Key to Maximum Success in Minimum Time: Get a Mentor

A funny thing about real estate investing. It continues to be one of the best ways for individuals to achieve financial freedom. But it's also one of the toughest businesses to stay in. Adding to the challenge is that today's real estate landscape has a number of pitfalls, but a savvy investor can avoid them by getting the right mentor. The right mentor will help you see where the traps are and how to avoid them.

But let's not get ahead of ourselves. Just in case you're not familiar with mentoring, let's start with what mentoring is all about.

What is mentoring?

Mentoring is a relationship built on learning. Typically, it is a one-to-one relationship between a more experienced and a less experienced real estate investor. It is based upon a mentor that is committed to your growth and development. Having a good mentor can be a short cut to success because you learn from other people's mistakes, enabling you to avoid the same traps and progress quicker. It's about applying learned knowledge that is hard to do on your own. Most of us don't succeed alone. That's were mentoring comes in - you're not alone.

What is a mentor?

A mentor is a real estate investor who will provide you with needed advice, consultation, direction, or practical help for the effective achievement of your investing goals. A mentor has already done what you want to do. A mentor should be your learning coach: someone you can talk to and trust. A mentor should help you focus on your goals and give you direction that helps you succeed more quickly than you could alone.

A mentor has knowledge, expertise, and experience and is willing to share those skills and know-how with others. If you decide to go at it alone without a mentor, it quite possible that what would have been a temporary setback can become a permanent failure.

How to find your mentor

Unfortunately, finding a mentor can be easier said than done, but networking is undoubtedly the best way to find a mentor you can trust. Join a local real estate investment association (REIA) near you. Attend the monthly meetings and look for investors that are walking the talk - really doing the business. If you keep your eyes and ears open, you will find someone who not only shares their passion for real estate investing, but also is interested in mentoring less experienced investors.

Choosing a real estate mentor

To help you choose your mentor, look for people who have at least the following credentials:

1. Currently investing in real estate using the strategies they're teaching.

2. Purchased and sold a minimum of 25 properties so they have dealt with different buying and selling situations.

3. Someone who doesn't have property to sell you. If a mentor is teaching you how to buy a property, and they are selling you one of their own properties, there is a possibility for a conflict of interest. Certainly not in all cases, but a word to the wise.