It is only natural for inexperienced investors to contemplate how to find a real estate mentor. The pursuit of education is not only a necessary part of scaling our expertise in a particular field, but it’s also something every one of us has a subconscious need to satiate daily. Today’s most prolific investors are never satisfied with their current understanding of the housing market and are constantly striving to learn more. Anyone looking to emulate their favorite predecessors’ success should strive to do the same. At the very least, learn how to find a real estate mentor you can count on.
Finding a real estate mentor is one way to place yourself in a position where success is essentially a foregone conclusion. In aligning yourself with someone that has already realized the success you hope to achieve one day, it stands to reason you will be more likely to achieve your goals. After all, what is a mentor if not someone that can teach you the best way to get things done?
What Is A Real Estate Mentor?
A real estate mentor is someone who will offer advice and coaching as you begin a career in the real estate industry. A mentor typically has years of experience in the field you want to enter and will be willing to guide you through the process. In their simplest form, mentors are merely teachers willing to share the lessons they have learned through their own trials and tribulations. At their pinnacle, however, real estate mentors provide new investors with the foundation they need to realize success in an overwhelming industry.
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Types Of Mentorship
Before you start your search, there are a few different types of mentorship to be aware of. Think about your availability, educational needs, and preferred learning style as you decide on the right mentor for you. Here are a few different types of mentorship:
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Personalized Coaching: This one-on-one mentorship style is a great way to get started in the real estate industry. By working with an experienced investor, you can receive personalized advice as you walk through each deal. This is also a great way to ensure consistency as you learn more about real estate investing.
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Mastermind Groups: Depending on where you live, there are likely real estate investing groups you can join in your area to learn from. These groups can put you in contact with your peers and lead to great connections, even outside your mentor. If you can’t find one in your area, try searching for a virtual mastermind group on Facebook to get started.
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Apprenticeships: One of the best ways to get started in real estate is to tag along as another investor shows you the ropes. This could mean shadowing them through a deal or working part-time at a real estate business while you learn. An apprenticeship, or even internship, can be a great opportunity to learn about real estate without fully jumping in.
How Much Does A Real Estate Mentor Cost?
There isn’t a universal rate that applies to each level of real estate mentorship. Investors looking for a real estate mentor have paid rates at every end of the spectrum, from nothing to tens of thousands of dollars.
On one hand, it’s possible to develop a relationship with a successful real estate investor willing to share their knowledge for nothing in return. Building a relationship with someone with a working knowledge of the real estate sector may net invaluable returns in the form of unique investment advice.
On the other hand, many of today’s most successful independent real estate investors were placed on the right path by a real estate mentorship program. Ranging anywhere from a few thousand dollars to $25,000 or more, real estate mentorship programs give anyone without access to a real estate professional the ability to learn from someone who has already realized success in the housing sector.
With the number of real estate mentorship programs available to the public, it shouldn’t surprise anyone to learn that not all real estate mentors are created equal. Today’s most successful mentors can easily charge tens of thousands of dollars for their advice and first-hand expertise. That said, any investor looking for a real estate mentor should focus more on the prospective mentor’s experience and less on the cost of doing business with them. If for nothing else, real estate mentors are investments. Not unlike going to college, paying to be mentored by a great real estate investor with an equally impressive track record will give aspiring entrepreneurs the tools they need to start on the path of a potentially lucrative career.
That is not to say aspiring real estate investors who work with a mentor are guaranteed to become successful, but rather that new investors who apply the knowledge they glean from a proper mentor have a better chance of realizing success and earning more money on their own than the mentorship initially cost.
Is A Real Estate Mentorship Worth It?
It is impossible to put a quantitative value on whether or not real estate mentorship programs (in general) are worthwhile. If for nothing else, not all real estate mentors are created equal. Unfortunately, some mentors are not worth the price it costs to enlist their services. Whether overpriced or inexperienced, some real estate mentors are not worth paying for. As a result, aspiring investors must vet their potential mentors well.
Fortunately, great mentors in the industry can teach investors everything they need to know. That said, truly great real estate mentors are practically invaluable. The real estate sector is as intimidating as it is lucrative. Suppose a mentor can help an aspiring investor break through the barrier of entry and excel in the field of real estate. In that case, the cost of their personally tailored knowledge and experience is well worth the initial price of admission.
With the help of a mentor, new investors may simultaneously mitigate risk while optimizing performance. Without having to learn from their own mistakes, and instead heeding the advice of someone who is already successful, new investors and optimize their time in the market; that means working with more confidence, avoiding costly procrastination, sealing more attractive deals with better profit margins, executing the best exit strategies promptly, and anything else useful in the world of real estate investing.
A real estate mentor is only as good as the person they are trying to teach. Even the best mentor in the real estate industry won’t be worth learning from if the mentee isn’t willing to do the work. Investors must compliment their mentors’ experience with an equally impressive willingness to work hard and implement their learnings daily. Once a mentor’s experience is met with an equally hard-working investor, there’s no price too high.
