The right real estate investing mentor can propel you to faster success, real estate investment expert Hernando Fernandez says. It’s not unusual for beginning investors to seek the guidance 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 to the table?
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 sharpen your skills at identifying the best properties to buy and sell.
The right real estate investment mentor can work with you one on one to help you locate financing and maintain your cash flow.
The right real estate investment mentor can provide you with the structure you need to take action and avoid mistakes.
Professional real estate mentorship doesn’t come cheap. You may incur fees of thousands up to hundreds of thousands of dollars. But finding the right guide for getting started in real estate investing can earn you many times those fees, Hernando Fernandez says.
Where do you find your real estate mentor?
You don’t necessarily have to pay for mentorship. You may find a real estate agent who can serve as your mentor, earning their fees from the sales they broker for you .You may find your real estate investment mentor in a friend, a colleague, or someone in your real estate network. Just be prepared for the reality that skilled real estate investment professionals don’t have a lot of free time on their hands.
Not everyone who makes a lot of money investing in real estate, per Hernando Fernandez, has the skill set to be a good real estate investment mentor. They may not want to take the time out of their schedule to mentor you. You may not be able to make it worth their while to mentor you. You may need to dig deep to find what you can offer them that improves their financial outcomes to justify their investing the time in helping you make your initial investments.
Keeping all that in mind, you can find specific individuals who may serve as your real estate investment mentor through:
- Formal mentorship programs sponsored by Real Estate investor Associations.
- Googling for the search terms “real estate investment mentor” and the market in which you want to invest, for example, “South Florida real estate investment mentor.”
- Advertisements in real estate trade publications.
You can also run a search on LinkedIn or Bigger Pockets.
Once you have identified your mentor, Hernando Fernandez says, don’t forget that, even with their help, most of the work of learning how to be 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 tips for.
Investment mentorship isn’t a guarantee of investment success. But if you put in the work your mentor requires of you, you will go a long way toward your first winning deal.