4 Tips for Finding a Real Estate Mentor
Do Not Go Into Your First Flip Alone!
Once you’ve decided that you want to go into the flipping business, look for help. By help, I mean finding people and resources that will guide you through your first flip, as well as help you avoid some costly mistakes.
I am not suggesting that you go to expensive seminars, boot camps, bus tours, etc. I am suggesting that you do your own homework on finding sources of help. You will save a lot of money and learn it better, if you do the research yourself.
Become a Reader!
Go to a bookstore or library, and actually read books on rehabbing and flipping houses. Read them cover to cover, a lot of what they write will be common sense, but a lot will be new information. It will reinforce what you already knew, and help put the rest of it in perspective for you. It will also teach you the language of rehabbing, making it easier for you to connect to real estate experts and investing mentors.
Find Valuable Resources for Free
Take advantage of everything that you can which is free and low cost.
- Some examples include:
- Do online searches and read articles
- Go to free workshops for real estate investors
- Join and attend meetings of local investment groups
These things will all lead to successful house flippers in your area. Make sure to listen carefully, so you can recognize people that are actually doing it, rather than those that talk about doing it, but never really do.
Identify What Works for Your Mentors
Once you identify the major players in your area that you want to connect with, become familiar with everything they have written. Look at their properties if you can, even if it is just a drive by. You may see commonalities in the types of properties they flip and the finishes they apply. Identify what works for them.
You Don’t Need Someone’s Permission to Learn From Them
Your mentor does not necessarily have to know that he/she is your mentor. That may seem strange, but people who are really interested in imparting knowledge will share a great deal of valuable information in the public forum, rather than inviting you to seminars with the sole purpose of selling you an expensive service. People like this are not mentors, they are salespeople.
If you can make a personal contact with a mentor, that is great, but you can learn a lot from reading, observing and listening, even if it is not person to person. Arm yourself with the knowledge that others are willing to give at a low cost, be thoughtful and use common sense. Do this, and you should be in good shape when you begin flipping houses on your own.