Getting started in real estate can be challenging, especially during the first few months or so. Finding a real estate mentor can greatly help you learn the trade and build the right skills that can improve your chances of being successful in real estate. These experts shared their tips on finding a real estate mentor.
Below are 15 effective tips to find a mentor who can help you be successful in real estate:
1. Seek Out Real Estate Investors in Your Area
Benjamin Mizes, CEO, Clever Real Estate
If you’re looking for a mentor in real estate, attend local REIA (Real Estate Investors Association) meetings to network in your community. Utilize real estate social networking forums like BiggerPockets for a larger reach, and ask contractors around town who they do a lot of work for. This will enable you to seek out the real estate investors in your area who are making the biggest impact. Instead of asking people to help you, ask how you can help them and what they need. Always deliver value before you receive it, and you’ll be on your way to finding a valuable mentor in real estate.
2. Screen Potential Mentors
Keith Robinson, Chief Strategy Officer, NextHome
Spend some time on picking the one (maximum two) people that you are strategically selecting to be your mentor. Look at the social profiles. See if you actually find them interesting. Don’t just look for the most powerful person in your network. Look for the person you find the most interesting. Someone you would truly like to emulate your life after. Find out their interests and learn about them so you can create common ground.
3. Find Mentors Online
John Myers, Owner, Myers & Myers
There are plenty of coaches you can hire online. The good news is most of the coaches do a lot of videos as part of their marketing plan. Check them out and see if one could be a good fit. Go to one of their training events before signing up to make sure their plan is a good fit for you. Remember, each mentor or coach can only take you so far. Once you feel you have reached a plateau, you may need to find a new mentor to take you to the next level.
4. Get Referrals From Your Connections
Ron Humes, VP of Operations, Post Modern Marketing
There are so many real estate agents in just about every market, but a surprisingly small number will have the credentials and connections that you need. It is those connections that are the key to finding them. Look to referrals from the people they associate with on a regular basis. Your acquaintances who invest in real estate, mortgage companies that specialize in investment property loans, and contractors who do work for real estate investors will all have connections with the people who are truly active in this market. Gather recommendations from these people, then set up some time to interview them in person to find a partner whose experience and personality aligns best with you and your goals.
5. Attend Real Estate Conferences for Investors
Karen Elmir, CEO, The Elmir Group
The key to finding a real estate mentor is being transparent. Don’t feel like you need to know everything when you first start out in the real estate field. Take the time to ask questions and attend different networking events and conferences for investors. By doing that, you’ll meet many different people in the field and naturally find mentors to support you. Having a strong support system will help you succeed in the long run.
6. Find a Mentor-for-Hire
Michael Blank, Real Estate Investor & Author of Financial Freedom with Real Estate Investing, TheMichaelBlank.com
When starting in real estate, you can build knowledge and skills by reading books, listening to podcasts, taking seminars, and occasionally hiring paid, competent mentors. Having a mentor is important as you’re making major investment decisions. By having someone who has done what you want to do successfully, it accelerates your learning curve time frame and prevents you from making major mistakes. To be successful in real estate, you need to make sure that you put a strong support system of peers and mentors around you.
7. Find Mentors Who Are Actually Doing Real Estate Investing
Antonio T. Smith Jr., President & CEO, ATS Jr. Companies
When it comes to finding a solid real estate mentor, you want your mentor to actually be working in the field of investing. These days, many people get paid from real estate education during conferences, which is a great strategy, but when the mentor moves from conference to conference, that mentor may no longer work in the field due to mentoring students from the conferences. This lessens their actual experience in the field of investing.
8. Find a Mentor Specific to Your Field of Investing
Spike Spencer, Trainer & Real Estate Investor, Fair Winds Investment Group
Know exactly what it is they are training you for. Investing in single-family homes is different from multifamily investments. Lease options are different from flipping and rehabs. When you are first starting out with real estate investing, you can get overwhelmed. Pick an avenue to specialize in and get a mentor who does that.
9. Use an Indirect Approach
Robert Taylor, Owner, The Real Estate Solutions Guy
Good mentors can be found in every town if you will take the time to look for them and build relationships with them. Start by looking for older real estate investors who are retired or near retirement. Unlike younger investors, older investors are unlikely to see you as competition and are more likely to be open and transparent with you. Start by just asking if you can have coffee with them and ask them how they got started. Never directly ask them if they will mentor you. Instead, try an indirect approach. Tell them you are looking to get started in real estate investing and ask them if they know of anyone else you should talk to. If they’re interested in investing more time with you, they’ll let you know. They also probably know other investors you should speak with.
10. Do Google Research to Find Other Investors
Jerryll Noorden, Real Estate Investor, We Buy Houses In Connecticut
One of the easiest ways to find real estate investors who can be your mentor is by doing a Google search for the most used keywords in real estate investing. The ones ranking highest are the ones you want to talk to and ask them questions. You can reach out to them via their websites and ask questions. Some will happily oblige and try to help you out as much as they can.
11. Join Your Local REIA
Cornelius Charles, Co-owner, Dream Home Property Solutions, LLC
One way to find other real estate investors who could be your mentor is to attend a local Real Estate Investors Association (REIA). REIAs are basically meetings where real estate investors meet and talk about real estate in general, and try to help each other buy or sell real estate. Some REIAs are friendlier to newbies than others, but the good ones are a great place for newbies to meet local investors and ask questions. The easiest way to find one in your area is to google “Real Estate Investors Association (my city),” where “(my city)” is the city that you live in. A lot of REIAs are also on Meetup.com, so that is a great place to search as well. The good thing about a local REIA is that there should be investors there who are familiar with your local market. They will know what strategies work and which don’t based on your local market conditions.
12. Check the “We Buy Houses” Ads
Derik Keith, Broker, Investor & Co-owner, Keith Home Team—Metro Brokers of Oklahoma
You can find a real estate mentor through a “We Buy Houses” ad listed in the local paper. It kind of seems unconventional, but if real estate agents or investors are marketing to potential clients, it helps to go where the ads are. Ask your prospect about how he finds investment properties to buy and other things you want and need to know. This method of finding a mentor is good for anyone starting out in real estate because it cuts out some guesswork. You’ll always find real estate professionals through their ads—whether it’s in the paper, the local community center, or any other platform that runs ads.
13. Ask Real Estate Agents to Refer You to an Established Investor
Brandon Renfro, Professor & Finance Planner, BrandonRenfro.com
It’s best to start with an established investor. Real estate agents will usually know who these people are and will be happy to connect you with one because it increases their pool of buyers. Depending on what level you want to start at, you may be able to buy smaller properties from a seasoned investor looking to grow or acquire larger properties.
When finding a real estate mentor, Property Mob recommends checking out the reviews and testimonials available online to see what their clients, customers, and students say about them. Make sure to do your research before you invest in a mentor to ensure that you choose the right fit for your goals.
It is likely that financial planners are also knowledgeable in real estate investing. According to Scott Alan Turner, you would be shocked at how many financial planners invest in real estate. If they don’t, they most likely know people who are into real estate investing and can recommend them to you.
Finding a real estate mentor is essential, especially if you’re new to real estate. Work with an experienced and skilled mentor who can effectively share what they know to a beginner like you. Choose the one who shares your values and who can help you succeed in your real estate career. Use the above expert tips on finding a real estate mentor to help you find that perfect match.