen! Do great work and you’ll likely get noticed. Also, make sure that the mentors you’re looking at are people you desire to become more like. You don’t want to end up learning from someone whose values you aren’t interested in emulating.
What do you do once you’ve found an investor you think you might be interested in?
Do some research on your potential real estate investing mentor. It’s important to know if there’s any bad press on them, or if they’ve made poor business decisions in the past. Search the public records to check on properties that they say they own and make sure they do in fact own them. Do they have online reviews? Check those out, too. If dozens of customers aren’t happy working with them, it’s likely that you won’t be either. And don’t be afraid to ask for people’s experiences in regards to the investor, including past mentees. BiggerPockets and Reddit are good places to start asking these valuable questions.
Some mentors will charge you for their work, while others won’t. You’ll need to weigh the pros and cons if you find someone that does indeed charge. It’s likely that the higher risk of spending money will ensure that you are giving the program your all.
The best way to approach your desired real estate mentor is to approach them in a way that attempts to foster a relationship. Don’t outright ask them if they’ll be your mentor, unless it is clearly a mentorship program you’re signing onto. Instead, get to know each other and show them why they should invest their time in you. A simple question you can ask to get the ball rolling is “Is there anything I can help you out with?” If you’re successful, a mentorship can form from here. This question is way more appealing and inviting than the direct approach because you’re focusing on providing them value, not just asking for something from them.
Remember that a successful real estate investor is a busy person. They might not have the time, energy, skillset, or even the desire to help you out. Don’t take it personally! If they say no, chances are that they will know someone else that is interested in mentoring you, and they can connect the two of you. The work that you’ve put into the relationship won’t be for nothing. Just like all relationships, the more work you put into it, the greater of a mentorship you’re likely to have.
Once you’ve entered into a mentorship relationship, be sure to give it your all. Do the work they give you and constantly ask questions. You can’t learn if you don’t try!