Mentors
MENTORS , MASTERMINDS AND ACCOUNTABILITY PARTNERS : YOUR SECRET SAUCE SHARON VORNHOLT
Real estate investors also have to do a lot of marketing in order to generate leads for our businesses . We set up direct mail campaigns , attend networking events and become marketing machines over time . Once we have the basic infrastructure of our business set up , we will hopefully get calls from motivated sellers . Be prepared to follow up with them and buy some property . After all , that is the reason we are in business ; to buy property .
Many owners of real estate businesses fall into the category of “ solopreneurs ”. This can be a very isolated place to find yourself . At some point most of these same folks will either add support staff or outsource some of the work . This is tremendously helpful for taking some of that heavy work load off our shoulders . But , it doesn ’ t address the core issue of “ reporting to yourself ” every day ; of being in charge ; of keeping yourself on track to meet your goals . One other piece of the puzzle that is missing , is the interaction you get from having someone to bounce ideas off of . We all need someone that we can do that with , as well as someone to keep us accountable .
So , what ’ s the answer ?
Mentors
Some real estate investors can be pretty savvy when it comes to finding mentors ; others find this to be a little harder . You really just have to show up at your local REIA , get to know folks and ask someone . It really is just that simple . Mentors are there to help you with quick questions , give you an opinion based on their expertise and possibly to keep you from making some big mistakes like paying too much for a piece of property . I have a number of folks that I consider my mentors . For instance , I asked one of my mentors who
just happens to be my closing attorney , a legal question last week . It took about a minute of his time by email to give me a response to my question . I repay him for his time and expertise by doing all of my closings in his office . We have built a relationship that is mutually beneficial for both of us . Here is the really important thing to remember ; this relationship always has to be a two way street . The law of reciprocity says that you must always find a way to give back to your mentor . They are not there to help you build your business from “ start up to success ”. Those people are called coaches , and they always cost money . You will need coaches down the line , but don ’ t confuse them with mentors .