The Canadian real estate market is reaching heights never seen before in history and investors are seeing great results with their investments. Investing in real estate is a great way to secure your financial future and although there can be risks, finding a real estate investing mentor is a great way to lower these risks.
There are many benefits to securing a real estate investing mentor. Experienced mentors can lend support and insider information into the real estate investing world, as well as help keep you motivated through the tough days. Mentors already have a team behind them and will be able to connect you with their own contacts to make your first investment experience easier. A good mentor is passionate about investing and investing strategies, but cautious enough to hold back if the investment doesn’t feel right. Mentors should be excited to share their real estate investment experiences.
Whom you choose to associate yourself with will impact your habits and mannerisms, and choosing to spend your time with successful people will have a positive impact on your attitude towards investing and the habit you develop to drive your success. There are many roads to success when it comes to investing in real estate, but surrounding yourself with a positive and nurturing support group will make the road much easier.
But where can you find a real estate investing mentor?
Intelligent investors are always looking to strengthen their expertise and hone their investment skills and one way they do this is by joining a real estate investors group. These groups or clubs are a great way for investors to network with other investors, familiarize themselves with the laws and regulations in the area, and understand trends in the market. Some of these clubs offer specialized courses for members, legal and financial advice, or even guest speakers. These clubs can be attended either online, in person, or both.
Information about where to find a real estate investors group can be found online by looking up your area. Densely populated areas will likely have a few options to choose from.
Here are a few tips for looking for the right real estate investing mentor:
1. Have a clear picture of what you want to gain
Everyone who joins a real estate investors club is looking for financial growth but not every investor will hold the same picture of what financial growth looks like. For one person, it could mean a jump start for early retirement but for another, it could mean building a financial empire. Knowing your options for investing in real estate (such as REITs or MICs) is a good place to start.
2. Attend a few meetings before you pay your dues
Not all real estate investors clubs are created equally. Some are niche focused and some cover larger ground. When looking for a club to commit to, it’s important to find a community of like-minded people who are supportive, motivated, and successful. Most clubs have a yearly charge. Keep searching until you find what you need.
3. Identify the clubs purpose
Providing resources for real estate investors is different from aiming to sell products to investors. Real estate investors groups can and often do offer products but if the club focuses more on selling products rather than building up a community of well-informed investors, it may be a scam.
4. What are the club’s motivations
There are many motivators when it comes to starting a club and identifying the founder’s motivations can paint a clear picture of what type of investors they are attracting and where they’re heading. The founder’s motivations should resemble your own.
5. Ask about the club’s other sources of money
Follow the money. If a club receives commissions from products, their information may turn out to be biased to support these products so they can earn more money. As a result, many clubs that aim to provide the best-unbiased information may have higher fees to ensure their judgment doesn’t become negatively influenced by commissions.
6. Find a mentor in the community
Not every successful real estate investor attends investors meetings. There is always the option of asking friends and family if they know anyone in the real estate world that would be willing to teach you what they know. However, if you do manage to find a real estate investors group that works for you, this will most likely be the area that you will begin your search for a mentor who will be able to help you reach your goals.
To find the right real estate investing mentor, set a relationship goal. Just like when you began searching for the right real estate investors group, the same care should be taken during your search for a mentor. Your ideal mentor should be someone you enjoy spending time with but they should also have a couple of success stories under their belt. It’s estimated that 95% of club attendees never get around to investing so be sure the mentor you have your eye on does practice what they preach.
A mentor isn’t a financial partnership but after some time, it could be. However, the reason for mentorship should be to grow as an investor not an invitation to ride on someone else’s coattails. Focus on achieving your own goals before complicating your budding relationship with your mentor.
Finding a mentor will take some more work, but forming a relationship with a seasoned real estate investor will continue to sharpen your own skills. A great place to start your search for a mentor would be Titan Investment Real Estate. Titan is a place for new investors to build relationships with seasoned investors and gain insider tips for their investments. Most people love to share their experiences, especially investors. A good potential mentor will give you the advice they wish they had received when they began their investing journey. Then all you have to do is ask.
If you’re interested in joining our own real estate investors group meetings, you should get yourself on the invite list by clicking here. We host meetings usually once a month for the Halton Region at the Conference Centre at Sheridan College in Oakville.