Everyone tends to have a different perspective towards what a mentor actually is. According to some, mentors should be a guide who assists you when you need it, while others are of the view that a mentor does all the work for them. Alternatively, some people think that a mentor tells them what to do at all times and when they fail to get that, they give up as this is not the case.
While looking to find a great property investment mentor, you need to analyse your own situation and figure out what it is you want out of the relationship. Mentors are successful people whose time is very valuable and if you want their help and support, you need to provide value to them. You cannot expect to get free help because you are powered by motivation.
Mentor – Why You Need One?
A mentor happens to be an experienced and trustworthy adviser. To further elaborate, a mentor needs to have experience in the field that the mentee is interested in. Now the experience level could vary depending on what the mentee’s area of interest is and how passionate they are about learning.
A successful mentor may know one thing extremely well and teach that one thing, while other mentors could be good at a number of different techniques and educates on all of them based on the mentee’s need. When seeking a mentor, ensure that they have all the relevant experience you need help with. You need to be specific. If your aim is to be successful in the Central Coast and Newcastle property investment market, then it makes sense that your mentor has proven results in this particular field.
The term “mentor” is also wrongly used sometimes just to make people spend money on unnecessary courses that promise to help you get rich quick. On the other hand, if selected carefully and correctly, spending money on the right mentors to help you learn and educate yourself can be the best investment you can make. The wealthiest of people spend thousands of dollars on mentors and coaches as they understand and recognise when they need specialised training and support, as many of them never stop educating themselves.
How to Decide?
So how do you decide what area to be mentored in? A mentor could help you immensely in becoming a successful property investor in particular markets. You can find a good mentor if you know other people in your network who have succeeded in investing in markets you are interested in. While choosing a mentor to team up with, ensure that you pick one who will offer the most training and support, and can act in your best interests. More often than not, many property specialists that advertise themselves as mentors, actually get paid by builders and developers to sell stock. Therefore, they are not working in your best interests but rather the company or person who is paying them for their commission.
First of all, figure out if they are being paid by you or somebody else. If they state they are a free service then they are getting paid by somebody else and do not have your best interests at heart. If they are a fee for service, just like a lawyer or accountant, then they are most probably genuine in wanting to assist you.
Finding a Real Estate Mentor:
After you have decided on the market you want to invest in, how do you find someone with relevant experience? You need to be cautious with whom you listen to. There are many useful websites offering a lot of information and then there are some sites that are nothing more than sales funnels to real estate training programs.
You will find people pretending to be experts on forums but have no clue what they are doing. When you come across free courses or free books, know that they will try to sell you a course in the future. All courses are not a waste of money but find out everything about the teacher and ensure they are from whom you want to be taught. Be wary of those courses or mentors who make big promises but won’t tell you anything unless you buy.
The best option is to find a local mentor. But here is the thing, local mentors would not be interested in teaching you. Why? Because they will be creating competition for themselves. They will usually be available for a quick coffee or lunch, but they usually do not have the time to teach everything they know to someone.
Many people are more than willing to be mentors for newbie investors but want to be paid. If you feel the need or want to have a mentor, you will get them but see to it that you choose the right person if you are willing to pay for training.
Paying a Real Estate Mentor – Mandatory?
If you want a mentor but don’t want to waste time in researching investing techniques or making the mistakes yourself, then yes, you can pay for it. Some mentors might be willing to assist you free of charge but those are not easy to find, so therefore paying for the mentoring service sometimes makes the most sense.
The problem is that everyone thinks they are super-motivated and most people are, but the thing is that burst of motivation stays for about five minutes. Mentors don’t have time for this lack of action. Merely being motivated is not enough for them nor do they need it. Now you should know that successful investment mentors tend to be very busy, and a lot of people want their help, so you must make sure you are clear with your goals and where you want to head.
Usually, you are required to pay a service fee to the mentor. Depending on your situation, determine what kind of services you will need from them. Are you needing help to buy an investment property? Do you require your portfolio to be analysed and managed? Are you interested in becoming a development partner through a joint-venture? Once you have identified your needs, start booking in some appointments with some potential mentors to get the process going. After going through a few meetings explaining your situation, you will know who you will want to start working with and vice-versa.
Paid property consultants can service you as mentors to help guide you through the whole property investment process. If chosen correctly, this mentor can make sure you don’t make all the common mistakes investors make and at the same time advise you on your options to ensure you maximise your returns as much as possible. Learning the process from someone else who has succeeded is the most common way to achieve your goals. If it has been done before by someone else, then why re-invent the wheel?