If you’re interested in real estate investing but you don’t have any experience, the best advice I can give you is to find a real estate investment mentor. Before I go over how to get a mentor, let me give you a few examples of why you should have a mentor.
Thinking about investing in real estate can be intimidating, especially if you’re new to real estate investing. However, once you are armed with knowledge and information, real estate investing can be a great way to make money. One of the reasons why people think about investing in real estate but never act on it is because they’re afraid. People are afraid of the unknown and since they don’t understand real estate, they are fearful of getting started.
This is why a mentor is so important for a new real estate investor to have. The only way to get over your fear of real estate investing is to know and learn as much about it as you can. Sure you can read books, listen to podcasts, and attend seminars but having a mentor will provide you with information and experience that you would not be able to find anywhere else.
A good mentor, besides being trustworthy and reliable, should be able to help guide you through the real estate investment process and can teach you mistakes to avoid and things to look out for. Here are just a few things that a good mentor can help you with:
Finding good neighborhoods to invest in
Determining asking prices for investment properties
Introducing you to agents and contractors
Calculating the costs of refurbishing for a fix-and-flip
The art of negotiation
Your mentor should also help to motivate and inspire you and never tear you down. However, they should be honest with you and tell you if they think you made a mistake or making a bad move. You will need to develop a thick skin and a humble attitude.