Real Estate Investing (Part 4)

Develop Strategies (Part 4 of 7)

Not gonna lie here, the first year of doing this, “strategy” was not my strong suit. I was like the kid who lobbs three pointers because I was afraid of what I’d get into if I drove to the basket. It was easier to stand back and hope I made a few shots, rather than be strategic.

While I stumbled through many mistakes and missed shots I began to realize if I was going to make a business out of this I would need to develop strategies to be successful. So after multiple missed opportunities I took a few steps back. During this time I enrolled with a mentor to learn new methods to be very strategic.

When you join on with a mentor in your niche make sure to verify what you are buying into. I’ve sat down with multiple ‘would be wholesalers’ that have spent 10’s of thousands of dollars on programs and have yet to do a single deal. They buy into the hype from slick sales pitches rather than taking the time to understand what they can expect to receive in return for their hard earned money.

You can certainly learn everything you need to know by self education and self discipline but if you have a desire to scale your business surround yourself with people who have already traveled the same road. If you partner with the right mentor you’ll be able to develop strategies based on their education and discipline. That means your results should be exponentially better than theirs when they were getting started.

Here are some basics in evaluating potential mentors:

  • Research them online. See what others are saying. Post a question on forums to see what kind of feedback you get. Search existing forums to see what has been said.
  • Are they still actively in your niche? Times are changing and you don’t want to pair up with a mentor who hasn’t been investing since the 90’s.
  • Interview them. List out questions based on what you hope to learn. If you can’t get them on the phone to answer your questions that may indicate how available they will be later.
  • Ask for references. I like to speak to a couple of active members. Usually a newbie and a longer term member. This will provide a wider perspective of what value they offer.

Don’t be the kid that stands outside the arc taking the easy way out. When you’re ready, find the right mentor in your niche and ramp up the learning curve. The strategies they provide will have lasting results that provide for your future.

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