Learning the necessary skills, strategies and processes to build a successful real estate portfolio is crucial for any realistic investor. Although awareness is growing around the need for training and guidance there is one area that many investors often overlook: developing the right mindset for investing.
“Taking the right mental approach is very important and is something we teach in our first session,” says Nam Ratna of Go Get It Real Estate. “We discuss everything needed to create a growth mindset, including fear or failure and placing too much importance on what other people are saying – both things that prevent investors from achieving the goals they’re going after.”
Learning to take the emotion of out of real estate investing is a vital skill that many investors never learn. Taking a considered, objective view is one of the fundamental aspects of a healthy investing mindset, although for some people it is easier said than done. “If you don’t have that strong mindset - a strong foundation - as soon as you hit an obstacle you are going to be stopped. That’s why setting a proper mindset is so important for sustaining long-term success.”
Another important aspect of mentorship programs is learning the skills, systems and negotiation skills needed to acquire discounted properties. In the current market, most of the attractive opportunities are gone before they hit they MLS, so learning how to buy properties at the right price off-market is a major skill to possess.
Learning how to raise capital is another important thing for ambitious investors to develop, Ratna explains. “If you don’t have the money, you need to be able to go out there and raise capital, and there are certain skills and systems that you need to have in place to do that,” he says.
“Also, if you are planning to flip properties, you need to develop a process to manage your contractors and hold them accountable, manage payment milestones and create a scope of work, all of which we help our students with. If you are renting a property after fix it up, you need systems to attract the right kind of tenants to maintain the property, to manage the tenants without you having to go there. A proper system so you can essentially take yourself out of the business.”
Ratna encourages investors to only partner with a mentorship program that educates on all of the above area. He also urges investors to make sure that the people running the program are full time investors themselves.
Download this whitepaper to find out more about the impact that mentoring in real estate can have