The Power of Having a Mentor in Real Estate
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By RitaE from Pixabay
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Whether or not you are new in
the Real Estate Business, getting a mentor to provide insightful and sound
advices is greatly needed to help you in decision-making, and planning. A great
guide into the market will ensure success. Aside from learning the ropes, there
might be future instances where confusion might sink in and your doubts would
have to be secured with a firm grasp of the subject.
Give Yourself a Primer
Before getting into the Real
Estate Business, it is important to roughly educate yourself beforehand of the
common finance and real estate terms. This will make it easier for your mentor
to provide further information from the sedimentary to the in-depth knowledge.
This will also help in grasping your mentors ideas faster, and would make for
a smooth-sailing communication. Coaching will be faster and easier and you can
get straight down to business right after. Purchase a finance dictionary and
read up on market histories and trends. Getting into real estate should not all
be relied on your mentor; you have to educate yourself as well on the onset and
Create a Business Plan and Strategy
After familiarizing yourself
with a few terms, get your mentor to sit down with you and confide what you
want to happen. If you have a solid grasp of what you want to do, it will be
easier for your mentor to guide you towards your goal. At the same time, your
mentor can weigh the circumstances and see if your goals are even feasible from
the beginning. How long will it take for you to get to where you want to be?
How much capital should you shell out? How are you going to do it? What are
your possible exit strategies? These are only a few of the questions that you
may work out with your mentor.
Financing and Deal Hunting
Planning is getting halfway
there. The other half would have to be in the process of actually handling your
finances. This can be made more efficiently when you know what to expect and
which to prioritize. Is this property worth the investment? There are certain
factors that has to be determined in finding and closing a deal. It is good to
have an opinion from a perspective that you missed to see. The bigger picture
can also be viewed from your mentors vantage point, and would therefore give
you more options towards making a decision.
Network and System Building
It is assumed that a mentor has
been in the business for quite some time. She would already have a certain
network and a number of colleagues that can help you in building your business.
At the same time, your mentor may see certain pitfalls in negotiating with
certain individuals and can give you a word of caution in dealing with them.
This is applicable externally and internally, on how to deal with the people in
your team, and what to expect from and assign to your team members and how
doing so will greatly help in maintaining your company and enduring obstacles
in the long run.
information on real estate investing go to http://www.annettapowellblog.com
Real Estate Photo
By Alexas_Fotos from Pixabay