Is real estate tutoring a good option for you?
If you’re looking to get into real estate or get involved in a new aspect of real estate, it’s important to consider how much you know and whether you have enough experience to do it on your own. You don’t even need to know much about real estate to invest in it, through trust deed investing, but if you do make the decision to become a direct investor, here are some reasons why you might want to get a mentor and how you would choose one. .
Some of us may have read real estate books or feel we have a basic understanding of the foreclosure, short sale, or long-term investment processes. That being the case, there are still many other things to consider when making new investments, which can easily be overlooked and need to be considered when investing your hard-earned money. Whether a novice or an advanced investor, many of us can appreciate a mentor helping us through our ventures.
When choosing a mentor, it’s important to choose one who specializes in teaching whatever it is you want to learn, and to make sure they’re actively involved in the field you’re getting into and can teach you exactly what it is you want to learn. to learn. For example, do you want to learn how to be an active investor who is busy full time or invest passively? Do you want to learn how to manage properties? Do you want to know how the market works? Do you want to learn to negotiate agreements? Would you like the necessary contracts to make these agreements? Choose a mentor that aligns with your needs. It is important to find a mentor who is an active investor because he knows the current real estate market and its laws.
Here are some things to expect from a good mentor, and the reasons why having one is extremely helpful. Good mentors hold you accountable in all aspects of the deal. They schedule your calendar with tasks that need to be completed, helping you create successful clothing. They help you understand the process in depth and give you an analysis of what is going to happen so you don’t make irrational decisions.
Expect to be shown multiple ways to approach offers and structure contracts. A good mentor should show you how to market your real estate and submit offers. In addition, they should show you how to close deals and establish an exit strategy with alternatives to reduce risk. It’s also worth realizing that you will, or should, have access to your contacts, including title, lenders, brokers, and any relevant documentation.
You want a mentor who is successful, someone who has proven himself with 15 years of experience and a well-managed portfolio. That way, you know they’ve been through the cycles of the real estate markets and know how to position yourself for the ups and downs. They will also make you a more profitable investor because of all that experience and show you how to manage your time and work smart, not hard.
When rating a mentor, you want to see how many projects they’ve recently completed in the last few years to the last few months and check and verify some of those properties. You should also ask for references so that you can talk to other students the mentor has and see what kind of experience they had with that mentor.
Find out what their guarantees are! Do they promise to make a deal within a year or six months? Do you get your money back if not? Look up many different mentors in your local area or in the market you want to invest in and see who suits your needs. You can expect to spend anywhere from $5,000 to $25,000 on a mentor, so it’s important to find someone with whom you can structure payments in a way that works for you.
Check out the website and forum I mentioned in the **REIclub resources, which I check out regularly for more information on real estate and mentoring.