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Mentor, Mentor on the Wall
Mentor, Mentor on the Wall
by Matt Scott
So you think you need a Mentor. Let’s see if you do..
Do you have the role of a Mentor and Personal Trainer confused. A personal trainer will call you and hold you accountable. They’ll ask you what you did today and what you ate. The personal trainer will show up and scream at you to GO! GO!… PUSH.. ONE MORE REP…. JUST ONE MORE!! Nope.. one more! Do it now!
Most investors that strongly desire a Mentor really want a personal "REI" trainer. They’re not looking for a true Mentor. Here’s how to know the difference…
A Mentor points and give direction.
A Personal Trainer points and says, "Pick this up & give me 10 reps!"
A Mentor says "Follow this road. It leads to your destination."
A Personal Trainer follows you on the road and yells, "Go..Go..Go!"
A Mentor meets with you occasionally to discuss your progress & offers mid-course correction.
A Personal Trainer calls you daily to make you progress.
A Mentor says "Good job. Hard work pays off."
A Personal Trainer screams "WORK.. WORK.. WORK.."
A Mentor holds his values & morals in high regard.
A Personal Trainer holds your hand every rep of the way.
A Mentor gives you advice learned by experience.
A Personal Trainer gives you a routine learned from an infomercial.
A Mentor gives you knowledge and leverage to create wealth.
A Personal Trainer gives you a payment schedule that’ll cost you a fortune.
A Mentor is not a teacher but more like a grandparent to share valuable experiences.
A Personal Trainer is not a teacher but more like a babysitter.
A Mentor says "Follow this path and clear your mind."
A Personal Trainer says, "Will your check clear?"
A Mentor offers the map that leads to your goal.
A Personal Trainer offers a map that leads to their bank account. .
A Mentor says, "Invest in yourself."
A Personal Trainer say, "Invest in me and I can get you there."
A Mentor receives satisfaction in your achievements.
A Personal receive a check every week.
A Mentor looks to see if you have goals and character.
A Personal Trainer looks to base his goals on your bank balance.
A Mentor is not your counselor or therapist.
A Personal Trainer is more like your Mother-in-law on steroids.
A Mentor should not be called when you’re depressed, unmotivated or seeking what to do next.
A Personal Trainer should be called when you need a kick in the pants.
A Mentor is guiding you through the roads he’s traveled.
A Personal Trainer has never been fat but he’s read about it!
A Mentors asks you, "How do you plan to contribute to your fellow man?"
A Personal Trainers asks, "Will it be MasterCard, VISA or America Express?"
You should not depend or request your Mentor to:
- Train you.
- Give you "forms".
- Loan you money.
- Teach you daily lessons.
- Complete your to do list.
- Set your priorities.
- Determine your goals.
- Call or Check in on you
- Give you their resources.
- Baby-sit you.
- Motivate you.
- Or listen to you whine.
So, do you need a mentor or trainer? Beware of some "Trainers" calling themselves "Mentors". They don’t even know the difference. Follow the guide above and you’ll be able to determine their true colors.
This article was written by Matt Scott of Dealmaker’s Cafe. If you would like to learn more about real estate investment strategies and techniques that work then you should visit http://dealmakerscafe.com
Real Estate Investing – What are you afraid of?
Let me ask you a question:
What’s stopping you from buying a property?
One of the most common answers is:
“What if I can’t find a tennant?”, if you are buying and holding.
Or “What if I can’t find a buyer?”, if you are flipping or wholesaling.
The answer is the same for both questions.
There are ALWAYS people looking to rent or buy homes.
It always has been and it always will be that way.
I know that you know that but still you are not conviced, right?
So, let’s take a closer look at the reasons why you wouldn’t be able to find a tenant or a buyer for your property:
1. The price is too high.
2. The neighborhood isn’t appealing.
3. The property itself.
4. There is no marketing plan in place.
If you can’t find a tenant for your property then you’re likely falling into one or more of the above categories.
