Mentors are a critical element of real estate investing success. In this episode, Bill discusses mentors and examines the question of whether or not it’s worth it to pay for a mentor.
We have discussed quite a bit about mentors in the last few months because I believe it’s an important requirement for real estate investing success. In episode #006, on “Getting Started in Real Estate Investing,” I list “Finding a Mentor” as the second most important thing a new investor must do to get started in real estate investing.
It is a critical part of your real estate investing success.
In episode #069, my friend Paul Moore shares a great strategy for finding mentors and we even spoke with a young man that Paul mentors who shares how we was able to get Paul to agree to be his mentor.
And in episode #075 my friend and mentor Joe Fairless shared how he found his first mentor and the steps he recommends each investor to take in finding a mentor.
In these past episodes, we share the importance of getting a mentor as well as provide practical steps in how to find a mentor. So, in this episode I will touch on some of those principles but my main focus will be on paying mentors.
In episode #006 (“Getting Started in Real Estate Investing”), I list EDUCATION as the first step in the process of becoming a successful real estate investor
Once you have a good body of knowledge, then you’re ready to start writing your PLAN, the third step. Your plan…
Then, I believe, after that step or during that step, it’s a good idea to have your mentor review your plan. You should have a mentor in place at that time. Your Strategic Plan is an important document that will guide and direct your investing efforts and you want it to be shaped and crafted with someone who has experience and wisdom.
There are a number of reasons why a mentor is important. First, a good mentor can…
A key question you may have is “So, where do I find a mentor? We do discuss this in more details in the episodes I referenced at the beginning of this episode, which, by the way, will be listed and linked in our show notes at olddawsreinetwork.com/blog. But in quick overview, here are a few of the ways to find an mentor.
Now granted, when you find any mentor, keep in mind, it shouldn’t be a one-way proposition. You need to provide him or her with something that makes it worth their time and effort. If you have a skill or expertise, offer it. If you can volunteer to help them with paperwork or footwork for their business, that would be great. Whatever you do, you should seek to be a benefit to your mentor not a burden.[If you know someone – an experienced real estate investing professional – whom you would love to be your mentor but you just can’t get in to meet with this person, email me. I may be able to help]
But, if after looking in all those places, you still can’t find someone… there are always “mentors for hire.” And they aren’t too difficult to find…
It’s all a matter of being a wise steward of your resources. If you blow all your funds on a guru so that you have nothing left to invest, then that would not be wise.
Think long and hard about it. If you can get a one-on-one mentorship with someone who is an expert but has nothing to sell you, I think that is best. But if you can’t, there are some sincere folks out there who can help you. You just have to be discerning and cautious.
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