MENTORS
Do you need one?
Here is my personal take on this question. We have coaches for sports, we have professors and guidance counselors for our academics, and we have therapists for our mental well being...why not have a mentor for your commercial real estate investing journey?
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Peter Harris was my mentor for apartment investing and I occasionally check in with him when I need assistance solving challenging problems. Peter believed in me and saw potential. My first lesson was that commercial real estate investing is a "relationship" business. I was completely mind-blown. As a novice, I thought it was a property business! The saying the your net worth is your network is so very true. My success as an apartment investor revolves around people whom I have a trusted relationship with.
Why did I choose Peter? Lots of factors come to mind, but some that stand out the most are that he and I have similar communication styles, thought processes (we were former engineers!) and he pushed me out of my comfort zone. He was always there for my crucial moments. Real estate transactions happen fast and he was always available given the critical deadlines which is very important to me.
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Here are some additional benefits to having a mentor:
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They help with closing your first deal (which is the HARDEST deal, IMHO).
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They help avoid mistakes and pitfalls.
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They help evaluate deals and solve complex challenges.
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They help shorten your journey towards being job optional or financially free.
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The one downside of this is that it can get expensive in the beginning especially when you're not immediately buying properties left and right and cash flowing right away. It's important to find a mentor that aligns with your vision and goals. A misfit can leave you with wasted time and money.
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So do you need a mentor? I'm willing to bet "yes" if you're on this page. But only you can decide what is best for yourself.
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You have one life to live, make it worthwhile! Achieve your retirement goals faster.
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If you want to learn more about Peter Harris, here is his website: www.theapartmentconsultant.com.
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