A few years ago, a friend approached me, asking for advice on investing in real estate. Although I didn’t have an official coaching program in place back then, I was happy to assist. Over coffee, he shared that he had already picked out a house, had a contract written up, and gathered some funds to start flipping. It was only then that he asked for my opinion on his expected profits for this first project.
I knew from experience that buying a property to fix up and flip can be a challenging endeavor, especially if you have no prior experience investing in real estate. In fact, it’s not uncommon for beginners to struggle with their first few deals.
What’s helped me succeed over the years is the network of professionals I’ve built around me, as well as the knowledge I’ve gained from observing a variety of situations. Without a real estate mentor, it’s likely that you’ll have to pay for this knowledge on every one of your early deals. But don’t get discouraged – it’s all part of the learning process.
Finding the right mentor to act as your compass through the twists and turns will be a big part of your success. Here are a few tips to keep in mind when you are looking for a coach or mentor to help you navigate your first few real estate investments.
One goal of a real estate investment mentor is to provide aspiring investors with a practical understanding of the industry. They offer valuable insights and perspectives, which can help their mentees make informed decisions. To be effective, these mentors need to be actively involved in the real estate community and prioritize serving others. If they’re sitting on the sidelines, they may not have the practical experience to contribute to the success of their mentees.
TIP #2: Find a coach who can help you determine your investment strategy
If you’re new to real estate investing, it’s important to understand the distinction between purchasing a property as a “buy and hold” investor versus a “flip” investor. The approach and strategies used for each differ significantly, so it’s essential to determine which one aligns with your goals. Find a coach who can help you strategize and layout a solid foundation for success.
Tip #3: Find a mentor that fits your learning style and personality
When seeking guidance in real estate investing, it’s important to find someone who is compatible with your learning style. Look for experienced professionals who are knowledgeable in the field, but also keep in mind their ethical standards and competence. Keep in mind that not every experienced investor may be the right fit for training new investors. Therefore, it’s important to do thorough research and find someone who can offer valuable guidance and support.
Tip #4: Find a mentor who can help you build a network
Acquiring and flipping a property without previous real estate investment experience is a challenging task. Success in this field requires a sturdy network of mentors and a wealth of experience gained from navigating diverse situations. Without a mentor, every early deal becomes a costly lesson. Building a robust network is essential in this dynamic field and serves as a support system that can turn even the toughest deals into invaluable learning experiences.
Finding the perfect real estate investment coach is a personalized journey – take your time, do your due diligence, and build a mentorship that propels you towards success in the dynamic realm of real estate.
Want to learn more about real estate investing? Join us for our Introduction to Real Estate Investing class. Learn more at www.themcmu.com