Since real estate investing is quite straightforward, many beginners in the field have the impression that they can achieve success without professional guidance. Unfortunately, visiting specialized websites, watching YouTube videos and reading one or two books will not provide you that much-needed experience when handling financial transactions. Benefiting from useful pieces of advice coming from a knowledgeable person with battle-tested strategies can help you build a solid career in the real estate sector and enjoy admiration from other investors striving to earn a living by performing exchanges and completing transactions. Even if you acquire the basics on your own, you will still display a hesitant attitude because you do not have the confidence of a real estate mentor and this will come as a big disadvantage that will drag you down. Opting for mentorship is a wise decision because it will keep you away from lengthy detours and costly mistakes, especially at the beginning of the journey.
How to choose the right mentor for your specific needs
When it comes to selecting the right mentor for your specific needs, you need to answer a few questions first. Have you decided what type of investor do you want to become, traditional or creative? If you do not know what these terms mean or the difference between them, it means that you still need to acquire more information associated with the real estate investment job, but since this article has the purpose to help you fulfill your entrepreneurship dream by choosing a good mentor, we will disclose the meaning behind these terms; traditional investing refers to operating locally while creative investing refers to being everywhere, more exactly, you should be able to relocate to any area without a problem in order to help people get rid of their houses. Depending on your objectives, you have to determine the type of investing that suits you the most in order to work with a mentor who will provide you guidance in what concerns performing a 1031 exchange, identifying a suitable rental property and deferring taxes. After all, for a real estate investor, earning income that exceeds monthly expenses is fundamental for staying afloat.
What to expect from such a partnership
Before recruiting a mentor, you should know what expectations to have and not have from this partnership. The first perquisite that you will enjoy from such a relationship consists in receiving the necessary expertise that will help you do what you want to do in a correct and legal way. However, in order to get that expertise, you have to make sure that you choose someone with extensive experience in the specific niche that you intend to operate in; otherwise, the mentor will give you poor pieces of advice that instead of helping you achieve success, he will impede you from reaching your full potential. Secondly, a mentor must always be there to answer your calls when you need real estate counseling. On the other hand, do not expect that person to be your savior. Remember that he is not a knight in shining armor waiting to come and rescue you whenever you make an error.