Let’s start with A.
The property itself.
With demand for what it is you’re selling you are almost guaranteed success.
Pretty obvious right? Amazing how this point is often overlooked by investors and business owners.
So, obviously, you want to invest into properties where you know there is demand.
Think about this for a minute.
If you are renting to students, where is the demand for housing? That’s easy! Close to the college or university, right?
Not complicated.
But what about your typical residential property. Where is the most demand?
Well, the most demand is always going to be in the starter home market. It’s the most affordable and it has the most number of people looking for it.
Ask yourself, what are the typical starter homes in your community? Town homes, maybe even a Condo? Which is it?
There are always families looking to get into a good starter home. Shelter is a basic need after all.
If your property falls into the category of the market where the most demand exists you reduce your risks.
Instead of focusing on a “good deal” focus on buying into demand.
That small detail changes everything.
Next time I’ll address the second excuse: “the area isn’t appealing”.
Until then,
Keep raising your Real Estate IQ.
New to Real Estate Investing?
I know how it feels getting started in real estate investing. You get this overwhelming feeling that there are so many things to learn and to do that you become paralyzed. Well, I have good news and bad news for you. The good news is that you are not alone. Every single successful real estate investor and entrepreneur I know has been through the same exact situation. The process is the same for everyone. The bad news is that you have to overcome these feelings, you, actually, have to overcome yourself, if you want to get started and succeed in real estate.
Let me back up for a while and ask you a question. “Why do you want to get started in Real Estate Investing?” Obviously, you are looking for something new. Maybe you want to change your career path. Maybe you want some additional income. Maybe you want to build your retirement so that you don’t have to worry about those golden years. Whatever it is, make it big as it will assist you to overcome the obstacles in the beginning.
So, why most of the people hesitate to get started in real estate investing?
You see, this overwhelming feeling you get, causes the fear of failure. Since, nobody wants to fail the result is to procrastinate and eventually quit!
Stop getting ready to get ready. Stop spending a tremendous amount of time trying to find the perfect place to start.
The most important thing in real estate investing, especially when you get started, is to focus. There are many different strategies to create wealth in real estate but don’t go after every deal that comes your way. At least not in the beginning when you are getting your feet wet.
Many beginner investors will read a book or attend a 2-day ‘boot camp” where they will learn 10 different real estate investing strategies (!), get pumped up and ready to take over the world. The problem starts when they try to implement every single strategy they have learned … on the same deal!!
It doesn’t work this way. Pick and choose one buying strategy and one exit strategy and stick with them until you get your first deal. Don’t get distracted.
So, how are you going to overcome all these obstacles? Find a mentor and educate yourself. For example, go to your local REI Club and look for the few seasoned investors in the room (as most of the people are beginners). Ask them questions and pick their brain. Ask them for referrals about RE agents, contractors, mortgage brokers, insurance agents, attorneys, CPAs etc. These investors have already their Power Team in place.
Another important thing is to give yourself permission to succeed.
Most people give themselves time to fail not to succeed. If they don’t buy real estate or they don’t make money during the next 30-45 day, they quit. Real estate investing is a business and there is going to be a learning curve. Researching the market, evaluating properties, negotiating with sellers and buyers, closing the deal, all of these are skills that you have to develop. And this takes time. If you haven’t done this before expect to make mistakes. The secret here is to minimize this possibility by finding a mentor, continue educating yourself and surrounding yourself with like-minded individuals that will support you during your real estate journey.
How To Reduce Credit Card Debt and Increase Your Credit Score
As a Real Estate Investor, especially a new one, you should always take care of your credit.
First of all, what is credit?
Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some later date.
7 mistakes Real Estate Investors make
This is my first blog and am really excited! So bear with me… Here are the most common mistakes new and maybe not so "new" investors make:
1. Lack of planning.
Most beginner real estate investors don’t have a set of investing criteria.