When we begin our real estate journey, the Internet is one of the first places we often go to get information. It’s packed with information and resources about investing in real estate, from articles to webinars to podcasts. While it’s a great resource, having a real estate investing mentor to help you learn the trade and develop the skills you need to succeed can take you to the next level quicker and smarter. It can also help you avoid making rookie mistakes and potentially losing thousands of dollars.

If you want to enhance your knowledge and level up your skills, here are some reasons why a mentor for real estate investing may help you succeed.

What is a Real Estate Investing Mentor?

Real estate investing mentors offer advice and coach or guide you on the path to successful real estate investing. Keep in mind that a mentor-mentee relationship should be mutually beneficial. The mentee, or individual looking to learn a trade, should offer help and provide value to their mentor. In turn, the mentor will return value to the mentee through advice, coaching and guidance.   

Tip: Don’t ask to be mentored. Get to know them first to see if it’s a good fit. The goal is to build a mutually beneficial relationship.

What is a Real Estate Investing Mentorship?

At its heart, mentorship is the guidance an individual provides, especially an experienced person in a company, educational institution, industry or field. Before organized education (and the Internet) was established, mentorship or apprenticing was the only way for someone to learn a trade. Today, it remains one of the best ways to get insight and skills and learn by doing.

Types of Mentorship

There are a number of different types of mentorship options. It’s important to choose the style that’s a right fit for you.

1. Apprenticeships and Internships

Apprenticeships and internships have existed forever, but they’re less common these days. There are many advantages to working for someone else and learning the ropes, processes and best practices before starting a similar business.

2. Educational Materials

Because we live in an era of technology, we have access to many online resources. You can learn about investing in real estate in various ways, including blogs, webinars, seminars, podcasts, and real estate investing books. Becoming an expert through your own research can be invaluable. Plus, the podcasts and audible books make learning on the go easier for busy professionals.

3. Mastermind Groups

Mastermind groups create an opportunity to learn from and engage with industry leaders. You can also learn from peers and strategic partners depending on how the group is arranged. Joining a real estate investing mastermind group is an excellent way to find and connect with a potential real estate investment mentor.

4. One-On-One Real Estate Investing Coaching

There’s no question that personalized coaching is one of the most effective types of real estate investing mentorship. Staying in consistent contact with your coach via phone, email, or in person is a powerful tool to help guide you as you learn the ins and outs of real estate investing.

Do I Need a Mentor for Real Estate Investing?

Most people looking to learn a trade have considered whether they need a mentor and what that mentorship can bring to their lives. Sean Stephenson, motivational speaker and businessman, says, “One good mentor can be more informative than a college education and more valuable than a decade’s income.”

Benefits of a Real Estate Investing Mentor

I hope that quote answers your question, but let’s dive a little deeper to explain why a good real estate investor mentor can be so beneficial

1. Helps You Avoid Mistakes

If you look back at your mentor’s previous deals, you’ll likely see some big wins and losses. Learning from your mentor’s past mistakes or bad real estate investing deals will help you avoid struggling from the same mistakes in the beginning as they have.

While your real estate investing mentor shares lessons learned from past experiences, listen closely and take notes. Even if something is irrelevant to you right now, chances are that information will prove helpful down the road.

2. You Can Learn From Their Successes

While it’s important to avoid mistakes and learn from your mentor’s failures, it’s just as important to learn from their successes. Figure out what has worked for them. Then, dive into the how and why. A good mentor will be open to sharing their past successful real estate deals and explain the steps it took to get there.

3. You Can Reach Your Full Potential Faster

Time is money. While achieving success through mentorship won’t happen overnight, it can help you reach your goals faster. A mentor needs to share personal insights and experiences, including more efficient ways to do things. 

Additionally, individuals rarely realize what they’re capable of. A good real estate mentor should help you identify and achieve your full potential.

4. Accountability

Your mentor should continuously help you improve and keep your momentum going, especially when times are tough. When you run into roadblocks or challenges and feel like giving up, a mentor holds you accountable. They’ll help you keep your goals clearly in sight and turn your dreams into reality.

How to Find a Mentor for Real Estate Investing?

Finding a great real estate investing mentor can be challenging, as it can be difficult to know where to start, what to look for, what questions to ask, and how to build a mutually beneficial relationship.

Characteristics of a Good Mentor

Here are some characteristics and qualities to look for in a mentor for real estate investing.

• Has the time and is willing to follow through and mentor you.
• Has a good track record of success with real estate investing no matter what the market is doing.
• Brings positivity and encouragement along with constructive criticism.
• Similar investing interests (ex. single family homes, multi-family homes, land, commercial).
• Is actively investing in real estate.
• They are patient and willing to share their knowledge.
• Has a proven track record of honesty and integrity.
• Experience with different investment types and a creative problem solver.
• Goal-oriented, motivated, and can help you set clear, attainable goals.
• Is accountable and will hold you accountable.
• Has a knack for teaching or explaining what they know.
• Lives near you or understands the real estate market.
• Is a good listener and has a genuine interest in you and your success.
• Ethical and wants to help or serve others.
• Knowledgeable about real estate tax laws.
• Understands your current financial situation and goals.
• Interested in a mutually beneficial relationship.
• Is current on real estate tech and knowledge.
• They are dedicated to helping you achieve success with real estate investing.

Questions to Ask a Potential Mentor

It’s extremely important to start your mentorship off on the right foot. Just like any relationship, you should start slow and build from there. Taking the time to find the right fit works in your favor. Also, you’ll want to make a good first impression as it sets the tone for the entire relationship.

As you narrow down your search, here are some guiding questions:

• How do you spend your time?
• What do you wish you would’ve known when you were just starting your career?
• What are some of the bigger mistakes you made when starting out?
• What used to be some of your greatest weaknesses and how did you improve on them?
• Is this where you envisioned your career trajectory?
• How can I help you?
• Discover more questions to ask a real estate investing mentor.

Joining a Real Estate Investing Club or Mentorship Program

People with successful careers and top executive positions benefit from having the right mentor, and many do. Be aware that some mentorship programs are very pricey. Before you sign up for anything, do your research. Review comments and ask about the program in a forum or group to see if it is worth the price.

At RealWealth, we believe in paying it forward, so we put our 20+ years of experience to work for you by providing this at no cost. A RealWealth membership gives you access to all our real estate investing educational materials, resources and webinars, turnkey property teams, industry connections, investment counselors and more. Learn more about how RealWealth works.

Some of the most profitable investors have a long-term relationship with their real estate investing mentor. It can take time to find the right mentor and cultivate the relationship, so if you are having trouble finding a mentor, don’t give up.

How RealWealth Can Help You

As noted above, a RealWealth membership gives you access to our free educational resources and industry connections. This includes turnkey property teams selling single family and multi-family investment properties with property management in place. Every member is also assigned to an investment counselor, a seasoned real estate investor that is here to help guide and support you on your journey. Our property tours and live events also give you a chance to connect with other investors. If you want an affordable way to grow your knowledge and portfolio, join RealWealth today!