Professional mentorship comes in both paid and unpaid forms. Either is one of the fastest ways to help develop your skillset and hone your investing instincts regardless of which industry you’re investing in. The common objection raised to the idea of paying someone for mentorship is “If the person charging money for their mentorship is so good at doing what they do, why aren’t they doing it themselves? Why are they charging to teach me to do it?”
There’s a little merit to that line of thinking, but here’s where it goes wrong: It focuses solely on the profit motive and disregards passion. Many people, including my primary mentor Carl Schiavone, love to teach and to pass on their knowledge in order to help people. These are the kind of people who, after long and successful careers of their own, are looking to give back and help others find the same level of success. A little due diligence goes a long way if you’re considering paying for someone’s mentorship. Some research should help you figure out who is the real deal and can be trusted to provide you with the guidance you need.
Paid or unpaid, when you work with a mentor what you’re doing is speeding up the process of learning the ins and outs of your industry. What could take you many years to learn on your own solely through experience and self-study, now takes far less time with the help of your mentor. I spent 4 years with my mentor before doing my first deal, and as a result of that training I’ve completed over 400 successful deals in the last 5 years.
Working with a mentor does represent an up-front investment of time, patience, and money in the short-term. But for the long term, working with a mentor is one of the smartest things you can do when you start your real estate investing career.