How To Find The Best Real Estate Mentor In 5 Steps
Many real estate investors hope to accomplish several different goals in their careers. That said, the perfect real estate investing mentor must be familiar with the strategies you hope to execute. If you want to find a good real estate mentor that can take your career to the next level, there are several steps you must take:
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Identify What It Is You Hope To Accomplish
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Assess Your Mentor’s Accomplishments
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Determine Your Risk Tolerance
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Establish Respect
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Identify Your Mutual Goals
1. Identify What It Is You Hope To Accomplish
Before choosing a mentor you are willing to put all your trust into, I highly recommend doing a little self-reflecting. You can’t possibly know who to ask for help if you can’t identify what it is you want in the first place. Therefore, it’s at this time that I want you to identify your aspirations. What is it you want to accomplish as a real estate investor? Do you want to flip homes? Do you want to compile a passive income portfolio of rental properties? Perhaps you want to make a career out of wholesaling.
Whatever the case, determine what it is you want out of your real estate career. Then, and only then, can I recommend seeking a real estate mentor. That way, you’ll be able to identify someone with the experience you hope to learn from. At the very least, it stands to reason that you will learn more about rehabs from someone who has done dozens of them instead of a wholesaler that’s never even thought of rehabbing as an exit strategy. So before you choose a mentor, make sure you know what you want. And, more importantly, if they can offer what it is you need.
2. Assess Your Mentor’s Accomplishments
Success is a relative term. What one investor deems a success, another may cringe at. Nonetheless, there must be a level of “success” you deem acceptable from your mentor. How successful have they been in their previous endeavors? Have they done the things you intend to do? You need to objectively consider whether they have been successful and make sure it meets your standards.
Take a good long look at the person you intend to emulate, and ask yourself if you would be satisfied in their shoes. That’s not to say they will represent your ceiling, but understanding the level of success your mentor has experienced should “set the bar” for what you can expect in the future.
If you are convinced your prospective mentor can get you where you want to be, you are on the right track. However, those who are less convinced of their mentor’s ability should look elsewhere. At the very least, there is no use in working with a mentor with no experience in what you want to do.
3. Determine Your Risk Tolerance
There’s no doubt about it; investing in real estate involves an inherent risk. There isn’t an investment opportunity that won’t coincide with at least a small amount of risk; after all, nothing is for certain. That said, investors of every level have made a living off the degree of risk they are willing to accept. Some investors prefer the relatively low risk exit strategy of wholesaling, while others like the larger returns that come with “riskier” endeavors like flipping.
If you are more comfortable making smaller sums of money with more risk-averse exit strategies, I suggest finding a mentor that subscribes to the same approach. If you are confident in your ability to mitigate risk, you may choose to align your services with a more comfortable mentor taking “acceptable” risks on larger projects like rehabs.
It is worth pointing out, however, that risk is a relative term. While I can honestly say no investment is risk-free, there are ways to mitigate risk. And, as it turns out, it’s those investors that can mitigate the most risk that stands to be the most successful.
4. Establish Respect
Respect between a mentor and a student must be mutual. Real estate mentorship is not a one-way street; respect must be given both ways. In addition to finding a mentor in real estate you respect, you must find one that will respect you back; only then will true progress be made on your behalf. To get the most out of your apprenticeship, you must respect the person teaching you. Anything less, and you’ll find yourself questioning their every move and essentially wasting your time. The same can be said about the mentor; if they don’t respect you, they won’t be inclined to give you their full attention, which can do more harm than good. Before you choose a mentor, make sure the respect is reciprocated.
5. Identify Your Mutual Goals
Lastly, it is important to identify your real estate investing mentor’s goals and make sure they align. Is this someone who has the same motivations and aspirations as you? Ideally, you want someone who not only wants to mentor you but someone who could one day be a potential business partner. Aligning your goals together will allow you to learn and achieve several things you hope to accomplish in your career. Your real estate investing mentor, in turn, will gain a valuable asset once you become more self-sufficient.
[ Thinking about investing in real estate? Register to attend a FREE online real estate class and learn how to get started investing in real estate. ]
FortuneBuilders Real Estate Mentorship Programs
Have you ever asked yourself, “is there a real estate mentor near me?” If you have, you are not alone. Aspiring investors are always looking for real estate investing mentors with in-depth knowledge of a particular area. Fortunately, real estate mentoring occurs in just about every market; you just need to know where to look.
Real estate mentors can be found in any market around the country, but few operate as well and in as many markets as FortuneBuilders. With a nationwide network of experienced real estate investors who have realized success at the highest level, FortuneBuilders has the tools, experience, and knowledge to help anyone navigate the real estate investing world.
