I spent years at my company. I knew it from bottom to top, inside and out. But, the daily grind was getting to me—I didn’t feel inspired by my work anymore and, frankly, I had probably reached the pinnacle of what I could achieve there. Making someone else more money was not how I wanted to spend the rest of my life.
I decided to break away from the corporate hamster wheel and start my own real estate investing business. But, I didn’t have a Rolodex of people to bounce ideas off of or point me in the right direction, so I started hunting for a real estate investor mentor program to help me get on the right track. And, whoa, what I found is that some of them were downright hoaxes. Others, however, were simply a waste of time. Luckily, I found a better option.
I’m going to share my journey to establish mentor relationships so you can avoid the time-consuming—and expensive—pitfalls that I experienced while looking for house-flipping training. And then, I’ll also tell you where I found exactly what I needed.
REAL ESTATE INVESTOR MENTOR PROGRAMS: BOOKS, SEMINARS, AND QUACKS—OH MY!
I’ll be honest, my journey didn’t start off as smoothly as I’d hoped. There are a ton of supposed “real estate investor mentor programs” out there, but a lot of them are confusing at best and misleading at worst.
I had to pore over dozens of self-published e-books, sit through countless “investment guru” seminars, and chat with a number of other investors before I finally found a real estate investor mentor program that worked for me. If you’re embarking on your real estate investment journey for the very first time, here are a few tips on how to get the best info and avoid swindlers, scams, and get-rich-quick schemes.
Don’t Hit the Books
The first place to start with any new project is by doing some topical reading and research, right? Searching for real estate investing books online quickly gets overwhelming. The first several pages of Google search results bring up list after list of books that you simply “must buy.”
“10 Investing Books to Jumpstart Your Real Estate Investing Journey!”
“These Books Will Make You Rich”
“The Best Real Estate Investing Books”
Ugh. Not only does it take hours to sort through these online lists, but it’s also a waste of time. Admittedly, some books written by reputable authors probably have a tidbit of good information here and there. However, many of them are just promotional material for seminars or courses offered by self-proclaimed real estate investing “gurus.”
Pay to Play Offers Only Stacked Cards
Those new to real estate investing, like I was, often fall prey to so-called “guru traps”— those who claim to offer the most exclusive, valuable advice for achieving the highest profits with promises of industry secrets and proven shortcuts. These “gurus” often have no qualms about trying to convince novices to pay thousands of dollars for their training, even if it means using credit cards, borrowing money, or refinancing their homes.
When you are trying to start a business from scratch their promises can seem alluring. With the old adage in mind, “It takes money to make money,” I tried a few. I quickly realized, however, that seminars offered limited, and often questionable, information and provided no support for actually building my business. It wasn’t exactly the encouraging, one-on-one real estate investor mentor program I had in mind.
Welcome to Networking Groups?
Networking groups offer something different from the seminar model and can be beneficial for finding mentor relationships—if you keep your expectations in check. Offered in nearly every major metropolitan area and beyond, networking groups can take many forms. I’ve spent my share of time engaging with numerous real estate investment groups, from casual meetups and clubs where members chat about the latest trends to formal associations that offer a slew of advice through forums and seminars. All the networking groups nationwide share a vision to help members achieve their real estate investing goals.
But, just as it took years to cultivate a network during your corporate career, it also takes time to get to know people and grow key relationships within these groups. The only downside of this type of casual real estate investor mentor program is that the mentors aren’t under any obligation to educate you. In my experience, they were focused on achieving their own goals, had an already-established network of connections, and had too many people constantly asking them for advice. They enjoyed talking shop and were occasionally willing to meet for lunch, but overall, they simply didn’t have time to take a novice under their wing.
The upshot: Don’t look for a mentor at a networking group hoping they will teach you everything you need to know. Rather, understand that the benefit of these groups is the snippets of wisdom you will hear in casual interactions and the long-term relationships that you can build.
Finding True Mentorship for Real Estate Investing
It took some time—and some failure—before I finally hit my stride as a professional real estate investor when I became an independently owned and operated HomeVestors® franchisee. I have the benefit of a Development Agent, who gives me one-on-one support for understanding the ins and outs of how to assess opportunities, negotiate deals, determine necessary property repairs, and get the house re-sold. Leveraging the structure of an established and reputable franchise with real mentoring support and solid real estate investing tools can position you to achieve your investing goals.
If you are ready to skip the scams and are wary of climbing the steep learning curve of real estate investing on your own, then it’s time to look at proven opportunities. Reach out to HomeVestors® to get more information about limited franchise opportunities today.
Each franchise office is independently owned and operated.