If you’re interested in real estate investing but you don’t have any experience, the best advice I can give you is to find a real estate investing mentor. But how do you find a mentor? It may seem almost impossible to find someone with experience who can help you navigate the minefields of real estate investing but it’s not as difficult as you think. Experienced investors want to help new investors because they know what it’s like to start out and not have a clue about investing. Though there are classes that you can take or webinars that you can purchase that will help you start out (and some are really helpful), there are plenty of mentors out there that you don’t have to pay at all.
You may have had mentors in the past in high school, college, or at work and, chances are, you didn’t have to ask them to be your mentor. They just wanted to help you succeed. Your real estate investing mentor is probably going to be someone you already know. Think of someone that you know who is a real estate investor and ask them to meet up for coffee. Ask them about their experience and what they can tell you about their past investments, mistakes that they’ve made, and tips they can tell you. Be teachable and open. Don’t act like you know everything. People like the feeling of helping a beginner with something they are experienced in. Take advantage of that.
If you don’t know anyone who has invested in real estate, you should start going to networking events (this is something you should already be doing even if you do have a mentor). These are prime places where teams are built and connections are made. With apps like MeetUp, it’s now easier than ever to find networking events in your area. Make sure you bring plenty of business cards and snag as many business cards as you can from the professionals at the event. If you meet someone who seems knowledgeable and you have a good rapport with, give them a call after the event and ask them to meet with you so that they can share some information and tips with you. Chances are, they will probably be flattered that you asked.
It will be easier to find a real estate investing mentor at a networking event if you have a niche. Just saying that you’re interested in all aspects of real estate investing is too broad and it will be difficult to make a connection that will blossom into a mentorship. This is because most investors have a specific niche that they are experienced in and feel confident in. If they meet a young investor who is interested in the same niche, they will be excited to talk to you about it and share what they know. So decide if you’re interested in house-flipping, commercial real estate, trust deed investing, mobile homes, etc. and do as much research as you can on it.
There are so many things that you can get out of a mentorship such as real-world examples, insider knowledge, and a guide through the world of investing. You should be on the lookout for someone who is genuinely interested in sharing information and not about selling you anything. The mentor relationship should be based on trust.