Section 3: Finding a Real Estate Mentor
Finding that right mentor can make all of the difference in the world for your real estate investing career, however there is a right and a wrong way to go about finding a mentor.
In this Simple Guide, I want to share a few best practices on how to find and approach a real estate mentor.
So without further ado, let’s jump into this Simple Guide!
How to Find A Seasoned Real Estate Mentor
The best way to find a seasoned investor in your area is to simply go to where investors hangout.
My first suggestion would be to start your search on BiggerPockets. This site is your one-stop-shop for everything real estate and is an amazing way to network with other investors.
When searching for investors on BiggerPockets, I would suggest using keyword alerts to find local investors in your area.
For example, if you’re based out of Indianapolis, your keyword alerts would be along the lines of “Indianapolis,” “investor,” “Indianapolis wholesaling,” “Indianapolis wholesaler,” etc. Once you have your keyword alerts set, will receive an email each time your keyword is used in a post. This will allow you to keep an eye out on those who post frequently using your keywords.
I would also recommend attending your local Real Estate Investors Association (REIA) meeting because a lot of investors hang out there and that’s an amazing way to connect with local investors in your market.
If you’re a licensed agent and have access to the Multiple Listing Service (MLS), you can search for cash buyers who have purchase properties in your market of the last six months.
You can also utilize Meetup.com. There are tons of real estate investor meetings you can attend and connect with investors that way.
So now that you know where to find investors, I know you wondering, “Well how do I approach a seasoned investor?”
Here’s my advice…
Don’t Ask to be Mentored
Here at Simple Wholesaling, we receive lots of requests weekly from people asking us to mentor them but that’s not the way you want to go about it.
Just think about…
When you find someone you are interested in dating or potentially marrying, do you approach them by asking them to marry you immediately?
No way! That would be so weird! The first time you meet someone, you don’t immediately ask them to marry you. You get to know them first, foster a relationship and then maybe pop the big question.
The same thing follows for approaching a mentor.
It All Boils Down to Relationship
Real estate is all about relationships and you need to make sure the both of you fit well together and will mutually benefit from the relationship.
Once your potential mentor is found, invite them out for coffee or lunch and spend time developing a relationship and truly getting to know them personally.
In your first meeting, I would ask these questions:
What are your core values?
What are some things you’re passionate about in life?
What kind of investing do you do, and how do you do it?
What would be your suggestions for me, as a complete beginner?
Do you partner on deals on a case-by-case basis
Discover Their Needs
Real estate investors are extremely busy people. They already have a lot on their plate and if they decide to take on a mentor, they are sacrificing time from their own business, time from their team or time from their family because being a mentor is a time commitment.
Give them a reason to take time out of their busy day to invest in you.
If I was a newbie investor, here is what I would do…
When approaching a potential mentor, I would take the word “mentor” out of your vocabulary and ask one of these two questions instead, “How can I bring you value?” or “Hey, is there anything I can help you out with?”
This approach is more inviting because it isn’t a self-centered approach and a great way to build a relationship with an experienced wholesaler like myself is by bringing the investor value.
You can do this by figuring out a way to get hired at their company. Even if they’re not hiring, find a way to justify a job.
If your potential mentor runs a small business, find areas of opportunity where their business is lacking and offer to help in that area.
Offer to drive for dollars, clean their office, take motivated seller calls, manage properties, scope land, whatever it is, your communication needs to come across as simply wanting to help and learn.
Create and Add Value
Look for opportunities to create and add value to their life and to their business somehow. If you see the opportunity, you can run after it and create value.
When I was working for the timber guy, I didn’t know how to operate the machinery so I knew I couldn’t add value in that area but I knew that any entrepreneur in the real estate business needs deals. They can never have enough deals because that’s how they make money. So I added value by helping my mentor find land deals and the deals were a huge value to him.
If you listen to our podcast, you guys might know Jaren who is our podcast co-host. His story is a great example on how to create and add value to an investor’s business.
Jaren’s Story
Jaren had previously worked for BiggerPockets and was moving to Indianapolis from Oakland, California. At the time, although he has experience in both fields, he wasn’t for sure if he wanted to pursue real estate or marketing.
After moving to Indianapolis, he decided to obtain his real estate license and began searching for someone ethical to work for.
He first tapped into his network for recommendations by asking Brandon Turner from BiggerPockets to connect him with reputable investors in the Indianapolis area. He then provided Jaren with a list of names and he first connected with Stephen Barton who was being mentored by me at the time.
I eventually sat down with Jaren and the entire focus of the conversation was how could he add value to Simple Wholesaling.
Jaren was a licensed real estate but at the time, we didn’t need him in that capacity. I knew nothing about social media so I put Jaren in charge of social media and content because that is where he was needed most at the time.
Guys, Jaren took this opportunity and ran with it!
Although he was working part time, he continued looking for opportunities to add value and worked around the clock to produce content and wrote our very first ebook.
Regardless of how much I was paying him at the time, I saw the hunger in Jaren and I saw the value he brought to my business and he quickly worked his way up to a full-time position. He went from working part-time managing our social media accounts, to transitioning to our sales and marketing manager to now serving as our dispositions manager, podcast co-host and real estate broker!
Jaren’s story is a wonderful example on how to add value!
I gave Jaren an inch and he ran a mile with the opportunity he had with Simple Wholesaling.
One last big tip for you…
If you want to get in great with an investor, find a way to bring them some deals. That will get you noticed in a huge way and immediately add value to your reputation. Every investor is looking for deals. And if you can partner on deals with them, you will be bringing the investor value while putting some money in your pocket.
Conclusion
Well there you have it guys.
The most important nugget I hope you guys take away from this Simple Guide is to develop a genuine relationship with your potential mentor and add value to your mentor’s life and business!
Have a humble heart to seek guidance and mentorship through servanthood. The greater the relationship you foster with you mentor, the more your mentor will invest in you.
If you follow these simple practices, I will almost guarantee success with me or any other seasoned investor.