4 Strategies for Finding a Real Estate Mentor
A real estate mentor is someone who will offer advice and coaching as you begin a career in the real estate industry. A mentor typically has years of experience in the field you want to enter and will be willing to guide you through the process. Mentors are valuable resources who can provide incredible insights into very specific areas of business and personal life. It is important to select someone who has experience acquiring properties, in real estate development, and holds an impressive real-estate portfolio. In aligning yourself with someone that has already realized the success you hope to one day, it stands to reason you will be more likely to achieve your goals. After all, what is a mentor, if not someone that can teach you the best way to get things done?
Types of Real Estate Mentorship
Before choosing a mentor that you are willing to put all of your trust into, I highly recommend doing a little self-reflecting. There are a few different types of mentorship to be aware of. Think about your availability, educational needs, and preferred learning style? You can’t possibly know who to ask for help if you can’t identify what it is you want in the first place. What is it you want to accomplish as a real estate investor? Do you want to flip homes? Do you want to compile a passive income portfolio of rental properties? Perhaps you want to make a career out of wholesaling. Seattle real estate expert Jim Thorpe recommends that you identify and set your goals. That way you’ll be able to identify someone that has the experience you hope to learn from.
This one-on-one mentorship style is a great way to get started in the real estate industry. By working with an experienced investor, you can receive personalized advice as you walk through each deal. This is also great for individuals who do not have an extensive amount of prior real estate knowledge and desire an expert from the real estate sector.
- Program Example: Summit NOW offers one-on-one coaching from Seattle real estate expert, Jim Thorpe. Click here for more information.
These groups can put you in contact with your peers and are great networking opportunities, even outside of your mentor. If you can’t find one in your area, try searching for a virtual mastermind group on Facebook to get started.
- Program Example: Summit Capital Partners hosts a Saturday Real Estate Investing 101 Meetup
Typically apprenticeships you receive a small payment. Generally, you work with an industry specialist while you gain experience.
2. Assess Your Mentor’s Accomplishments
Success, for all intents and purposes, is a relative term. What one investor deems a success, another may cringe at. Nonetheless, there has to be a level of “success” you deem acceptable from your own mentor. How successful have they been in their previous endeavors? What does their real estate portfolio look like? You need to objectively consider whether they have been successful and make sure it meets your standards.
Take a good long look at the person you intend to emulate, and ask yourself do they specialize in developing risk-adjusted solutions? That’s not to say they will represent your ceiling, but understanding the level of success your mentor has experienced should “set the bar” for what you can expect in the future. If you are truly convinced your prospective mentor can get you to where you want to be, you are on the right track.
3. Determine Your Risk Tolerance
There’s no doubt about it: investing in real estate involves an inherent degree of risk. There isn’t an investment opportunity out there that won’t coincide with at least a small amount of risk. That said, investors make a living off of the degree of risk they are willing to accept. Some investors prefer the relatively low risk exit strategy of wholesaling, while others like the larger returns that come with “riskier” endeavors like flipping.
If you are more comfortable making smaller sums of money with more risk-averse exit strategies, I suggest finding a mentor that subscribes to the same approach. If you are confident in your ability to mitigate risk, you may choose to align your services with a more comfortable mentor taking “acceptable” risks on larger projects like rehabs.
4. Identify Your Real Estate Goals
Lastly, it is important to identify your real estate investing mentor’s goals and make sure they align. Is this someone who has the same motivations and aspirations as you? What does their rental portfolio look like? Do they specialize in acquiring off-market real estate? Ideally, you want someone who not only wants to mentor you but someone who could one day be a potential business partner. Aligning your goals together will seamlessly allow you to learn and achieve several things you hope to accomplish in your career. Your real estate investing mentor, in turn, will gain a valuable asset once you become more self-sufficient.
5. Take a Breather
Everyone is subject to burnout. While entrepreneurs often separate themselves from others through their hard work and dedication, they deserve a break at times, too. Taking time to breathe and step away from work is highly beneficial. Too much time spent focusing on work is not suitable for the brain. You need to step back at times and do non-work things that enrich your soul and make you happy. Seattle real estate expert, Jim Thorpe is a fan of spending time with his family when he needs a break. His productivity tips emphasize the importance of unplugging from technology. In the end, these breaks will serve you better than constantly trying to truck through work.
About Jim Thorpe
Jim Thorpe is a Seattle-based entrepreneur and a real estate expert with over 30 years of experience. He has sourced over a billion dollars in real estate and is a master of acquisitions and real estate devlopment. He is a past member of the Board of Trustees at Villa Academy and the owner of Summit Capital Partners.