Mentorship Tips

Posted on September 17, 2015 by

In this article I am going to take a different approach as to the format. This time I am going to give you a list of tips for finding and working with real estate Coaches and Mentors. A good education is paramount to building any successful business. Good mentors are the foundation of a good education. Here are some things to keep in mind.

  1. It’s not only ok but GOOD to pay for an education. Your education is the first of your investments. It’s also the most valuable. A good teacher is not free. I have spent about $75,000 on my real estate education. Mind you I didn’t plunk all that down at once. I have been through dozens of programs, books, home study courses, seminars and even coaching programs. You don’t need thousands of dollars to get started but do expect to pay something for your education. Start by setting a budget for buying education. If your budget is small then read a book. Go online and read blogs and forums. There are free trade magazines out there that you just have to sign up for and they show up in your mail or inbox. JUST GET STARTED!
  1. Not all mentors and coaches are equal (or even good). Buyer beware. Do your homework or due diligence on any teacher before giving them money. Good teachers will not be hard to get a good referral for. On that note…get referrals before signing up. Ask around or go online to get some feedback about the education this person is offering. If a teacher or mentor is not creating successful students or is ripping people off then someone somewhere will have posted about it. Just look. Ask the coach or mentor for some references from other students. If they have successful students then they and the students shouldn’t mind talking to you.

  1. Communicate with the family and/or partners before making any large education decision. I see so many students fail because of lack of support from home. This is usually avoidable if you communicate properly. Sit down with the spouse/partner or family to discuss any large education purchase. The main idea here is to get them to understand that the education is an investment and that it will pay off in the long run but that you may not see immediate results. I have seen many students make large purchases that they didn’t really discuss with the family. Soon after, the wife or husband is wondering why they are not instantly rich after this big purchase and that is when the breakdown starts. Sit down with the people in your life and explain that building a business takes time and will cost money upfront but will set you free in the long run. They need to be patient and support you during this process but it is your responsibility to keep them in the loop. Communication is a valuable investment into your family or partners.
  1. Everybody fails. If your teacher is not open about their failure and mistakes…watch out! Either they are lying or they are not as experienced as they are letting on to be. Neither is good. I have made a ton of money in the real estate business and I have lost a ton too. Some of the best business lessons I have learned came from my failures. Some of the best education I give my students has come from those same failures. Everyone fails. Live, learn and move on. A failure is only a true failure when you don’t share it with others.
  1. Be careful about people and forums that have a negative point of view about getting a formal education. I can’t tell you how many people laughed at me or tried to dissuade me from going to some event, seminar or lecture when I was getting started. There is always someone who will try and talk you out of an education. There are many reasons why people try and hold others back and none are worth mentioning here. Don’t let naysayers get in your head. If you feel good about a teacher or program, then go for it. Most successful people were told that what they were doing was wrong or useless or they were crazy at some point in their career. They were most likely told this because what they were doing was not what everyone else was doing. If people tell you that you are wrong or crazy, stop and consider the source. Here are the questions I ask myself when faced with a naysayer. “Has this person made more money than me?” “Has this person lost more money than me?” I take advice from people who are already doing what I want to do or who have failed at what I want to do. Both can provide invaluable points of view.

If you want to jumpstart your real estate business career then get a jumpstart on the info. Find a good coach or mentor and don’t expect anything for free. The old saying “you get what you pay for” is still around for a reason.

Good Luck!

Bill HamBill Ham has been investing in real estate for 8 years and has created a portfolio of nearly 400 apartment units in Macon, GA. He created his entire real estate investing portfolio using creative and seller financing.

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