Choosing the Right Mentor

Before you sign over $300,000 for your first investment deal, I recommend spending some time sitting down with a real estate mentor or coach. Choosing the right mentor is an important task that requires some work. Before you unload a pocketful of cash to a mentor though, weigh out the cost/benefit ratio and ask yourself whether you can get similar counseling for a cheaper price from somebody else. Also took into consideration that a lot of the information they can offer you can easily be obtained by yourself if you just invest some time in performing the proper research.

When searching for a real estate counselor, watch out for marketing scams. Anybody claiming that they have some sort of proprietary or secret method of investing is probably not being honest. Nobody in real estate owns an all-exclusive way of doing things. Real estate investing is an art that is over 500 years old! Most of the “secret” ways of investing are just simple modifications made to already developed plans of action.

Furthermore, before signing a contract with a mentor or advisor, make sure that the contract allows you to cancel if you are unsatisfied with the results. You do not want to be stuck in a long-term relationship with somebody that isn’t doing the job correctly. In addition, never pay all the fees up front. More than likely, no refunds will be offered if you are dissatisfied with the service.

Speaking of being satisfied or dissatisfied with the services offer, do not assume that expensive mentors can provide better counseling than cheap mentors. In fact, listen closely to what they say and try to discern whether they are really trying to help you or just sell you their services. As well as being wary of your guide, also make him or her provide you with a detailed list of everything that will be covered during your counseling sessions.

You also need to avoid one-sided relationships. Sometimes a guide will turn you into their own personal lackey. They will have you promoting their business and products, as well as running errands for them. Even if they say that you will receive a benefit from your work, do not fall for this. You are paying this person to work for you, not the other way around. I recommend that anytime your mentor promises something, that you immediately have the promise written and signed on paper. This can serve as evidence in a court of law, if need ever arises.

It is also highly suggested that you partake in the services of a coach that has enough time to dedicate to you. If they are unable to remember the topics discussed the last time you spoke, then they are probably under to much work and stress to keep up with you!

One thing a mentor might offer you are contract forms to use in your dealings with buyers and sellers. This is just fine but do take the time to find out where your guide obtained the material from and whether it is legal to use it for your business purposes.

Another quality that you should look for in your guide is that they offer you realistic advice. If you only have $50,000 and they are talking about investing millions, they are obviously not taking your financial situation into consideration. Furthermore, don’t just accept general advice. Ask for detailed specifics on how to go about completing what they recommend. In fact, it is recommended you both sit down and write a step-by-step plan.

If possible, also take a look at your mentor’s past. How many of their clients are still active members? Furthermore, were these people satisfied with the service they received? If the guide does not have many clients, it is possible that either they are new to real estate investment mentoring or that they are just not that good at what they do. Keep a careful eye on these things.

Overall, if you are unwilling or unable to sit down for a lengthy time and do the proper research, it is recommended you hire a coach to guide your initial investments. Just make sure you know what you are getting into before handing over your money to somebody.