There are basically two ways to learn how to be a real estate investor. The school of hard knocks is the method that most budding real estate investors choose. This is by far the slower more painful way to learn. It is also very expensive. If you don’t believe me, go ahead, screw up a deal and lose $30,000 or more. The school of hard knocks can lead to bankruptcy.
The other way to learn is through a mentor. Everyone should have a mentor but the supply of qualified mentors is much smaller than the demand. That is why people fall into the school of hard knocks.
There are two ways to find a mentor or real estate coach. The first is via an internet search. This is extremely dangerous. The real estate guru space is full of fraud and snake oil salesmen who will promise you the world and then deliver next to nothing. So of these frauds are quite expensive. You many not have noticed but not everything you read on the internet is true.
The second way of finding a real estate coach is through your local real estate club. There is always a real estate club around you somewhere. If you are reading this article, you are most likely near the PA, WV, OH intersection. This is the territory of the Pittsburgh REIA club. If you are not then search for your club or even just a local meet up of like minded investors. Once you locate this group, start looking for a leader in the group. There will be at least one person who everyone else turns to for answers. That person is a potential mentor.
Your next step is to approach this real estate coach and ask them if they will mentor you. Some of these people will have established mentor programs. Others will need a little prodding. Keep in mind that you are asking them to spend their time and energy to help you.
Now here is the million dollar question. What is the value of your mentor and what should mentoring cost? The answer to that question depends on two variables. What can your real estate mentor teach you? This question is two fold. The first part of it deals with the experience level of your mentor/coach. The second part deals with your level of real estate investing education. Where are you starting from? Are you a completely new investor who needs to learn everything or are you a seasoned veteran who just needs a little help? The second question is how much money are you potentially going to make if your real estate career is successful? This question also comes with a flip side; how much money will you lose if you screw this up?
Now let’s imagine that you plan to buy a portfolio of rental properties that will cash flow $100,000 per year. Would it be worth $10,000 to you to make that happen? What if you were about to do a flip or buy a commercial property that would end up with you losing $100,000; how much would it be worth to avoid that disaster?
The real answer to any question about the value of a real estate mentor is that it depends on the individual. That is why the Pittsburgh REIA coaching program is different than other real estate mentor programs. Our program allows you to rent an expert on a monthly basis. There is no cookie cutter on size fits all approach. Each individual is different and so are their needs. The goal of the program is to deliver value in an individualized manner. This ensures that you get the most value for your time. Value per time spent is the best way to evaluate a mentor program. For more information, click the link below.