One late night, about 6 years ago, I found out I was going to be a daddy. I was exhilarated, followed by immediate panic.
You see, at that time, I was working constantly and making not very little money, but not nearly enough. I knew I had to do something fast but I had no idea what. So my celebratory dinner was followed by literally hours of staring at the ceiling, raking my brain for ways to figure out how to give my income a major boost.
I was already working as real estate broker and by all accounts, very successful. The problem was: I knew that I was going to have to cut back on hours and increase my income – which of course was going to be a difficult task. It was a long night.
The next day, my family and I were playing the Rich Dad, Poor Dad game.
I’m buying real estate for like $50 grand and then win the game with massive streams of passive income while thinking to myself, “Yeah right, if only there was any property to buy for these prices” when all of a sudden I get hit with the realization – U.S. real estate is selling for these prices. The next day, I went on a a very expensive journey to learn everything I could piece together about U.S. real estate. It was lengthy and expensive and worth every single minute.
When I first started out, $30,000 seemed like a lot to dish out for a property, fast forward a few years later and I own property that produces monthly five-figure income.
How did I do it? It’s pretty simple really and I’m sure you’ve heard it (but maybe you didn’t listen)…I got a mentor – another Canadian-based U.S. real estate investor.
There is a significant value to experience – but don’t let it hold you back. Instead, find ways to leverage experience and simplify your investments. What do I mean by simplify? I mean, it takes a lot of work, money, time and practice to devise a system of money-making in any industry, including real estate.
The U.S. housing market wealth building opportunity is ridiculous right now, I mean, there has never been a better time to get in on the action. It’s one of those no-brainers for anyone involved in finance, trading or real estate.
But what about everyone else? Yes, for you too! In fact, this is the smartest investment on the market right now. There is amazing potential for long-term appreciation and monthly cash flow.
Get yourself a mentor to gain insights and confidence you need to pull the trigger.
Find a mentor, work hard to implement the system, and enjoy.
That’s the hardest part you know, that first deal.
You do all this research, run numbers, look for deals, make calls…3 days later you’re exhausted and someone else already put in an offer so it was all for naught. Hey, we all started out once so don’t worry about it.
Like most things that are worthwhile in life, no matter how well-versed you are there is no substitute for experience and hard work.
Why You Want a Mentor
Real estate moves fast. You have a book about it? Know the lingo? Have some web pages bookmarked? Fine.
But if you really want to jump on deals, you need that ability that comes with years of success to evaluate deals. A good mentor will show you how to evaluate numbers and make the best market investment strategy that corresponds with your needs.
I still have a mentor. Hell, I will find the best of the best in any field I’m taking a hand at to guide my work. That’s just good business. And, it’s fun and extremely profitable.
In the words of Warren Buffet:
“Can you really explain to a fish what it’s like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value.”
Experience is an extremely valuable resource that you should always seek out for yourself and seek to leverage to your advantage. To excel in your goals, you need to find a mentor who you can emulate, whose own success you want to repeat, and immerse yourself in their influence, guidance and support.
How to Find a Mentor
It’s all well and good to talk about the value of a great mentor, but when it comes down to actually finding a great mentor, you have to choose wisely.
First off, the rule of three applies. That is to say, if you do have your eye set on someone, reach out to them 3 times (preferably by phone) to see if this person has the time and interest to mentor you. It’s a smart idea to do some research and make sure you are picking someone who you want to work with. Make yourself a short list and get moving on getting established. In real estate, there are a lot of ways to start working in the industry without having experience or money, so you can earn a living while you learn the ropes and making important contacts.
Here are some ideas for your first-hand experience:
– Become an investor’s assistant
– Become a housing inspector
– Become a housing appraiser
– Try to work as an intern in a real estate office
The point here is, you gain that insider perspective and you meet people while you pick up hands-on experience.
All business is bettered by your ability to make relationships and if you are already in the industry you want to succeed in, you will meet people that might help you down the road.
Keep in mind: no matter who your mentor is, you have to make your dreams a reality with passion and determination every day.