By its very nature, wholesaling real estate puts your assets and resources on the line as a means to generate income and a potential capital gain.
In the field of real estate wholesaling, veteran wholesalers generally agree a professional mentor is a profoundly practical choice and maybe as (or even more) effective than a four-year college degree. Even in the modern 21st-century economy, learning alongside a mentor remains one of the most effective and efficient ways to gain the necessary insight and skills to start earning a living as a wholesaler.
A real estate wholesale mentor offers professional guidance, so, with an expert by your side, you have a better chance of avoiding the missteps often encountered by newbie real estate wholesalers.
Mentorship is a type of formalized guidance and directional influence. Before organized education became readily available, mentorship (or its sister concept – apprenticeship) was the primary way to learn most trades. The reality is that most individuals on their journey as a professional will, at one time or another, consider whether a mentor is worth the effort, time, or money.
While real estate wholesaling can be potentially lucrative, mistakes and lack of experience can lead to losses or missed opportunities. This is one of the primary reasons why a mentor can be invaluable.
A mentor’s objective is to guide a wholesaler (or, in this instance, the mentee) on a path that leads to a successful real estate wholesaling career. The most valuable mentor relationship is the one that is mutually beneficial because it is defined by an established trust. Some say a mentor is among a wholesaler’s best assets.
Real estate mentors, using various coaching styles and techniques, assist wholesalers in gaining a deeper understanding of the wholesale real estate business. As an investor interested in wholesaling, ask yourself - How important would it be for you to know how to sidestep legal potholes in the wholesale process before they even appear?
A real estate mentor offers new and even seasoned real estate investors and real estate wholesalers valuable insight regarding any one of the various facets of the wholesale process. Although it may seem a bit perplexing to consider that an experienced real estate wholesaler would use a mentor or coach, remember that even the most elite athlete depends on support personnel (coaches and trainers, etc.) to maximize their performance.
As you consider your options, remember that real estate mentors may work one-on-one, in-person, virtually, or in small wholesaling investment groups.
In addition to the benefits one receives from one-on-one personal attention; a mentoring relationship also might help in assisting you –
If you are interested in finding an experienced wholesale mentor, recognize just how personal this decision might be. Thus, there are no one-size-fits-all mentors from which to choose.
But first, a note of caution. Unfortunately, there are unsavory characters misusing their talents to take advantage of a newbie real estate wholesaler. These scams appear in all shapes and sizes, so be careful about whose hands you put your career in.
And remember the wise words of Richard Feynman -
The first principle is that you must not fool yourself and you are the easiest person to fool.
Finding a mentor requires that a relationship be built as its foundation. This is because the learning process is based on established trust. But even the best-intentioned experienced real estate wholesalers, who are working full-time, may find they do not have the time to meet the needs of new wholesalers who are hungry to learn the business.
Wholesaling real estate requires the management of many moving parts. A mentor should be able to help with the following essential wholesaling concepts and techniques -
A wholesale mentor may consider inviting you to participate in a real estate wholesaling deal or at least offer a small stake for the legwork a mentee is likely to do while learning the true workings of the wholesale process.
Before making a commitment to work with a real estate wholesale mentor, ask to speak with previous students or clients, an honest perspective on working with the mentor can be incredibly helpful.
Like most training and educational programs, a mentoring program is accessible across a variety of forms and a wide range of costs. The most experienced real estate wholesale mentors may charge upwards of six figures to train under their tutelage.
While this is likely a great option for maximizing your return on investment, it is only viable if you happen to have the money to pay for the mentorship.
Most beginners with little practical experience or knowledge of real estate law should be ready to pay for training, wholesale coaching, or mentorship that costs several thousands of dollars.
But as noted astutely by the German philosopher and economist Gabriel Biel, in life, you get what you pay for, and this includes free wholesale training programs.
This is not to say that a free program for wholesale novices can’t be helpful; it is just not likely to provide you with the tools and knowledge depth for a successful wholesaling career.
