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What are the 3 reasons why you should choose a local mentor?
Real Estate investing has become one of the most popular ways to get out of the 9-to-5 lifestyle and become financially free. Have you ever heard the saying: There are more self made millionaires through real estate than all other industries combined? Since the explosion of popular television programming based on people making a lot of money flipping real estate, there are even more people today that are trying and succeeding in the business.
Part of the reason for this, and based on the popularity of these television shows, is the fact there are more so called “gurus” or “mentors” for real estate investing than ever! Every time you get on Facebook or YouTube, there is an advertisement for someone that wants to teach you how to become rich flipping properties using their “system”.
The biggest challenges for these national mentors and their “systems”, are also the reasons why you should choose a local mentor!
HERE ARE THE 3 REASONS WHY YOU SHOULD CHOOSE A LOCAL MENTOR…
1.) YOUR MENTOR HAS TO BE ACCESSIBLE!
When learning any trade, it is almost impossible to not have any hands on training involved in the process. This is especially true for Real Estate investing. Your mentor has to be able to show you the ropes firsthand. It is truly more of an apprenticeship than mentoring. Many of those involved with a national mentor complain of not being able to actually contact their mentor with questions.
More importantly, when it comes time to put a property in contract to flip for a profit, their mentor is not there to help them negotiate the deal and sell the property. Even if the national mentor program assigns you to an investor in your state, there is not much guaranteeing that they will be any more accessible.
2) YOUR MENTOR HAS TO HAVE EXPERIENCE IN YOUR MARKET!
If you are going to flip houses in Houston Texas, don’t you think it would make sense to have a mentor that actually flips houses in Houston? Of course It makes more sense! The South Florida market is very different than other markets. There are some general characteristics and basic principles that are the same no matter where you are flipping houses, but not enough to lead you down the path of success.
Even some of the small details, like how the City of Miami Gardens requires a new Certificate of Occupancy issued when you buy the house. This process is determined by Code Enforcement performing an inspection of the property.
If the house fails the inspection, you cannot purchase the property to flip it so you potentially just lost your profit. There are different rules and regulations imposed by different city and county governing bodies.
There are different contracts that are used in different states. There are even different cultures that exist as microcosms within a city or state that can mandate how one is received by sellers and buyers. If your mentor doesn’t know their way around, they cannot guide you!
3) YOUR MENTOR HAS TO HAVE A FUNCTIONING NETWORK!
If someone has the necessary experience and knowledge to mentor you, then they will have all the connections you need to eventually build your own team. From contractors, to real estate attorneys, to trusted title companies, you will need trusted experts in your area. As they say: It is all in who you know!
The Broward Real Estate Investors Association, in conjunction with the Miami Dade REIA, has one of the most successful mentor programs in the country…. but they only mentor students one-onone in their market.
The owners, Ryan Kuhlman and Anish Dave, as well as their Director Antonio Lopez are not just out in their market teaching how to flip houses, they are a team of highly successful wholesale investors and rehabbers that have been in the South Florida market for about 20 years!
The BREIA headquarters is not only where daily one-on-one coaching sessions are given, but there is also a large classroom for the student support classes that range from marketing strategies to roll playing sessions to learn how to actually talk to sellers.
There are even classes given by some of the corporate members of BREIA like the HUD class and how to do a proper closing when selling a property. Both the Broward REIA and the Miami Dade REIA are accredited chapters of the National REIA.
They are the only members of the National REIA in South Florida, and with the collective effort of the NREIA’s 155,000 members nationwide, the BREIA mentor students have more knowledge and experience available to them then they will ever need.
So be wise when making a commitment to any mentor. Get out your checklist and don’t be afraid to put the mentor to the test. Anyone that fails or doesn’t feel comfortable with you questioning them is probably not confident about what they can teach you.
The Broward Real Estate Investors Association, in conjunction with the Miami Dade REIA, has one of the most successful mentor programs in the country.