Today’s REI Classroom Lesson
In today’s lesson, Jon Iannotti discusses the benefits of having a mentor in your corner to help you succeed.
REI Classroom Summary
Having an expert who can guide you through laws and regulations within your state and give you the guidance you need to become comfortable in the real estate investing business.
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Mike: Welcome back to the FlipNerd.com REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Jon: Hey there, Jon Iannotti again for the FlipNerd classroom. I’m happy to be with you once again and I’m sure we’ll be back again after this one. But, today’s topic I want to talk to you about is getting a mentor.
Mike: This REI Classroom real estate lesson is sponsored by UglyOpportunities.com.
Jon: Now, guys, you can watch all of these short videos. You can go online and Google them all day long and try and learn real estate investing by doing it through YouTube, and you might do a deal. You’re probably not going to hit a home run. You need someone to take you by the hand and guide you. There are three ways you can do it: You do it through the school of hard knocks, go out and make a mess of it and get in trouble, maybe make a deal, maybe not; You can do it online and try and get all that free information out there that you can and then try and figure it out for yourself or you can get yourself a mentor.
And I will tell you what, I wish I had a mentor years ago when I first started because I was very fortunate. I started out and started making money pretty quick, but there were a lot of bumps in the road because a lot of times what people teach doesn’t particularly work in your state or in your area so you have to tweak things. Now, what better way to do it than to have a mentor who can do that for you?
Now, when I talk mentors, I don’t you to get one of these guys in a call center out in Salt Lake City, reading from a manual and trying to teach themselves and you at the same time. That to me is not a mentor. What you need is somebody who actually has boots on the ground, who’s actually out there doing deals, and who’s for real. And that’s the kind of guy you want for a mentor because they can take you. They can hold your hand and walk you through and explain things to you and the nuances that maybe happen because every deal is different. That’s the beauty of what we do; every deal is different. And they’ve probably been through just about every scenario that can come up if they’ve been doing it for any period of time.
So again, I want you to get a mentor. I want you to learn from him. I want you to just suck their brain dry. The best thing you can do is if you hang with people that have money, if you hang with people that are doing deals, it’s going to rub off and you’re going to start making money. You’re going to start making deals.
So a mentor is unbelievably the best way to learn this business and stay on top of things. Real estate is very cyclical. So you’ve got to stay on top of what is going on. The guys reading from the books, it’s not in the manual that things change. A few years ago, it was more of a buyer’s market. We could buy like crazy. Now it’s a seller’s market, and you’ve got to change and adapt to what that seller wants. And it’s going to change again. We’ll probably get into another short sale era and another buyer’s era and another. It just keeps going round and round and round. I’ve seen several cycles in my years and we’ll probably get to see a lot more of them. And it just keeps going around. The cycles keep coming back. But the manuals that they read from don’t tell you that. They don’t teach you that. You need a real person, boots on the ground, who’s doing deals and can teach you, take you under his wings.
So today’s lesson, get a mentor. Oh yeah, it does cost money. Yeah, get over it. The cost of not having a mentor is going to be more than having a mentor. Think of the deals you could have done if you would have had somebody to guide you. The money you could have made would be way more than what you’d pay somebody that teach you the business. It’s your education. It’s your college. Think of it that way. Get a mentor, guys.
Okay. Jon Iannotti here for FlipNerd classroom and I hope to see you on the next class. And again, we’ll see you at the top. Take care. Bye-bye.
Mike: HomeVestors, the we-buy-ugly-houses folks, is a franchised system of hundreds of real estate investors and have purchased over 65,000 houses. If you’d like to learn more about the most powerful real estate investing system in existence, whether you’re a pro looking to take your business to the next level or whether you have no experience at all but a burning passion to be successful in real estate investing, please visit FlipNerd.com/ugly to learn more.
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