With access to the following FortuneBuilders programs, aspiring investors will be given the edge they need to fast-track their careers and put themselves in the best position to succeed:
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Free Online Real Estate Classes
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Mastery Coaching
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Real Estate Events & Seminars
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Real Estate Investing Podcast
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Real Estate Mentorship Books & E-Books
Free Online Real Estate Classes
For those interested in what FortuneBuilders offers, free online real estate classes are made available to all who register. Signing up for one of FortuneBuilders’ free online classes will give aspiring investors access to a live tutorial on how to get started in real estate investing using time-tested strategies and systems tailored for today’s housing market. The 5-hour interactive training covers a wide range of investing topics, including flipping, wholesaling, rental properties, and commercial real estate.
Mastery Coaching
True to its name, FortuneBuilders’ Mastery Coaching program seeks to provide new investors with everything they need to succeed in the real estate investing industry. From live coaching and support to training and in-person events (and everything in between), the Mastery Coaching program represents the best of everything FortuneBuilders offers.
Students who sign up to join the Mastery Coaching program will gain access to all of the following:
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A network of Mastery coaches who have collectively completed thousands of real estate deals to consult with.
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A community of like-minded students to collaborate, share experiences and provide additional guidance with.
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A philanthropic initiative that allows students to give back to their communities.
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One-on-one mentoring and support to answer any questions that students may have about investing or with regards to a specific deal.
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Weekly training and coaching webinars to hone skills and increase investing acumen.
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Customized curriculum to teach investors about the strategies they are most interested in.
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Business building and growth coaching calls to develop entrepreneurial skills.
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Case studies conducted by fellow Mastery students to learn how their respective deals were closed.
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Curriculum for both beginner and advanced students designed to advance careers in real estate investing.
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Weekly action plans to keep investors accountable and organized.
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Foundational systems for turning real estate investing into a sustainable business.
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A custom-designed back-end office system for real estate investors to optimize business operations.
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Live events and Bootcamps to keep up with the most recent strategies and market trends.
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Networking opportunities designed to put students in touch with like-minded individuals who may advance their careers.
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Unique opportunities for long-term wealth building.
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Anything else investors may need to increase their odds of realizing success.
Real Estate Events & Seminars
FortuneBuilders offers a wide array of real estate events and seminars to immerse students in the industry they wish to master:
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Acquisitions & Wholesaling Bootcamp: As a 4-day event, the Acquisitions & Wholesaling Bootcamp teaches students everything they need to know about buying and wholesaling properties. Students will learn everything from how to set up a wholesaling business and create a marketing plan to find deals to building a buyers list and selling properties.
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Rehabbing Bootcamp: The Rehabbing Bootcamp is a 4-day event designed to teach both new and veteran investors how to buy, rehab, and sell properties for a profit. This unique opportunity will give investors the confidence and skills they need to succeed as a rehabber in any market.
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Rental Property Bootcamp: The rental property bootcamp is a 2-day event designed to teach inventors how to purchase their passive income properties, build their own personal rental property portfolios, set benchmarks for their future investment opportunities, and find properties that produce high-earning, monthly passive income.
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Marketing Systems Immersion: A 2-day bootcamp, the Marketing Systems Immersion event will teach investors how to prepare and implement several marketing campaigns.
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Real Estate Ignite: Real Estate Ignite is FortuneBuilders’ annual real estate super conference. Every year, thousands of real estate investors attend Real Estate Ignite to learn about the latest and greatest investing strategies. With the ability to personalize their schedules into breakout sessions, attendees are able to learn exactly what they need for their businesses to thrive in the coming years.
Real Estate Investing Podcast
For investors who are always on the move, FortuneBuilders hosts a real estate investing podcast. Specifically recorded for aspiring entrepreneurs and those looking to achieve financial freedom through real estate, the FortuneBuilders Real Estate Investing Show is a weekly podcast that reveals what it takes to start, build and scale a successful real estate investment business. Listeners will hear from some of today’s best investors who are more than happy to share their knowledge and experiences.
Real Estate Mentorship Books & E-Books
As a real estate mentor to thousands of investors, FortuneBuilders has made every effort to make real estate investing accessible to everyone. In doing so, the real estate education company has published several books:
Summary
If you are convinced a proper mentor can elevate your investing career to another level, you have already made what I believe to be one of the smartest decisions in your investing career. The pursuit of education will take you further than you could have ever imagined; it’ll serve as the foundation of your entire career. At the risk of sounding trite, it’s true what they say: knowledge really is power. More than anything else, your familiarity with the real estate industry has the potential to elevate your career. However, the pursuit of the right knowledge isn’t without its own sea to navigate. You see, you can’t simply trust everything you hear; you need to trust where your information is coming from. That said, it’s just as important to know how to find a real estate mentor you can count on as it is to continue your education. With the right mentor, anything is possible, so choose wisely.
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