Having a good property mentor can help you in the long run, after all, you wouldn’t consider performing the role of your solicitor, accountant or mortgage broker, yourself. Each of these professions have a great deal of specialist insider knowledge behind them and with property, you can unlock the specialist knowledge that is needed to become successful.
Mentoring can be found through training events but ideally you should look to move to more personalised mentoring sessions if you want to find long term success. Although there are different levels of involvement and mentoring, it should always delivered with a win-win ethos.
The benefits of a property mentor
There are many benefits to having a property mentor, including:
- Education – Mentors can educate you in how to negotiate with vendors and estate agents, how to correctly perform due diligence and how to refurbish properties in the best way, along with all the finer details such as splitting titles and development loans.
- Shadowing – If you are genuinely ready to learn then you may be able to work hands-on in a mentors business. This will give you a deeper insight of property investment and development and give you the chance to actively solicit advice.
- Partnerships – If you need help getting over your fears, feel like you need a safety net and want to replicate the success of a property mentor, then a partnership may be the way to go. Here the mentor will show you the correct ways to do things, while helping you avoid costly mistakes. You can learn where to find deals, have them overseen and often split the profits on a 50-50 basis.
If you have already been searching for ‘property mentor UK’ then you probably already understand that if you only know how to do something one way, then you will ultimately fail in property investment. Mentoring is all about growing beyond what would have been possible, with just your own knowledge.
Property mentors and financing
If you have no cash and can’t get development financing, then it can be difficult to get started in property investment. If you have found a deal but don’t have the funding needed, then a property mentor may be able to kick-start your long term future through a joint venture agreement, where they offer advice and finance.
Joint ventures tend to be advantageous here and along with financing the deal you will also learn how to make your money go much further, and hence reap bigger rewards.
What to look for in a property mentor
It seems pretty clear that a good property mentor will help you in the long run and if you decide to look for a property mentor, then you will need to know what to look for. Here are a few tips that can help:
- Look for a property mentor that is successful and is still actually doing it
- Find a mentor that listens first and gives advice second
- Follow your gut feeling
- Read testimonials and speak to other property investors who have been mentored
- Make sure you have your questions written down before speaking to a mentor
