Real Estate Investing Tips
Do I need a Real Estate Investing Mentor…the answer may surprise you!
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Do I need a Real Estate Investing Mentor…the answer may surprise you!
I get asked a lot. Do I need to have a real estate investing Mentor?
Before I get started in real estate investing, I got three tips that will help you out here in just a second
Today, we’re talking about real estate investing mentors.
Do you need a mentor?
Do you need a real estate coach?
Who do you need?
What do you need to work with?
Do I need a real estate investing mentor to get started in real estate?
No you don’t.
I know a lot of people try to get a real estate investing mentor because it feels more comfortable to do a deal with someone else. But keep in mind, those people have their own business!
What’s their business model? If I’m a real estate investing mentor, my business models to make money from people teaching people to do real estate investing.
Most of the time they have a single strategy that you’re leaning toward. So they’re going to guide you towards a strategy they did if they are in your area.
For instance, they’re in the same town as you are. They’re actually competing with you still.. think about that.
Do you want to be mentored by someone who’s going to compete with you on deals?
You don’t want that and if they’re in the same area and they’re trying to get you to do all the deals in the area and they’re trying to buy the deals from me like, hey, I’ll buy the deals from you mentor.
Think about this, if they’re buying the deals from you, all they’re doing is training you to be their employee. That is not how you run a business.
You run a business by taking the steps that you need to be a success. Personally, I like to have a community around me where there’s multiple people. Lots of advisors help me take lots of steps, but more than that. I want to build my education up so that I understand what it takes to take those steps.
For instance, I’ve got a mentor teaching me one way. There may be seven different ways to do this deal. But since they’re only teaching me that one way, I don’t, I can’t do all of those six deals.
So I’m losing every sixth, seventh deal because I don’t understand them. Okay, so understanding how to do different deals.
Different styles are going to be very important and most real estate mentors have a single strategy that they focus on because that’s what they’ve done for their business.
That may or may not work in this current economy.
It may or may not work in your location.
It may or may not work based on your skill level.
That’s why community is so important.
So I’m part of a community, a real estate investing Community. I can call somebody in Chicago.
And go and call somebody in New York and call somebody in Florida and call somebody in Chicago in California or wherever across the United States.
Basically, all 50 states. Even Hawaii.
I call these guys, hey, I ran across this deal. There’s a really cool, interesting thing.
Can you tell me what’s going on the market there?
Would you mind driving by that property. Let me know what you think about it.
How cool is that to have a community of people rather than having a mentor?
Hey, mister Mentor in California. Can you tell me about the deal in Hawaii? He’s gonna be like, it looks good.
See and so you kind of deal with and then what if the mentors are out of your area?
Like, well, I’m not competing with him because he lives in California and I live in New York.
Okay, again, he does not understand the economy going on in that specific area unless he’s investing in that area and he’s invested in that area.
So here’s what I want you to understand about mentors. Don’t get me wrong. I’m a business coach. I love helping people get better and business. I love how people develop their skills.
They need to take the next level, but a mentor is not there for that and mentors that are say do ABC. Do what I did. And if they’re not a good teacher, if they’re not a good trainer, they’re just trying to be an employee.
Your goal as a real estate investor should be to create your own business. Make real estate investing a business. Not just a hobby.
Ultimately you want to be able to invest in real estate in a way that you can get rid of your job and you can start to do it full time.
You become a full time, real estate investor. It’s not about how much money you have. It’s about the relationships you build? And a mentor is going to be stuck to that one. Little common Circle that he’s keen on.
You don’t want to do that. So keep in mind. The difference is a mentor. You pay them for one single strategy.
A coach may guide you to do business and develop skills, but ultimately a real estate community and building your education is the key to real estate investing.
You don’t need a mentor. If you have a solid education group and a solid, great community of people that you can follow.
So if you have any questions, reach out to me, make sure you subscribe to YouTube. I love Youtube, but let me tell you, you’re not going to learn what you need to learn about real estate investing on YouTube.
You need to complete the structure, you know, how to build the wall from the bottom.
All the way to the top, not just the bottom and some pieces of top.
And that’s the problem with mentors. I could tell you some stories, but I have to be careful because I can’t share too many people’s stories. But basically this is one person.
He got involved and paid fifty thousand dollars to this Mentor within six months. The only thing he was doing was getting more deals for the real estate investor Mentor than he was for himself and so he found himself Spending all this time for the mentor and not making any money for himself.
Fifty thousand dollars a year later here. They ask for another 50,000 dollars. Go figure. That’s what a mentor does. You got to be careful about that partner with somebody JV with somebody.
I’m okay with that.
Understand how the common brings your time, brings your value.
But what skills are you bringing to the table?
That’s going to make the difference in real estate investing in a Mentor relationship.
So let me wrap it up real quick.
Number one. You need a good solid education and YouTube’s, not good enough.
One little Guru course isn’t good enough. You need to have solid education for multiple strategies.
Number two, you want a community of people who will surround you and help you in all the different aspects of it.
Number three, you want to put time and effort into it. Make sure you’re bringing value and understand your skills. What you can do and what you can make happen, if you understand what your skills are and the value you bring to the table.
There will always be somebody who will help you along the way.
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