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What is a Rental Investing Mentor?
If you are new to rental investing, having a mentor is important so you don’t make large financial mistakes! They are pivotal as you continue to pursue real estate investing, and are a significant asset to you growing your real estate portfolio!
So, what exactly is a rental investing mentor?
A rental investing mentor is someone whom you may have a personal and business relationship with, who is willing to take you under his/her wing to help you with rental investing. They typically have impressive experience and knowledge in real estate investing and help you grow in knowledge and success with rental investing.
A real estate mentor is a person who helps you analyze properties, coaches you through making real estate deals, and educates you on success in being a rental investor.
Having a real estate mentor has been extremely helpful for my husband and I to buy our first property and to grow our rental investing business. This article will detail different types of rental investing mentors, how to find mentors for free, and the best questions to have prepared when meeting with a real estate mentor!
3 Types of Real Estate Investing Mentors
1. The For-Profit Mentor
When thinking of a real estate mentor, for-profit mentors are typically the first that people think of.
These individuals are people who are (typically) very successful as real estate investors and sell courses, products, or mentoring. They sell their knowledge to people who want the best-of-the-best tips and guidance.
Experience with this type of rental investing mentor can vary. You may get to have phone calls, Zoom meetings, or emails. Your ability to have lunches, in-person meetings, or long conversations may be very limited.
As I have detailed in the next section, you can pay hefty prices for a real estate mentor. However, these individuals may not always be your best option for such a price! Be sure to investigate all your options before pursuing such an expensive option!
2. The Old and Wise Mentor
Although rental investing has recently become very popular, there are plenty of people who have been doing this for many years!
Some of you may choose to find a mentor who has been in the real estate investing world for many years and has a very large portfolio. This type of mentor may be a great option but be sure to be aware of any generational gaps in etiquette, communication, or expectations!
3. The Young and Relatable Mentor
There are many people under 35 years of age who have built massive rental investment portfolios.
This is the type of mentor that my husband and I had sought after. As millennials ourselves, we wanted someone whom we could relate to, be able to meet up with in our city, and who understood our goals.
This type of mentor may not necessarily have extensive years of experience, but may still be very experienced and well-versed in real estate.
How Much Does a Real Estate Mentor Cost?
A real estate mentor can cost anywhere from being free to over $30,000. Some require yearly payments, or request profits for a certain number of real estate investment deals, and others may require fees for a few years.
It is important to note that it is not required to have an expensive real estate mentor! My rental investing mentor is free and although there may be benefits to having a pricy mentor, it may not always be worth the money.
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10 Ways to Find a Rental Investing Mentor for Free
Finding a good rental investing mentor may take you months to years. Although this may sound like a long time, the key is to build a relationship with someone so they feel willing to provide you their tips and secrets to rental investing wealth.
Some people jump straight to paying someone for advice and guidance. If you are low on cash and want to find a mentor for free, there are still plenty of ways to find a real estate mentor!
Here are 5 ways to find a rental investing mentor for free:
- Join local Facebook groups for your city. Comment and reach out to individuals frequently on the page until you feel it is appropriate to personally contact the person.
- Join local rental investing meetups. Nearly every city in America has meetup groups. This is a great place to find local, experienced investors to connect with!
- Local rental investing courses, classes, or seminars. Meeting with other investors in your area at these events can help you network and discover new, potential mentors!
- Connect with real estate agents. Experienced agents are likely to know big-name investors in your city or in your state. Some agents solely work with investors! Try to connect with agents to seek real estate investors in your area.
- Reach out to investors on BiggerPockets. BiggerPockets is a great place to connect with, and meet up with investors. They have forums and additional ways to meet others in rental investing.
Why You Need a Real Estate Investing Mentor
As mentioned above, having a real estate mentor is a great way to kickstart your investing in rental properties.
However, it is imperative to realize that you should never seek a mentor without considering how you can provide value to the mentor.
As a brand new investor, you may say, “Well, I have no idea what I’m doing in real estate yet. How can I provide value to someone who already knows everything?”.
Here’s the deal: The mentor-mentee relationship is a two-sided deal. If you are going to benefit from someone teaching you about rental investing, you need to provide them with something to make it worth their while to help you grow success.
This may be providing a percentage of rental income from properties the mentor helped you with, or making a deal to pay a flat fee. Some ask for services, collateral, or promise of a percentage of future profits. Or, you can provide your mentor with potential deals or discuss another way with him/her to feel they are getting something out of your mentor-mentee relationship.
The Best Questions to Ask a Rental Investing Mentor
If you plan to get a real estate mentor by saying “Will you teach me everything you know?”, that’s essentially saying, “Will you please hand me the deals and the money?”.
It doesn’t work this way.
Here are a few great questions to ask a real estate mentor:
- What are your long-term goals for real estate investing?
- How did you begin in rental investing?
- What is one thing you regret doing/not doing when you started investing?
- What is one piece of advice you always give to new investors?
- Why are you passionate about rental investing?
- Who would you recommend I talk to in order to learn more about investing in our area?
- What real estate agent do you recommend for investing in my area?
Having a mentor is a great way to build your rental portfolio quicker and potentially with more success. It can take months or years to establish a great relationship with someone who would be willing to mentor you for free, or for a low cost, but it will be worth the time and effort as you build your portfolio of investments!