Published by Forbes.com | December 5, 2024
With its vast opportunities and inherent complexities, having the guidance of a seasoned mentor can be invaluable.
Entering the world of real estate investing can be both exciting and overwhelming. With its vast opportunities and inherent complexities, having the guidance of a seasoned mentor can be invaluable. A mentor can help you navigate challenges, avoid common pitfalls, and accelerate your growth by sharing their experience and insights. When I was starting my career, I was fortunate to have two incredible mentors, Bob Knakal and Paul Massey. By listening to them, I learned strategies that I continue to implement today.
Follow these guidelines to find a mentor in real estate investing.
The Value of a Mentor
Real estate is a relationship-driven business, and if you have a strong network, it will help you understand market trends and leverage strategic insights. A mentor could provide guidance for you on opportunities and decision-making. They could also offer counsel during challenging times. Beyond education, a mentor might connect you to their network of investors, brokers, and lenders, opening doors to leads you might not find on your own.
Define Your Goals and Needs
Are you interested in a certain asset class or market? Are you looking to understand financing, property management, or deal analysis? Knowing what you want to achieve will help you identify mentors with the expertise that aligns with your goals. When I interviewed Craig Robinson on my podcast, “The Insider’s Edge to Real Estate Investing,” he spoke of the benefits he received from reaching out to others early on in his career, as it helped him gain skills and strategies he could apply over the long-term.
Leverage Your Existing Network
You might have family, friends, or colleagues who are active in real estate. You could also attend gatherings or events where you might meet investors, brokers, or property managers. Let people know you’re looking for guidance and are open to learning. For example, if someone in your network recently invested in a property, ask them about their experience and whether they can introduce you to a mentor. Often, an introduction is the best way to connect with someone who can guide you.
There are many great organizations that can help connect you with a mentor. You can start with the alumni network from your school. You might also find Commercial Real Estate clubs that you can tap. Other organizations such as Urban Land Institute have matching programs too.
Demonstrate Your Value
Mentorship is a two-way street. While you’re seeking guidance, you should also consider what you can offer. Maybe you have skills in social media marketing, data analysis, or event coordination that could benefit your mentor. For example, if you meet an investor who’s managing multiple properties, you could suggest helping with market research or tenant communication. By providing value, you establish a reciprocal relationship that’s more likely to grow over time.
