Teachable Moments: Getting the Most Out of Mentoring
|Real estate investing is one of the best career choices you can make because you can essentially determine your own income and success level based upon how well you apply the education you've received. If like most successful investors, you've decided to put yourself on the fast track to investing success by enlisting the help of a good mentor, I'd caution you not to do anything that could jeopardize your success or hinder your progress while working with your mentor. Here's how to get the most out of the experience.|
Listen - Your mentor has a wealth of experience that you currently don't possess. He or she has been around the investing block multiple times, has made quite a few mistakes, and has learned from each one. You may be tempted to question the advice of your mentor based upon things you read on the Internet or heard from others. It's important to realize, however, that everything you read online isn't necessarily accurate or appropriate in a given investing situation. You're paying your mentor good money for solid advice and training. Don't jeopardize your relationship with your mentor by questioning his or her knowledge or expertise based upon what could very well be bad Internet advice.
Learn - As you work with your mentor, you're going to explore a number of different techniques, and sometimes you'll be exposed to variations and twists on techniques that you've never heard of or probably even considered. With each valuable morsel of information that you hear from your mentor, take the time to thoroughly examine the specifics that make that technique so powerful and appropriate in a given investing situation. If you're unclear about something - ask! A good mentor is in tune with your needs; however, he or she isn't a mind reader. If you don't ask for further explanation or commentary, your mentor may assume that you understand what you've been taught.
Apply- Once you've internalized some of your mentor's advice and real estate investing knowledge, it will be time for you to put that knowledge to good use. It's important that you not try to apply too much knowledge at one time, so strive to just implement one strategy, tip, or technique at a time to avoid confusion. For instance, if you're negotiating with the seller of a residential property, you won't want to bombard the seller with everything you've learned. Keep it as simple as you can and implement your mentor's advice one day at a time, one strategy at a time. You'll dramatically increase the likelihood of success and help to ensure you've truly learned the lesson given.
Succeed - It's imperative that you remember that real estate investing is a business and to truly become a success can take years. Don't expect to rocket to overwhelming success overnight. By following my advice and practicing solid real estate investing techniques, you'll fulfill all the promise that investing holds for you, and you will realize all of your dreams.
By being teachable, not questioning the wisdom of your mentor, and applying their advice as given, you'll more quickly elevate your status from that of a scared rookie to that of a successful real estate entrepreneur.
|Peter Vekselman is a real estate investor and entrepreneur and has owned and operated numerous businesses that have made him millions. His companies included VEX Snacks, a vending machine business; MH Dealership, one of the largest mobile home brokerages in Atlanta; and Tech Touch Cash, a credit card processing business with over 100 employees in 11 offices nationwide.|
Peter has been involved in real estate as an investor, contractor, developer, and lender for more than a decade. He has bought and sold more than 700 properties, and his construction company has handled more than a hundred projects. As a private lender, Peter Vekselman managed a portfolio of more than $5 million.
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