When people think about real estate investing, they usually fail to think about finding a local real estate investing mentor and coach. They often do not realize that it is possible to get the help they need and advice of a professional locally without having to give up profits on a deal. Often the trade off is to go to a national trainer who isn’t familiar with local market conditions. Even the best advice won’t work in every market. Not without tweaking for local market conditions. Let’s face it, if we could treat real estate investing the same everywhere, there would be large national home buyer corporations in every market. It just isn’t so.
Some would-be investors tend to think that they are above using a mentor. They jump on the real estate investing bandwagon thinking that they know everything that they need to know from reading a few books or attending a high priced seminar or two. A few investors may have squeaked by, narrowly avoiding disaster, it has caused far more real estate investors to lose money, big money before they get their taste of success…if at all. Sometimes the losses are so great it taints the individuals’ opinion of real estate investing forever.
Although real estate investing affords the common man or woman the ability to generate life-changing money, there are many things to consider before starting. There can be large sums of money involved and big financial penalties for making a bad decision. Anyone dealing with large sums money, or putting a credit at risk, will want to make sure they’re not making a critical mistake. Working with someone locally who has gone through the process, and can mentor you, can add that layer of confidence and safety regarding decisions with money and credit. Sometimes just being on the wrong side of a street can mean the difference of a “deal” being a “deal” or a “no deal”. Crossing school districts, flood plains, and many other factors can affect a potential deal on a very micro level.
A good mentor can eliminate risk by providing sound local market knowledge and strategies to get into and out of deals with the least margin for error and even more specifically how to avoid risking a credit on transactions altogether. Many strategies are tossed out because other investors tout “that won’t work where I live”, and that may be true, but often those offering up advice aren’t qualified to be giving it. They haven’t achieved the level of success it takes to have a valid opinion.
Managing personal finance is hard enough without jumping into a complicated real estate transaction without really knowing what your true costs, timelines and local financial obstacles one might face. It can get even more complicated trying to pull off multiple real estate transactions. With little knowledge of local costs of doing business, how things customarily get done, what you don’t know can cost you thousands. Following a proven plan and having the professional guidance from a local mentor saves you from the financial costs you didn’t even know existed.
Whether it’s budgeting a renovation properly, knowing the correct values of a subject property, understanding the difference of gross rents to net rents, or time commitments necessary, having a local mentor to hold your hand along the way to success is the difference between potentially losing time, energy, effort and money on a transaction or creating multiple profit centers on a “home run” deal. What you don’t know can cost you dearly.
There are many different obstacles to success in the real estate investment arena. The only way to make the safest decisions is having experienced the decision-making process over and over again. By making the decision to work with a local real estate mentor, you are working with someone who has experienced the outcomes of making all the different decisions regarding real estate investing. They have seen what’s worked, and what hasn’t. This experience of the “time in the trenches” is incredibly vital to those who want to be as successful as possible. By working with a local mentor, you can gain the experience of how to do successful deals without the costly experience of failing to make the right decision on a deal.
Considering real estate investing? You are going to want to use a local real estate investing mentor. I have trained many investors who, even after shelling out many thousands of dollars on a national mentoring or coaching program, they still felt lost relative to local “rules”. They may have gained value from a national program, however, pieces of the puzzle were still missing. Once they found a local source to fill in the real gaps, their businesses skyrocketed.
When I started, no such mentor was available, but times have changed. Now many areas do offer options for getting the training you really need. Local investment clubs or meetings are a great place to ask around to see who others recommend.checkout their latest information at http://www.broadwayworld.com/bwwbooks/article/Real-Estate-Investment-Expert-Peter-Harris-Releases-New-Book-20150917
Eventually, you’ll be able do it all on your own, however, when you are thinking about beginning your first few real estate investing deals, you’re going to need to work with someone who can help you with all of your unknowns. These unknowns can cost you both time and money when navigated incorrectly. The local mentor and coach can help you to make the best decisions possible.