Successful real estate investors have advantages that aren’t available to the rest of us. Their success comes down to one of three things.
- They are born into real estate – It’s the family business and they’ve learned it from their parents.
- They work in it on a daily basis – They are realtors, brokers, bankers, contractors, or real estate attorneys who see it, do it, and have industry-wide connections. They have been working in real estate as a service provider for 10 years or more.
- They’ve been mentored/trained – Those who have been fortunate enough to work with successful people, follow in their footsteps, and implement their systems to replicate that success for themselves.
Many years ago, not having any of these advantages, I started investing in real estate.
My results were not what I had hoped for and I had managed to create an unwanted second job for myself as a landlord.
Sure I read a lot of books on real estate investing, but that book knowledge did not translate into the material success that I wanted.
Instead, I was learning by trial and error. Obviously, that wasn’t very effective, but it was VERY expensive.
With my real estate holdings underperforming, I found myself trapped in my regular job as a physician slowly burning out. I longed for financial freedom and the ability to spend my time as I saw fit.
However, the final straw was a health scare. We discovered some chronic health problems with my wife that was going to be on an ongoing issue. I started worrying about how I was going to be able to take care of her.
That was it!
I was fed up and I was no longer going to be a slave to my job or a real estate dabbler. Instead, I was going to get a mentor and become a real expert in this asset class.
The rest, as they say, was history.
Over the last 5 years, I’ve gone from owning a few residential properties to being involved in the acquisition of almost $120 million worth of commercial multifamily real estate assets.
My mentors never guaranteed me success, but they did guarantee to open the door to this asset class and give me a roadmap to success. They helped me navigate through rough patches and guided me around obstacles.
In the end, that mentorship was by far the best thing I’ve ever done in real estate and it completely changed my life.
With that said, I created a list of items to help you determine if the training/mentoring I experienced might be right for you.
You might need a mentor if:
- You’ve been investing in real estate for at least 5 years & still can’t retire from your day job.
- You can’t raise all the money you want for profitable and safe real estate investments
- You’ve ever found yourself being a landlord managing tenants and toilets
- You can’t consistently find safe profitable real estate investments
- You’ve ever written a personal check to pay for your investment property’s mortgage
- You have ever had to deal with negative cash-flow
- You invest for appreciation instead of cash-flow
- You are personally qualifying for loans using full-recourse debt
- Your real estate is valued based on the per-square-foot-comp model instead of the income model
- You’ve ever seen your properties go down in value
- You only invest in your local market for convenience instead of utilizing the best markets in the country to accelerate your returns
- You’re not doing regular property tax protests to keep your taxes as lean as possible
- You’ve ever personally handed an eviction notice to a tenant
- You think the real wealth in real estate only comes 30 years down the line when you pay off the mortgages
- You think smaller residential real estate is less risky than bigger commercial multifamily real estate
- You don’t know how to repeatedly and accurately analyze the market, submarket, neighborhood, and location of your investment
- You don’t have a multi-year optimization plan on your properties to increase returns on autopilot
- You’ve never done a cost segregation study or looked into the advantages of accelerated depreciation
If even one of these 18 items describes you, then you really should look into mentorship.
A mentor won’t do the work for you, but if you have the drive, just imagine how much further and faster you can go when you work smarter and not just harder.
The Multifamily Partner Program and the mentorship that came with that was the tipping point that took me from a real estate investing dabbler to lasting success as a true real estate professional. Not only was I able to turn around my real estate portfolio, but I’ve also had the privilege of helping a lot of other people along the way.
To learn more, view this free training: [Apartment Investing – Learn How Professionals Make $500,000+ On Every Acquisition] and download your free copy of the Essential Step-By-Step Guide to Apartment Investing.
If you’re not getting the results you want, then there must be a missing piece.
It’s time to bridge that gap and fill in that missing piece to success by utilizing a mentor.
To Your Wealth,
Dennis Bethel, M.D.