subject: Real Estate Investors Seeking Mentors - Four Reasons Why A Locally Based Real Estate Mentor is Best [print this page] Real Estate Investors Seeking Mentors - Four Reasons Why A Locally Based Real Estate Mentor is Best
Are you a brand new realty investor who is considering hiring a mentor? Maybe you have got been approached by a nationwide company or two. Maybe you've got scan or heard concerning high gurus who offer his/her mentoring services. Here are Four Reasons Why A Domestically Primarily based Real Estate Mentor is Best.
one) As a result of a local Real Estate Investing Mentor is aware of the native market. All techniques do work all over the place however not perpetually at the identical time.
two) With a native Real Estate Investing Mentor you can founded regular personally meetings (like meeting once a month before your monthly REIA meeting).
3) And a local Real Estate Investing Mentor will help you build your team. Specifically, he/she can recommend where to go for money (or where to guide your investor patrons for funds if you're only going to wholesale). A native mentor will recognize which Real Estate attorneys are better to use than others. A local mentor can apprehend if your renovation estimates are inside vary and he/she could even be willing to share some contractor contacts.
4) Different states have totally different laws. There are a handful of states with pending or new realty laws on the books right now. A local Real Estate Investing Mentor ought to grasp this).
I was at a conference in Orlando this past summer where a nationwide investor (on the seminar circuit) was speaking. He was pitching his foreclosure product, and specifically a way to contact owners in pre-foreclosure.
I had a few new property investors return up to me and ask me their opinion on getting it. Currently, don't get me wrong, it is probably a smart product. But the State of Maryland passed a law a few years ago that has terribly specific needs on anyone (other than a Realtors & Attorneys) approaching individuals facing foreclosure. Investors who don't understand concerning this law are visiting jail. This nationwide investor never said anything about knowing your state and native laws.
Thus, depending on what you're trying to gain from a mentor it may or could not be right for you. It might be a matter of generalities vs. specifics. For example, I will provide you twenty different ways that to search out motivated sellers. But, someone regionally will tell you the simplest or best ways in which to search out them in your native community.
The underside line is that if you select a Real Estate Investing Mentor who is not in your area, be certain to still attend your local REIA meetings where you should be ready to keep a handle on anything that is occurring in your specific area, and be able to urge and maintain good contacts.
Lastly, I wouldn't suggest paying thousands of bucks unless you are a hundred% clear on specifically what is and isn't included. Understand their refund policy. Do research. Protect yourself. Needless to mention, not all Real Estate Investing Mentors are created equally.
