With more online tools and less personal time, many investors are choosing not to seek the advice and guidance of traditional mentors. Are landlords right to seek help from a wider online network than the opinion of one or two experienced investors?
Video transcript below:
Reporter: There are online coaches and advice for everything including real estate. So is the role of the mentor being replaced by a robot and what role should mentors play? Most mentors have been there and done that and they have the t-shirt and cash flow to show it. But what can investors really learn from mentors?
Shawn Maher, G.S. Maher Solutions Inc.
Shawn Maher: I think having a mentor is probably one of the most important things I have experienced in my life. I have been lucky enough to have a mentor, George H. Ross, the Executive Vice-President to the Trump Organisation in New York City. You know he knows things and has experienced things that you know you just can’t find on the internet when you are actually doing deals. So I really believe you can find some great information on the internet, but you really want to find someone who has been there and done it before you.
Reporter: Mentors have the knowledge, but investors need to be equipped with the questions.
Shannon Murree, RE / MAX Chay Realty Inc., Brokerage
Shannon Murree: Mentoring is key especially if you are starting out and you don’t know what you are doing. I have recently read an article that you know you really want to make sure that you educate yourself and get the resources because if not, if you make the wrong steps you are going to be out of the investment game even before you start. So you need to make sure you give yourself a really really good head start. Investment clubs are really great to join, there are lot of people that have different mentoring programs, you know because they are already doing it, they are already in the investing thing and utilise their experience. Most importantly don’t have ego, don’t pretend to know something that you don’t and don’t be afraid to ask questions.