How to find the right real estate mentor for you

Are you interested in real estate investing but don't know where to start? One of the most effective ways to build confidence and momentum is by connecting with a mentor. Whether it’s an informal relationship with an experienced real estate investor or a formal program, mentorships can be extremely valuable.

What does a real estate mentor do?

A real estate mentor is an experienced investor who can help you learn to invest or improve your results. They can teach you to find properties, negotiate and close deals, and manage a successful real estate investment.

Types of real estate mentorships

Here are some of the most common types of real estate investing mentorships and the benefits they offer:

One-on-one mentorship

A one-on-one mentor provides personalized guidance to a new investor. These mentors are often friends, acquaintances, or relatives with prior experience in real estate.

One-on-one real estate mentorships are often informal agreements that consist of recurring calls, as-needed check-ins, and occasional get-togethers to review ideas and results. With one-on-one mentoring, you benefit from personalized advice and your mentor’s full attention.

For new and less experienced investors, one-on-one mentorships are an outstanding value and can cost nothing more than time and effort. And the more you put into the relationship, the more you’ll get in return.

Group mentorship

Mentorship groups typically consist of 10 or fewer investors, all focused on a similar type of property, such as single-family homes, multiunit residential properties, or commercial properties.

The main benefit of groups is access to diverse experiences and opinions. Working with a group means you’ll get multiple perspectives on a question or problem. You may find groups locally or online. Local groups often have more expertise in a specific real estate market, while online groups offer additional experiences and insights. You also can find events and conferences designed for a nationwide audience.

Group mentorship programs can be a great way to network with peers. Depending on the structure, these types of groups may be free or require a membership fee.

Apprenticeship

An apprenticeship offers direct, on-the-job training in real estate. Apprenticeships come in many forms, including shadowing, internships, and even part-time employment. That could mean earning an hourly wage from the mentor while working on their business.

Apprenticeships may involve intensive training sessions with a mentor over an extended period. Because the apprenticeship is a significant time commitment for the mentor, some apprentices may share a portion of the profits from early investments with the mentor.

Like plumbers and electricians, the apprentice may work for the mentor at the end of the experience, or they can go out on their own and invest independently.

How to find a real estate mentor

Follow these steps to ensure you find the best real estate mentor.

1. Decide what you want from the mentorship

It’s important to think about why you want to invest in real estate, clarify what you want to learn, and set investment goals. This will allow you to give potential mentors enough information about your previous experience and mentorship needs.

2. Attend local networking events

Once you know the goals you'd like to achieve, it's time to start looking for a real estate mentor who can help you get there. Luckily, you don't have to go far to find them in most cases. Your local network is the best place to start. To find a real estate mentor near you, try some of these tactics:

• Look for and attend workshops or seminars related to real estate investing and the real estate market.
• Ask a local real estate agent if they work with investors in your area.
• Connect with local real estate investors on social media platforms like LinkedIn to learn about potential mentorship and networking opportunities.

3. Look for qualified mentors

To determine a mentor’s qualifications, ask them how many years of experience they have in the type of investing you’re interested in and how they measure their success. If the investor has several years of experience aligned with your goals, they may be the mentor for you.

4. Meet with each potential mentor

Meeting with your potential mentor helps you get to know them before you begin a longer relationship. If they show a genuine interest in your financial success and respect the time you’re willing to commit to learning, it can be easier to build trust in your mentor and take their lessons to heart.

5. Decide on a system that works for both of you

If you think you've found the perfect mentor, the final step focuses on creating a system that works for both of you. Some questions you might want to consider include:

• Will you meet in person, virtually, or a combination of both?
• Will you meet weekly, monthly, or quarterly?
• How should you contact them between meetings if you have any questions, and how quickly should you expect a response?

Clarifying these questions with your mentor can help make the relationship valuable and sustainable. If you work with an experienced paid mentor, they may have an existing system you can follow. If you have an informal or unpaid mentor, clarifying each other's expectations for the relationship is even more critical.

How much will a real estate mentorship program cost?

The cost of a real estate mentorship program can range from zero to thousands of dollars per month. Some programs forgo monthly payments in favor of splitting a fraction of the profits from your first few deals after completing the program. Still, many experienced real estate investors are happy to offer guidance free of charge.

Let’s go over some of the pros and cons of paid versus unpaid real estate mentorship programs.

Paid mentorship programs

Paid mentorship programs can be a great way to ensure your mentor is focused on your needs. Creating a formal business arrangement and mentorship system can be easier when you both have a financial incentive to make the relationship work. On the other hand, great mentorship programs can be expensive.

Unpaid mentorship programs

Unpaid mentorships are often successful, but they have their downsides. An experienced real estate investor working on their own business may not have enough time to commit to the mentor relationship. It may also be harder to create a formal mentorship system with consistent meetings and input from the mentor without a financial incentive.

How to get the most out of your real estate mentorship

Now that you have found your perfect mentor, it’s time to begin the partnership and get yourself on track to build your real estate business. These tips can help make every mentorship session worthwhile.

Be prepared

Spend the time ahead of each meeting to prepare. Gather financial statements, property research, plans, and questions for your mentor. Doing so helps ensure your time is put to good use when you sit down for a mentorship session.

Ask questions

Attending your mentorship meeting with a list of questions helps you tailor the lessons to your needs and show your mentor that you’re taking the meetings seriously. If you're just starting, ask more general questions about what types of real estate investing you should pursue, what markets you should enter, and how you should assess your risk tolerance. If you’re further along in the real estate process, ask for details about assessing property values, negotiating with buyers and sellers, and securing financing for your deals.

Take notes

Don't let valuable lessons go in one ear and out the other. Take notes to capture every recommendation and tip your mentor offers, then organize them so you can use them efficiently in practice. The notes you accumulate from your mentorship can make even a short-term mentorship program valuable over your entire career. If your mentor agrees, you can record sessions to reference again in the future.

Follow through

Anyone can begin a real estate mentorship program, but its benefits only manifest if you follow your mentor’s recommendations. There are no guarantees in the real estate business, but putting your mentor's advice to work makes it much more likely that each step will lead to a productive result. If you establish a trusting relationship with an experienced mentor, you can be confident that the advice is reliable and effective.

Following through is especially important after a challenging period where things don't go your way. Even the most experienced mentors cannot ensure that every decision you make will be correct. But if you continue to follow through on the lessons learned during mentoring, you could have a long and fruitful career in real estate investing.

Stay open-minded

Being open to new ideas and investing strategies is essential to a successful mentorship program. If you’re new to real estate investing, be prepared to follow through on new ideas suggested by your mentor, even if they’re new or unorthodox.

If you have some experience investing but need a mentor to help you break through, staying open-minded allows you to break bad habits and adopt better ones that could enable your business to soar.

The bottom line

A great mentor can help you unlock your true potential in the real estate industry. If you find a real estate mentor you can trust, take advantage of the valuable time they've given you by using their insights and advice to kickstart your real estate career.

Are you ready to buy your first investment property and put your mentor's advice into action? Start the mortgage application process with Rocket Mortgage^® today.