Training Seminars For Real Estate Investing

Key to Maximum Success in Minimum Time: Get a Mentor
by Lee Salinas

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.

Why choose a mentor that has purchased and sold a certain number of properties? Very simple. You will certainly want a mentor that is actively involved in real estate investing.

Look at it this way. If you want to learn how to build a watch, you'll do better with a mentor who's a watchmaker than with a mentor who only knows how to tell time.

Relationship With Your Mentor

To maintain a successful relationship with your mentor, you must truly understand the role of your mentor. Starting a relationship based on flawed assumptions will lead to disastrous results. Unfortunately, some people erroneously think that their role as a mentor is to take new investors under their wing, but it's actually to teach them to fly.

Conversely, some people that elect to work with a mentor mistakenly believe that their mentor's sole responsibility is to make them wealthy. A mentor can no more make you wealthy than a weight trainer will lose weight for you if you decide it's time to lose weight before you qualify for group insurance all by yourself.

A weight trainer will guide you and advise you on the best way to successfully reach your desired weight goals. But the actual weight loss is something you do yourself.

A real estate mentor will guide you and advise you on the best way to successfully reach your desired financial goals. But actually achieving those goals is something you do yourself.

So going in to the relationship, it's important that you know what to expect from your mentor before you launch out.

Benefits of having a mentor

Possibly the greatest benefit of having a mentor is that it gives you the confidence you need to push ahead with your investing plans. And once you decide to forge ahead, you will realize even more benefits:

a. Overcome the learning curve faster

b. Increased skills and knowledge

c. Failures can be evaluated in a non-confrontational manner

d. Powerful way to acquire experience

e. Networking opportunities

f. Stay motivated and on track

Amicable compensation plan

A common sticking point in mentoring relationships is the creation of a cordial compensation plan. To maintain your relationship with a mentor, you must recognize their value and reward them for it.

How much should you pay a mentor?

Of course, it will be no more than your pocketbook will allow and no less than what the mentor thinks is adequate.

Generally, a mentor's fees will depend on how much of their time you believe you need to achieve your goals. A financial commitment clearly demonstrates that you are serious about achieving your goals.

A mentor will share their expertise in exchange for a fee. This levels the playing field because both parties have a stake in the relationship. Why should a mentor spew out all sorts of practical and valuable information to put you on a fast track to success, but then you abruptly quit as an investor?

The mentor made an investment in terms of their time and talent so you don't have to go at it alone. Adequately compensating your mentor is the right thing to do.

Real estate investing is not a get rich quick scheme. Learning the ropes is not something you do overnight or over a weekend. A mentor can help you accelerate the process. You can achieve maximum success in minimum time. Get a mentor because working with a mentor is an investment in yourself.

About the Author: Lee Salinas, CPA, MBA became a corporate refugee when he was blind-sided by a layoff in 2002. But Lee discovered life outside the corporate rat-race when he became a real estate investor. In four years, Lee has purchased nearly 200 properties. Lee now provides coaching and mentoring to help others achieve their dreams at http://www.LeeSalinas.com Additionally, Lee has created a real estate business plan that helps investors get all the private money they need to fund their deals. The business plan is available at http://www.realestatebizplan.com. Article Source: http://EzineArticles.com/?expert=Lee_Salinas