All of us need to start at square one. So, if you want to invest in the real estate market, you could still do it even though you don’t know much about it at first. If you want to learn the ins and outs of the industry, understand the data used to find rental properties with high potential, and create a strategy to attract more deals, you need to undergo rigorous training.
Alt-text: real estate mentor conducting a lecture
Link: https://pixabay.com/photos/the-conference-lecture-lecture-hall-3248255/
But not all investors are the same—you could become one that rises above the rest or be the one who’s left behind. If you want to have solid knowledge about investing in real estate, you need to join a real estate mentorship program.
What Is Real Estate Mentorship Training
You could think of real estate investment mentors as your trainer or advisor. Normally, people choose one who’s older than them. But having a younger person to guide you could still lead to the same results.
If you join a program designed by these mentors, they will be able to provide you with sound advice, guidance, and feedback. However, you shouldn’t expect your mentor to teach all of the real estate investment tricks that they have under their sleeves. Also, you should commit for the long-term as some programs expect their mentees to learn naturally, and it could take some time.
How to Find a Real Estate Mentor
These are the things that you should keep in mind to find the best real estate investing coaching programs for you:
- Their core values match closely with your own.
- You should share the same passion in both business and personal life since you must understand each other.
- You should have the same investment strategies and style. If you employ different tactics, the guidance and advice that they’re giving won’t be as useful compared to one that aligns with you.
- Most mentors, like Edna Keep, are very busy since they’re managing their real estate ventures. So, you should convince them that teaching you is worth their time.
- If you join their program, you need to make sure that it could add value to both of you, making it a win-win situation.
Why You Need a Real Estate Investment Mentor
Alt-text: a female real estate investor meeting her mentor for the first time
Link: https://pixabay.com/photos/job-interview-interview-job-3410427/
Now that you know the things that you should do to find a mentor, these are some of the reasons why you should join their courses. You should start by asking yourself:
Why do you want to invest in the real estate market?
You may want to do wholesale or flip homes to create a steady cash flow from your portfolio through passive income or you may want to invest in a rental property for the long term. These reasons are all valid, but you need to ensure that you know the reason why you want to start in the first place.
If you’ve discerned this for yourself, your search for the right mentor would be a lot easier. You could easily find ones who offer what you need to start your journey.
What level of success do you want your mentor to have in their investments?
Everyone’s definition of success is different. So, you must be confident that your mentor possesses the right skills and experience you’re looking for, as the point of hiring them is having someone to emulate. Since they’re already successful, you could use them to chart your strategy to make your foray into the real estate market fruitful.
If you’re not sure if your mentor could offer you something useful, you should look elsewhere because both of your time and efforts would just be wasted.
Will you have enough respect for your mentor? Will they respect you too?
If you’re doubting the prowess of the person coaching you, you’ll find it hard to believe anything they say.
Since respect is mutual, your mentor should also have it for you. If your mentor thinks you’re just wasting their time, then you’ll likely get less attention or will not receive sound investment advice. You need to make sure that you maintain mutual respect before you even start with their real estate mentorship program.
How much risk could you take?
Almost all investments come with a level of risk; investing in real estate properties is not immune to this. If you want to become a successful investor, you need to look for ways to lessen the risks of your stakes without decreasing the reward.
For example, a lot of investors want to invest solely in income-producing properties that could give regular, relatively strong cash flow over the long term. Still, you can’t avoid the risk of having a tenant who would vacate without prior notice or a stagnant rental rate growth in the short term. In these cases, the best course of action is to have longer holding periods to minimize the short-term risks.
Your trainer should be an expert in holding rental properties instead of just flipping homes. So, your mentor should have the same risk appetite as you do if you want to become a better investor.
Conclusion
There’s an adage that’s almost a cliche now that says, “Knowledge is power.” So, if you want to earn more, you need to learn more. In the game of investing in the real estate industry, your success will be measured by how much you know and the people you know. Having the right real estate mentor for you and finishing their real estate mentorship program will make it more likely that you’ll achieve both.
Also, mentoring is a two-way street, and you should build it with respect, accountability, and trust. The first thing that you should look for in a trainer, aside from their experience and skills, is if they view you in high regard. You should also find one who has a similar personality and employs similar investment strategies as you do. By doing so, you will get on the same page more easily.
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