Starting any business or for that matter, making the first investment is not easy because you are talking about spending a significant amount of money right there. Hence, if you are an amateur, it makes sense to approach a real estate mentor in pursuit of knowledge so that you can scale up your expertise in this field. Even the copious investors keep learning new things about the housing market to stay ahead. If you want to replicate the success like them, you too have to do the same. In this, the mentors can prove enormously useful. However, you cannot just randomly find someone and follow the instructions.
To discover who can guide you correctly, you have to ensure a few things from your end. You need to know your expectations, find out whether the person you have chosen understands your needs, determine the type of risk you can take, and fix a goal.
Things to do before reaching out to a property investment mentor
Hopes, expectations, ambition
There are trustworthy real estate investors and mentors like Phill Grove. But whether you approach him or someone else, you need to do some self-reflecting. If you don’t know what you want, you cannot understand what you need help with and why. Hence, check your aspirations. Ask yourself what you wish to achieve as an investor in the housing market. See whether you want to flip homes or create passive income sources through rents. Or, you think wholesaling can be your future.
Even an outsider who is not remotely associated with this field can tell you how risky it is. The reason is simple. No investment can ever be risk-free. Still, some investors make a living out of it. Some choose a low-risk path by opting for wholesaling, while some go for risk-laden routes trying flipping. If you are averse to taking risks and okay with small profits, you need to find a mentor who has something useful to share with you on this. Similarly, you can select a mentor that can tell you how to develop an appetite for risks.
When you select a mentor, don’t forget there has to be a sense of mutual respect between you two. You have to meet someone who you respect and who respects you in return. Then only it will work in your favor. However, remind yourself that knowledge is everything if you get stuck for some reason and doubt your progress until there is a genuine problem. The more you become familiar with the real estate sector, the better the chances of your success. Whatever knowledge you gain, utilize it because it means nothing if you don’t exercise what you learned.
The real estate business has enormous potential. And if you know this sector profoundly, you will not have to use your cash for investment. You can leverage mortgages, hard cash loans, and other such options after weighing what works for you best. Through proper education and guidance, you can empower and launch yourself smoothly in this stream.