You wouldn’t attempt to become a carpenter, accountant or lawyer without the adequate training and qualifications, would you? Of course not. So, why do so many people think they can build a successful real estate portfolio before learning from people who have been there and done it?
Not only is this type of approach misguided - and slightly arrogant - it also means the investor is more likely to build an unprofitable portfolio. For a real estate investor who wants to grow a sustainable, long-term portfolio, finding a mentor is an important first step.
“It is so crucial for investors to educate themselves and learn the fundamental skills, systems and philosophies that you need to properly invest in residential real estate,” says Nam Ratna of Go Get It Real Estate. “It is a given and has been going on forever in all industries – learning from mentors to get the new skills necessary to succeed. Real estate is no different.”
Ratna believes that the current market conditions make finding a mentor more important than ever before. Back in the 80’s, 90’s and early 2000’s, real estate was an easy place to achieve solid appreciation. Most investors could buy any property, hold it for a while and then make some profit. But in the current environment, with tightening rules, stagnating incomes and rising prices, it’s more difficult to find attract investment opportunities.
“There are many different variables to take into account when going into the real estate investing game,” Ratna says. “You need to connect with someone that has been through the gauntlet and is still going through it full time and has proven systems. That is going to protect you and give you a good idea of what is going on in the current market environment. You need to connect with mentors who have updated skills for the market. Some of the things people were using in the early 2000’s are not as relevant now.”
Download this whitepaper to find out more about the impact that mentoring in real estate can have