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Surrounding yourself with people who are doing what you want to be doing is a huge step towards your success as a real estate investor.
In an industry as complex and ever evolving as real estate investing, it is important to have experienced mentors who you can learn from and turn to for guidance. There is never anything wrong with learning from others’ mistakes and avoiding those same mistakes in your own business.
In fact, we highly encourage it.
Real estate investing takes time and energy to build a successful business and, if having a mentor helps you do just one deal, or even one more deal than you would have done without them, then isn’t it worth it?
Every successful entrepreneur has, or has at one point had, a mentor and many would likely attribute much of their success to a mentor or mentoring program in their past or present.
With your success in mind, we’ve created seven easy steps to help you sit down with a potential real estate investing mentor.
Attend your local REIA meetings or scroll through Facebook groups and other forums where investors in your area tend to congregate. An individual who is already sharing their knowledge with the community should be more open to passing some wisdom along to you.
It can be scary at first (especially if you’re brand new to real estate investing), but simply introduce yourself and let people know who you are and what you’re trying to accomplish. Don’t immediately jump right into a big ask.
Build some rapport with genuine interest in who they are and what they have to say. This shows that you truly care about learning more and being a part of the real estate investing community. It’s okay if you’re a new investor and don’t have an abundance of knowledge to share just yet.
3. Get Their Contact Information
Let them know that you’d love to chat sometime or offer to help them in one way or another. It’s important to not just position yourself as a taker, but as someone who can provide value to them as well. Focus on identifying some pain points that they might have during your conversation and ways that you might be able to help.
Pro Tip: Create a contact for yourself in your phone similar to how you would for any other new contact. This should include your picture, phone number(s), company name, website, and social links. Ask for the individual’s number and text this contact over to them. They now have multiple ways to reach out and places to learn more about you and your business. Plus, you now have their number!
4. Research
It’s important to know who you’re talking to. Yeah, the guy with the fancy suit and Rolex might seem successful, but is he someone you want to learn from? Don’t be afraid to search around the internet, check out social media, and even ask around to ensure that the person you’re planning on contacting is knowledgeable, trustworthy, and has good intentions.
5. Contact Them
Reach out to your new contact with a call or a text. If you’ve only met once, reintroduce yourself at the beginning. If you happen to think of a way in which you might be able to help them, now could be a great time to bring it up.
As your conversation continues, ask if they’d be interested in meeting up for lunch or a coffee, on you. Investors are often busy, so make it as convenient for them as possible by being flexible on day, time, and location.
6. Meet Up
First things first, make sure to be on time (early is even better!). Think of some questions and topics beforehand that you’d like to discuss. Bring a small notebook that you can use to jot down any major takeaways.
Keep it somewhat casual and organic. You don’t want to come off as an overbearing interviewer, drilling them with question after question.
7. Follow Up
It’s always a good idea to follow up by text, call, or email. Let them know that you appreciate them taking time out of their day to meet with you. If you enjoyed your meet up, suggest getting together in the future or ask if it’s okay if you run questions by them when necessary.
The Takeaway
Many new investors make the mistake of viewing other investors in their area as “the competition” when you should really think of them as someone in your network who you can collaborate with.
Real Estate Investors are typically generous people who truly want to see others succeed, especially with the help of their knowledge. There are many sources online that can help you along the way, but it’s great to have some friends who can give you specific advice. This especially comes in handy when looking for references or knowledge specific to your area. Make it a point to seek out those who have done what you’re trying to do, and learn from them.
Another tip? Familiarize yourself with some of the tricks of the trade, like comping tools and the basics of real estate marketing.
Knowing how to talk the talk goes a long with with establishing rapport and trust.
Did we forget anything? Share your experience with finding or learning from mentors in the comment section below.
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