Real Estate Investing Blog

When real estate investors are just getting started, there tend to be two types of situations that they find themselves in:

1. They find themselves reading everything they can about buying, selling and, most of all, profiting.
2. They believe that they should just learn by doing and jump into making purchases and hoping for the best.

Neither of those options is the best way to get into real estate investing because neither provides the one on one support that mentoring does.

Mentoring important for real estate investors who are just getting started because it creates opportunities. By looking into mentoring, you won’t just learn about making investments, but you’ll have access to better information about how to buy and how to sell properties. With mentoring, you won’t just have to go track down information when you have a question, you’ll just be able to pick up the phone or to fire off an email; your mentor will have the answers for you.

What you’re going to find, really, is that with mentoring you are able to get support throughout the process of getting started and, perhaps more importantly, you’ll be able to get advice when you’re ready to grow your business.

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In real estate investing and most other opportunities that present themselves, people are told that the best way to learn is going to be from experience. This is, of course, one of those catch 22 situations, like needing experience to get into a job but not being able to get the job to get experience. Mentoring changes that dynamic.

For those who are looking to get started in real estate investing, mentoring makes it possible for would be investors to learn which mistakes to avoid without having to make them. With a mentory, real estate investors are able to look at the mistakes that other investors have made and at what could have been done differently so that the mistakes would have been avoided.

Mentoring, in other words, with real estate investing and other opportunities creates a dynamic in which you are able to learn from experiences without having to have those experiences for yourself. When you work with a mentor, you’ll be able to get the guidance that you need to get yourself going and heading in the right direction.

By making an effort to choose the right mentor when you get started in real estate investing, you’re going to find that you’re able to find success quickly; you’ll have experience on your side.

When you are getting involved in real estate investing, mentoring is a great way to figure things out. Mentoring, after all, is far more than just an opportunity to learn the ins and outs of making the right investments - for a number of different reasons.

Mentoring works because:

• A mentor is someone with whom you can discuss your short term and long term goals
• A mentor is someone who is already working in the field and who has had successes and wants to share what he or she has learned
• A mentor is someone who will be there for you as long as you want or need the relationship to go on (unlike a class that has a set ending date
• A mentor is someone whom you will be able to establish a relationship with rather than someone who will just tell you what to do
• A mentor will help you to do more than just learn a bit about real estate investing, a mentor is someone who will be able to help you to learn about tools that will help you to find success and help you to simplify the processes involved with getting your business launched

Mentoring works because it gives those who want to get started in real estate investing the chance to do so as successfully as possible.

When you are thinking about real estate investing as a legitimate way to build a business and to find financial success, you’re going to want to be sure that you are looking at options for mentoring. When you’re getting started, mentoring is one of the most effective tools.

Mentoring is beneficial because:

1. When you’re working with a mentor, you’re going to be able to get pointers that you need - pointers that can help to steer you in the right direction for buying homes and finding other properties.
2. When you’re able to take advantage of mentoring in real estate investing, you’ll find that you’re able to learn all of the basics that will be the foundation of your success.
3. When you get started in real estate investing, you’ll find that when you’re working with a mentor you aren’t getting information about the process from a book or a video, you’ll get the information from someone who has been there before.
4. When you’re working with a mentor, you’ll be able to find out about tools that will simplify real estate investing.
5. With mentoring, you’ll find that there is always going to be someone you can ask when you’ve got a question.

Mentoring, in other words, makes it a whole lot easier for those who want to rest assured that they will be able to find the success they are looking for with real estate investing.

When you’re looking into real estate investing, one of the things that you are going to want to focus on is choosing the right mentoring opportunity. Simply put, without mentoring for your real estate investment business, you are going to find yourself at a disadvantage.

Mentoring, in contrast with watching a video or reading a few books, allows you to work one on one with someone who has already succeeded with their real estate investments. Sure, the real estate market differs from one area to another, but mentoring is something that enables you to get advice that’s right for your market. Your mentor, after all, will be there to help you to learn for yourself what it takes to negotiate a great deal, to evaluate your situation and to know which mistakes you are actually able to avoid.

Similarly, mentoring enables you to do something that you won’t have if you only consult a book, a video or attend a conference on real estate investing: with mentoring, you’ll find that you are able to have an ongoing discussion and to ask questions when you have them. While there are things that you can learn from other real estate investment training, it just doesn’t open up the opportunity to ask those questions that you have 6 months or a year later while you’re in the midst of something big and can’t tell which direction it’s heading in.

Mentoring not only gets you the real estate investment information that you need, but it also allows you to know that you will have support when you need it and can change the scope of your investment business for the better.

When you’re thinking about getting started in real estate investing, one of the things that you’re going to want to be sure that you are doing is setting goals for your business. The next thing you’re going to want to focus on is finding the best possible way to reach those goals. In many cases, the option that’s going to best help you to achieve your goals involves mentoring.

Mentoring allows you to work with someone who has been in your place. Mentoring gives you the chance to learn about what to do, but - perhaps far more importantly - it also gives you the chance to learn about what you shouldn’t do. In other words, when you look into mentoring for your real estate business, one of the things that you’re going to want to be sure of is that you are choosing to work with someone who has been there, who has the experience and will help you to learn from mistakes that have already been made.

Real estate investment mentoring will help you to develop a strategy, to focus on evaluating deals and on really learning about the market. With someone there who you will be able to bounce ideas off of and who you will be able to talk with about your options, you’ll find that it’s a lot easier to reach all of the goals that you set.

