I’ve been getting many messages asking me whether I want to be their real estate mentor or how they can go about finding a mentor. What I wanted to share with you is mentors are everywhere. Just look. We tend to have the misconception that a mentor has to be somebody like Jeff Bezos or the next founder of Google, or the next Shark Tank. No, anybody, in essence, can be your mentor.
Typically, for the most part, our first mentors tend to be our parents. We observe things that we want to emulate or that we want to do or eventually become like them. We come across our lives and where we see certain things, behaviors, and things about them that we certainly did not want to repeat or even emulate. Whether that person is a good person or a bad person, anybody can be a mentor. It’s up to you to analyze that and then decide what you want to take for yourself and what you shake off.
The next thing that I want you to consider is, for example, do want to follow the footsteps of big idols, prominent leaders like Michelle Obama or the next Jeff Bezos and stuff like that. Something as simple as looking at a book, reading about their lives, reading about their habits, ways to go about life, the way they even see, encounter problems, and resolve. It’s also another way for you to learn a little bit about how they think, their thinking process, and how you can apply that to your day to day basis.
The topic you probably are antsier to listen about is what happens if you encounter a mentor. Whether it’s me or anyone you come across in your life, and you want to ask them questions, you want their guidance in real estate investing or maybe opening up a business for yourself. How do you maximize that relationship with your mentor? Well, first of all, you have to be aware of what you stand for today. I think I’ve covered that in prior videos. If you have no idea what I’m talking about, take a look at this video right here.
You need to know about yourself, psychologically, personally, and financially. You must know about all those three because your mentor will not be able to help you out. Most people have the impression, and I’ve been guilty of this myself, really early in my career, where I just asked for a meeting from very high-end people, people who have been at the top, and they see my thirst for success, they see my drive. When they agree to meet up with me and then sit down, all I’m doing is just sitting there and waiting for them to tell me something. No, your mentor doesn’t know what you’re looking for. Your mentor doesn’t know what you want. They are certainly not going to lecture you unless you have something specific to tell them to understand what to lecture you about.
When you meet with them, you have to keep in mind first and foremost that mentors are very busy people, they’re very busy making more money, they’re very busy becoming successful, more successful than they are today, more successful than they were yesterday and more successful to the day they die. They’re on continuous growth, a continuous journey to always improve themselves for the better. You’re on that path as well; otherwise, you wouldn’t meet up with a mentor.
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When they take time away from their busy schedule to help you out, you have to be mindful that that’s an opportunity cost to them. Those who are not familiar with the concept of opportunity cost are something that they teach you in business school. I went to business school, and it’s, in essence, what you’ve given up to get something else. What is the opportunity cost for that real estate investor because they’re giving up something to help you, but what is it that you’re getting them in return? Some people do it in exchange for money. They offer mentorship sessions to educate you, and in exchange, you give them money back.
Some of them just basically want to have fun with you, and maybe there’s something about you that reminded them about themselves when they were a lot younger. They see the thirst in you. They know that you want to grow and want to help you out because they want to keep feeding that. They want to help you because maybe by them seeing you successful, they are also happy, and they also feel successful because they just helped change someone else’s life for the better.
There are people out there who care about that, but we all need to pay our bills at the end of the day, we all need to make a living. It is not surprising that some mentors will do this for a living, and they will charge people for money. Also, some others do it in exchange for quality time. Something that you can provide in return what they call an in-kind return that is not necessarily money or anything else. Maybe this person specializes in house flipping, and perhaps they need somebody who oversees their project, somebody that they can trust that they can send you over there, who is willing to learn about everything they have to achieve. It’s not so much of “Oh, I know it all, and I don’t need to learn anything from you.” If that’s the case, then why are you asking for a mentor. You need to remain humble, be willing to learn from this person, and at the same time, make them feel that they didn’t just give up their time for the sake of giving up their time. They decided to sacrifice their time to get something even greater come out of that meeting, whether it’s for you what it is for them.
When you meet up with them, make sure that you make it easy for them to help you out. By making it easy for them to help you out, I mean, know where you’re standing financially, whether you have debt, be completely honest, how much you have available, how much you have saved, what is it that you do know, what is it that you don’t know. Most people tend to believe that they need to know something to get something done. At the same time, that’s true, for the most part, not entirely. Sometimes what our mentors are looking for is somebody hungry to grow, really hungry to learn about something new, and that you’re willing to do just about anything to make happen. If a full-time job, you go to two jobs. Still, you have three, four hours to allocate your time to help this personnel at the end of the day. They see that they see the effort. They know that you’re making sacrifices. While most people are going out and happy hours or just enjoying or going to the movies, you decided to make that sacrifice because you wanted to learn something in exchange.
Where they’re teaching you something, there’s no better exercise than learning something by doing it. If your mentor is telling you, well, I need your help doing this, this and that. Don’t think of it as, oh, I’m just doing free labor for this person. No, you’re getting free lessons, and at the same time, you’re getting the opportunity to practice for free. Whether you screwed up or not, you’re going to screw it up with someone else’s project, someone else’s money. I’m not suggesting that you should go ahead and screwed up, but it’s a great opportunity. You get to learn something. Kind of like what I did when my parents first wanted me to help them invest their money. I have no idea what I was talking about, I have no idea what I was doing, but in the end, it was a great exercise. It was a great learning experience.
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I just wanted to lay it out there. I don’t want people to start focusing on “Well, this person is not available, this person is not available over here, who else am I going to look for to assist me as a mentor?” Mentors are everywhere. Whether you learn something good or something bad out of them, you can learn something just about anyone. If you do come across someone who can sit down with you and guide you throughout the journey, make sure you also make it valuable for you. Don’t be one of those people who want just to take in, take in, and give nothing in return, right? You don’t have to have the expertise that they have. If you do, you wouldn’t be calling them your mentor. Make it pleasant for them. Make it worthwhile for them to invest their time and dedicate your time with you. They are taking time out of their busy schedule to help you out.
Don’t feel like you’re limited because you don’t have a high net worth individuals around you. Just go about it, ask, learn as much as you can, and then slowly, things will start unfolding. They’re going to come your way, you’re going to start meeting people who have more and more to offer, and then eventually you’re going to have more and more to offer in return, and the more you give, the more you receive.
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