Benefits of a mentor to invest in real estate – Businesses
The right real estate investment mentor can propel you to faster success, real estate investment expert Hernando Fernandez said. It is not unusual for newbie investors to seek the advice of a more experienced investor in the form of mentorship. But finding the right mentor to guide your real estate investments isn’t always easy.
What does a real estate investment mentor bring?
The right real estate investment mentor shortens the time it will take you to understand real estate.
The right real estate investment mentor can help you hone your skills to identify the best properties to buy and sell.
The right real estate investment mentor can work with you one on one to help you find financing and maintain your cash flow.
The right real estate investment mentor can give you the structure you need to take action and avoid mistakes.
Professional real estate mentoring doesn’t come cheap. You can incur costs ranging from thousands to hundreds of thousands of dollars. But finding the right guide to getting started in real estate investing can earn you many times these fees, Hernando Fernandez says.
Where do you find your real estate mentor?
You don’t necessarily have to pay for the mentorship. You can find a real estate agent who can mentor you, earning their fees from the sales they make for you. You can find your real estate investment mentor with a friend, colleague or someone in your real estate network. Just be prepared for the reality that skilled real estate investing professionals don’t have a lot of spare time.
Not everyone who makes a lot of money investing in real estate, by Hernando Fernández, has the skills to be a good real estate investment mentor. They may not want to take the time to mentor you. You may not be able to make it worth it to mentor yourself. You may have to dig deep to find what you can offer them that improves their bottom line to justify investing the time to help you make your initial investments.
With all of this in mind, you can find specific people who can serve as a real estate investment mentor through:
- Formal mentoring programs sponsored by real estate investor associations.
- Google the search terms “real estate investment mentor” and the market you want to invest in, for example, “South Florida real estate investment mentor”.
- Advertisements in publications specializing in real estate.
You can also search on LinkedIn or Bigger Pockets.
Once you have identified your mentor, Hernando Fernandez says, remember that even with their help, most of the learning work to become a real estate investor is still up to you. Read everything they give you. Watch every video they send you. Make the cold calls they give you advice on.
Investment mentoring is not a guarantee of investment success. But if you do the job your mentor demands of you, you’ll go a long way toward your first winning contract.