When you’re looking into getting into the business of real estate investing, one of the things that you’re going to want to be sure of is that you’re looking at all of the possible ways to ensure your success. Mentoring is going to put you in a position in which you can learn a lot about the process of making investments, evaluating deals and in which you can learn from mistakes that others have made along the way so that you can avoid making them yourself.

Mentoring is something that can be beneficial to your business on a number of different levels. With mentoring, you will find that:

• You are able to learn the ropes from someone who has been there and who has a focus similar to your own. If you’re planning to invest in pre-foreclosures, you will find that your mentoring should come from someone who has done the same rather than, say, someone who has only investing in commercial properties or land.
• You are able to learn a great deal about what it takes to market your business and to network.
• You are able to take advantage of the experience another real estate investor has; you’ll be able to ask questions, get answers and to know that you’re in a position to learn by doing.
• You are able to ask for guidance when you need it.
• You are able to get the tools that you need to take your business to next level - even when you’re just getting started.

Mentoring is something that can help you to know that you are getting your real estate investment business started on the right foot.

Hi Michelle,
I absolutely admire what you are doing here for the ForeclosureMillionaireClub.com members with an unbelievable amount of patience and I want to use this extraordinary information source in this industry to it’s fullest extent.

I listened to your several sessions and I will continue to do it in any available time, but I also want your information to transfer into a productive activity.  Because I want to start to using immediately if I will find acceptable deal, However, .. I still have a question.

Q.  At what stage of Short Sale process can the investor, using an Option Contract, assign it to a buyer?

Thank you again for the opportunity to be here in the club.
Josef Schneider.

Josef,
Thank you SO MUCH for your feedback.  When I read emails like this it makes me want to do even more. 

Answers. 
You can do it an any time in the process, BUT, if we stick to our discussion that we had about using Options it would go like this:
1) You have a ready buyer in the wings
  a) You find the deal (the property)
  b) Get the docs completed with the seller: purchase & sale, option, etc.
  c) Negotiate your short sale (if you are doing a short sale)
  d) Set the closing date with the bank.
  e) Set the closing date with your buyer and explain your requirements for when he/she has to have the funds to your closing attorney
  f)  Assign the option on closing day.

OR

2) You have the deal (the property)
  a)  Get the docs completed with the seller: purchase & sale, option, etc
  b) You find your buyer
  c) Negotiate your short sale (if you are doing a short sale)
  d) Set the closing date with the bank.
  e) Set the closing date with your buyer and explain your requirements for when he/she has to have the funds to your closing attorney
  f)  Assign the option on closing day.

OR

3) You can assign the option prior to closing - assigning it to a buyer WHO WILL CLOSE and not leave the Seller hanging. Meaning they will come through.  AND if there is a short sale to be negotiated - that they will do it. 

If this is what you choose to do - you really need to be sure that you don’t assign it to someone who will “flake off”.  Even though they have given you $ for assigning the option to them, be sure about them, because if something, or all of it drops through the cracks - the seller is only going to remember your name.

Hope this helps!
Best,
Michelle
michelle@investorwealth.com
770-338-2797  10a-5p Eastern M-F

A mentor is someone who spends time helping to guide you along the right path - someone who is in some way more experienced. Mentoring is the process by which someone who has a bit less experience or no experience works with someone who is willing to share what he or she knows.

When it comes to real estate investing, there is no shortage of things that are waiting to be learned. In many cases, there’s also no shortage of mistakes that can be made - but when you take advantage of a mentoring program, chances are good that you will not be one of those who are new to real estate investments who simply repeat the mistakes that others have made.

With real estate investment mentoring, you can be sure that you are able to get the support that you need along the way without the fear that you are missing out on something important. By focusing on all that is important, by looking beyond the situation that is immediately important to you, you will find that you are in better position to succeed.

When you know that you are in a position to look at the big picture and, when you know that you are considering all of the options that are available to real estate investors, it becomes far easier to understand the role of everyone involved - and that makes it possible for those who are focused on real estate investment to learn more about the process and to be in a better position to succeed.

Below is just an exerpt of the first assignment given to new ForeclosureMillionaireClub.com members.

I am using this particular one because I think this new real estate investor is starting off on the right foot - - with a very successful principle.

“It is not enough to do your best; You must know what to do, and THEN do your best.” - W. Edwards Deming.
_______________________________

Michelle, I’m turning in my first assignment. I’m new to real estate investing. Haven’t gotten my first deal yet, but I’m marketing to pre-foreclosures to get my first deal. Here are my answers to the assignment:
 
1. My goal over the next 6 months is to complete at least 6 profitable RE investment transactions. My goal over the next 12 months is to make at least $250,000 profit from my RE investment transactions. This will allow me to seriously look at quitting my full-time job and go full-time in real estate investing.
 
2. I have not closed my first real estate investment deal yet. I’m currently marketing to pre-foreclosures to fill my pipeline with potential RE investment deals.

3. I have not made any money in real estate investing yet. I’m actively working to change that everyday.
. . .
6. I’m currently generating my leads through a post card campaign to pre-foreclosures.
 
7. With one-on-one mentoring I’d like the mentor to give me the things I need to be doing on a daily basis to acquire my first RE investment deal and more deals after that. I’ve been in at least one mentoring program and realized I wasn’t being told about the things I needed to be doing everyday to land my first deal. I was being trained on stuff to do after I land a prospect. I’m learning though….

Alan,  Michelle here.  Wanted to let you know I have received, and read your homework.At first blush, I have to say, your ‘goals’ are very realistic.  Which means to say that you have come to them with some thought.While I realize that at this point you haven’t had the chance to digest all the information in the members area, I want to acknowledge you for getting out and prospecting already  - - -  even though you’re not sure of your step-by-step.