Investing In Real Estate – Learn How To Locate A Mentor

Working in the real estate field for 18 years, I have worked with several people who mentored me and still use a mentor today. I am going to keep using a mentor until the day I die because I am convinced that I will always find someone who is smarter than me.

I am sure people are always like me with the fact they have good mentors and some bad mentors. The bad mentors were at the very start of my real estate career, but I did not know what to look for because I was new and did not know how to tell if they were good or bad.

Since I have overcome the bad mentors, I have been very lucky to work with some of the top leaders in the real estate industry. These top workers have helped me become a lot more successful earlier, rather than later in my business.

How Do You Locate Good Mentors

The first thing you need to do is find people who are working in the business. I know this makes a lot of sense, but I have encountered quite a few mentors who are claiming to be retired, but they had not purchased any type of properties in years. However, the reason they were retired is they were not a success. Hearing this helps me with a red flag. I know that a true real estate entrepreneur will never really retire, even if they were not doing a lot of deals a year, they are normally going to be doing some deals each year.

A second thing you need to do is make sure you start local. You will want to speak with the receptionist at the Building Contractors Association of Southwestern Idaho to find out who flips homes in the area and who has the most success at this job. When you find this information out you will want to make sure you learn all that you can from this person. I do know from experience that some of the mentors will not be local, but if you can get a local mentor it will help out tremendously. Another words you would not want to get involved with a guru who is working on the television and notice that each time you call to contact them you are going to get in touch with an associate you may want to avoid the company. You would want to make sure you talk directly to the mentor, rather than an associate. You will also want to check out several of the real estate investing blogs and forums to get additional information.

What To Do Before Starting A Mentor Program

Often you will want to ask the mentor a couple of questions before you enter into their program. The first is you need to ask them what they are doing right now and the type of deals they are really working out. If they have trouble in replying to the question you should see another red flag and leave immediately.

Next you should start to ask for an references the mentor can give. The better a mentor the more references they will give to you from past students who have reached a level of success in the business and are working on their own.

You should also make sure you use the property test. This means you are going to ask the mentor to give you the addresses of 2 to 3 of the properties they are working on. This way you know they do work in real estate and even own some of the rental properties.

When you are brand new to real estate investing you will find it is not easy to find a good mentor, but very easy to find a con artist. However, if you use the above information you can easily find a mentor to guide you in real estate investing.

If you are in Boise, Idaho or the surrounding area, give me a call and request an interview and I will answer all the questions that you have.

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