Read Also: 8 Best Real Estate Wholesaling Tools (2022 Edition)
The cost of a wholesale mentorship and training program depends on your starting level of knowledge, the time you are willing to commit to the learning process, and your budget, among others.
Be smart and thorough, ensure the program or person you select will work for you in terms of money, time, and level of expertise.
A mentor should seek to broaden a mentee’s knowledge while simultaneously protecting them from classic beginner errors.
The internet offers a wide variety of resources for those who seek to learn how to invest or wholesale real estate. There are many forums dedicated to wholesaling where professionals network and guide each other by answering questions from new wholesalers.
There are also professional mentors, but just because a mentor is experienced doesn’t mean that they are the right fit for you as a person and investor.
Alternatively, a detailed online wholesale training program runs about six weeks and provides these tools and benefits -
In the modern digital real estate realm, there are a variety of ways to search for a suitable real estate investing mentor – from online programs to a related podcast, etc.
To be a professional real estate investor, you must learn how to properly vet potential mentors before making a commitment. Here are a few suggestions that are often found to be successful in finding a wholesale real estate mentor -
Of the above-mentioned options, for obvious reasons, it is preferable to select a mentor from your own personal network (or local business). Finding a trustworthy & affordable wholesale mentor can prove to be challenging, but it is important not to overlook the process.
Remember, simply because you are looking for a mentor in a specific geographic location or city doesn’t mean there will be a suitable real estate wholesale mentor in the market of your choice to meet your needs.
If you get stuck in your search for a wholesale mentor, don’t be afraid to broaden your search. A qualified and experienced virtual mentor may be better suited for you than a less experienced in the marketplace of interest.
Virtual Wholesaling has gained some real traction recently. As such, a virtual mentor is often a great option because they can help you guide you to your first real estate deal while also educating you on how to virtually wholesale real estate.
Virtual Wholesaling is a way to wholesale real estate from a distance using technology and digital instruments to complete the transaction. Virtual wholesaling essentially broadens a wholesaler’s playfield to those markets that were once geographically prohibitive.
A virtual wholesaling mentor offers the expected formalized guidance, only virtually (online or by video chat/telephone, etc.) rather than in person. The digital landscape has made this type of mentorship possible and is now quite effective and efficient.
One of the main advantages that a virtual wholesale mentor can help with is how to spread your investment risk across markets to create stabilized diversity as well as maximize your potential return on investment (ROI).
The answer to this question is a definite maybe.
In other words, to answer this question truly depends on the mentor, their style, and the needs of the mentee wholesaler. A local mentor will clearly have established connections and a deep understanding of the markets, neighborhoods, and local customs.
While real estate has traditionally been transacted on a local playing field, the modern digital landscape has created wholesalers around the country working across markets.
Virtual wholesalers tend to be digitally savvy so they can take advantage of all the technological tools and software available at their fingertips. In some sense, the national exposure provided by virtual wholesaling creates nearly limitless investment options.
Read Also: Top 23 Real Estate Wholesaling Software To Scale Your Business
Mentorship is designed to enrich the mentee’s understanding of a trade from someone who has already walked the path a new investor is interested in traversing. A mentorship is highly practical, highlighting the ways to avoid rookie wholesaling errors, which can be costly to the unsuspecting or inexperienced.
An experienced mentor has the skills to prepare you for success. It is accomplished using professional influence and judgment born of wisdom. In deciding if a mentor or program is a good fit for you, consider if your investment goals align with the potential mentor’s business style and objectives.
While starting a career as a real estate wholesaler without a mentor or formalized training is possible, it is usually more challenging. It also takes time to achieve real success. The alternative to selecting a mentor or enrolling in a training program is the ‘trial and error’ approach – a problem-solving technique best known as the most rudimentary of all methods.
A mentor, as a successful real estate investor, should seek to share their extensive experience, which is designed to accelerate an investor’s entry into the wholesale real estate game. For some, the Return on Investment for a short-term training or mentorship program can be off the charts.
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