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Good place to look for real estate investment mentor
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Joined: 09 Dec 2003
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Location: Rocky Mount, NC

PostPosted: Mon Nov 05, 2007 10:57 pm    Post subject: Good place to look for real estate investment mentor Reply with quote


Where would be a good place to start to look for a mentor in the real estate investment community?

Pate's Answer:

I've been investing in real estate my entire adult life and have benefited from numerous mentors, some good, some bad. I have also had the privlege of mentoring numerous other individuals, some of whom have gone on to be quite successful in real estate investing. This is a topic near to my heart so I offer the following input.

Where to look for a real estate investment mentor depends to a good degree on the type of real estate investments you are looking to make. As most investors looking for a mentor are looking to actively invest in real estate by directly owning or controlling real property, I assume this is your situation. There are many types of property but generally most that I've seen private individuals invest in fall into either residential property (to be lived in) or commercial property (business use of some sort), or some hybrid of the two.

The best mentors are those who have successfully invested in real estate for some number of years, and who have "been around the block" so to speak. It takes time to gain experience in real estate investing, contrary to what many of the books and late night programs would lead you to believe, and there are many issues and challenges that arise as you engage in live investing over time. Only experience can round out the knowledgebase of a given investor and that takes time and actively working the business. So, the best mentors are going to be those with a good measure of field experience, especially in the type of investing in which you have an interest. Many who would sell you their mentoring services have limited experience and are good at regurgitating what they've learned from a book or from training camps. Be careful who you listen to and always consider and research the advise you receive.

The challenge you're going to find is that those investors who have the greatest experience are often busy running their own investment companies and building or managing their own investment portfolios and so they have less time to be a full time mentor as many new investors would like to have at their side.

To find these investors, you need to network. For residential investing, as noted in other answers in this thread you might look for some of the local real estate investment clubs. Lists of clubs can be found by searching the internet. Many clubs have a high percentage of "newbies" or investors new to the industry, but typically you'll find there are a few seasoned investors. If they're not able to mentory you they may very well point you in the right direction. For larger residential such as apartment buildings, consider visiting a local apartment owners association. Contacting local commercial banks is also a good source of leads, particularly for commercial investment contacts. The key is to seek those actively doing what you wish to do and to connect with them through networking.

Once you find a potential mentor, offer to take them to lunch. Build a relationship. Respect that any potential mentor is going to be quite busy so act appropriately. Realize you're going to be hard pressed to find an investor who is really experienced who is willing to hold your hand all the time. A mentor will be someone to give you steps and to point you in the right direction and give you quick feedback on your actions, not someone to do the work for you or to spoon feed you advice at a moment's notice. Like any career or endeavor that can make you wealthy over time real estate investing will take time, a lot of study, and the willingness to step out and start the journey.

Best of luck in your search and in your investing activities.

Ron D. Pate
Ron D. Pate
Author of "Leverage: A Key to Success and Wealth" ( www.leverageforsuccess.com )
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Joined: 07 Sep 2004
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Location: Raleigh

PostPosted: Mon Dec 17, 2007 8:02 pm    Post subject: Reply with quote

That is a good piece of advice.

I also found a good way to look for mentors is to identify owners of the type of real estate that you would like to own and contact them. Be very bold and personable with them and that you are just looking for knowledge and are not looking for any handouts. Invite them to take them out for a cup of coffee, tea, or beer to ask questions in that regard. Again be sincere in your intentions, as highly successful people are usually life-experienced people and can detect bs immidiately.

Shortly after I started investing in real estate my senior year in high school at the age of 18, I identified every single owner of every single sky scrapper in my home town and I went to their houses on a Sunday afternoons, and asked very bold and direct questions of proposition:"Hi, my name is Nikita, I'm a new investor here in town and I noticed that you own a lot of real estate, so I figured out that you've probably been an investor of many years and are very knowledgeable. Would you mind if I ask you just few questions about investment grade real estate, I promise I won't be a bother, I'm just looking for knowledge to hopefully become one day as successful as you are, and own as much real estate as you are, etc".

About 1-2 out of every 5 told me to get lost and not to bother them again. But I stayed persistent and rejection of few stopped bothering me whatsoever after a while. As a result I became very good friends with a lot of extreamely successful people who already made it to where I was wanting to go and who later became my mentors, investors, and partners. I constantly, on weekly basis, try to up my limits and look for new mentors to pick their brains.

Ron Pate by the way is one of my main key mentors who was willing to share his knowledge with me and who contributed to majority of my real estate knowledge and experiences.

I also found that a lot of successful people who nearing the end of they lives, beyond the age of 70 and 80, have few people to talk to in their retirement years. As a result they love to talk about their lives, and are very open to sharing theit life and investing experiences, tricks, and knowledge with younger generations. I use such opportunities to make sincere friendships with such people, ask them as many questions as I can, shut up, and listen to what they have to say.

I think looking for mentors should be a constant discipline in anyone's life who is trying to get to a higher level then where they are at the moment.
For every question you do not ask - the answer is no.
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PostPosted: Tue Mar 15, 2011 12:38 am    Post subject: Reply with quote

Looking for a mentor in the real estate sector is really a tough job.You can't find it easy as there are not many real estate mentors around a particular area.But for polishing of your talents you need to have one.The article explains this very efficiently.
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PostPosted: Wed Apr 09, 2014 5:28 am    Post subject: Reply with quote

I am about to buy home with the help of Luxury Real Estate in Arizona agent. Your post is very helpful indeed! thanks for sharing. Do you have any idea about Arizona market price?
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PostPosted: Fri Sep 04, 2015 5:54 pm    Post subject: Reply with quote

Well I also found that a lot of people who approaching the end of they lives, beyond the age of 50 and 60, have few people to discuss to in their pension years.
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