I recently saw this title in an article about building a relationship with your real estate mentor, and I just had to chuckle, having experienced one of those days. Today, I couldn’t resist incorporating it into my article because it spells out perfectly in one word what often turns out badly in a mentoring relationship.
Everyone that has ever started in this captivating business of real estate investing has discovered pretty quickly that they need a real estate mentor (or three). Some may prefer to utilize the convenience of technology, while others want to maintain personal relationships. There is just no getting around it. This is a business that has a million details and nuances.
Most of us struggle to make sense of everything for too long, which is usually a bad idea. The other group believes someone can save them from all the hard work. They think a mentor answers their constant emails and texts, so they don’t need to do any work.
So what is the correct way to work with a real estate mentor?
I have generally discovered that most seasoned real estate investors don’t mind helping out new investors. But there are a few important rules of this game…
Simply put, “Don’t Be An Askhole”
You will be required to do most of the work in building your business. As the world becomes a planet of digital natives, more and more data is becoming available to the public. You should read and study when someone recommends a book, a particular blog, or some other free or low-cost material. Don’t even think about saying, “I don’t read much; can you simply answer my (long list) of questions for me?” Yes, that has happened to me a larger number of times than I like to admit.
Be Respectful Of Their Time
If your mentor is willing to spend a little time on the phone with you, schedule a specific time to talk. Don’t just ring them up and expect this person to drop everything to dish out free advice. Their time is valuable, so be prepared, concise, and brief and keep the conversation short.
Can I Buy You A Cup Of Coffee And Pick Your Brain?
Don’t say this! The person you have approached for free help, the one who has information and years of knowledge you value so much, may almost certainly have some course for sale or paid coaching and training programs they offer. Or if they are a professional like a real estate attorney, they charge for their services too. While they are probably more than willing to answer some specific questions or offer some guidance occasionally, they aren’t willing to “give away the store for free.” That doesn’t pay their mortgage.
When was the last time you went to the grocery, loaded up the basket with food, and put your groceries in the car without paying? I’m guessing … “Never.”
When you approach your mentor and ask if you can “pick their brain” or “get their input,” what you are saying is: “as opposed to paying you the appropriate amount of money you deserve for your time and years of expertise. Let me spend a few hours with you to get all you offer for $2.00 or a cup of coffee.”
Realize What You Are Willing To Give In Exchange
The best mentoring relationships require give and take. Can you offer something particular in exchange for your mentor’s time if you get a freebie? When investing in real estate, you have several methods or strategies available. You can trade services if you have internet or web design skills. At least, be sure to offer. Sometimes that is all it takes; just the offer to reciprocate and to let them know you will be there when they are ready to collect.
My Final Thoughts
Don’t be an “Askhole.” It all comes down to what is best for business. And enabling real estate professionals to align with what they really care about.
How do you invest in your wholesaling business? Pay for real estate classes and join local investment groups such as the West DFW REI Group. Market and promote your business. Hire an assistant to help you maintain a professional image and spend time in the community networking. Wholesalers need to be out and about to know what is going on and find great deals before anyone else. Once you have mastered the art of wholesaling, you are better prepared to buy your own distressed properties to flip. With these best ways to wholesale property tips, you’ll know the timelines for success and become a better negotiator when the dollars are bigger than yours.
To learn more about how to become a Real Estate Investor in your area, hire a real estate mentor, or if you’d like to flip some properties and perhaps want to partner with other investors, get in touch with us at (817) 550-5069 Opt#8. Contact us HERE and we can give you some suggestions, make some introductions or do some deals for you.
If we can’t help you, we probably know someone that can, so give us a call today.
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