Those that are just starting out in the real estate investing industry can have a bit of apprehension when it comes to “jumping right in.” Even seasoned veterans can be cautious. With that being said, real estate can still be a lucrative investing strategy…as long as you have a tactical plan laid out.
The real estate investing market is one that is ever-changing. When you (the investor) are juggling multiple things at once, it can be almost impossible to stay ahead of the curve and gain an advantage over the other guys. This is where a real estate mentor can make your life a lot easier.
How a Real Estate Mentor Can Make Things Easier
- Overall knowledge. You know what they say: knowledge is power. A mentor is in that position because they have experience in the real estate investing industry. They know what to do and what not to do because, chances are, they’ve made certain mistakes before. In this industry, there’s a lot of learning moments. Your mentor should be able to quickly assess your situation and help you figure out which knowledge areas and skills you need to work on so that you can maximize your profits with real estate investing. They will also point you in the direction of important events and helpful tools so that you can educate yourself about this industry.
- Management techniques. Time management is essential to success in real estate and your mentor can help provide a plan to maximize your time. While helping you build your overall plan, they can help with specific strategies and time management tips that will help you boost your profits.
- Confidence. Having someone to talk to and ask questions will not only expand your knowledge in regards to this industry but also build your confidence. You mentor should be your biggest fan and will want to see you succeed just as much, if not more, than you want to. Having confidence that you can be successful in this industry is very important!
- Tips and advice. A seasoned mentor will have enough experience that they will be able to provide you with the tips and advice that will eliminate some of the possible “growing pains” you may face. For example, they will be able to recommend the best contractors in the area, which can save you from future headaches but also increase your profit immediately.
If you decided to get into real estate investing through a friend, they might become your mentor and help you along the way. However, you may be looking for help and guidance from another source—and don’t be afraid to ask your lender! We here at Catalyst Funding are more than willing to provide a helping hand throughout your entire real estate investing journey. Keep in mind, however, that it is your responsibility to do your own due diligence and make your own decisions. Always learning new things will help you become more successful in this industry.