Investing in real estate can be a whole lot easier if you have the right people on your side.
Starting out as a real estate investor, it is important to realise two truths.
First, people have been trading and investing in property for centuries and what you’re doing is fundamentally no different. If you follow the same general principles that have made people successful in the past, then you too can be successful.
Second, the intricacies and procedures of the property market are constantly changing and this means the specific strategies for success also change. This makes mentors – people who have already done it and people who are still doing it – especially useful, if not vital.
Finding a mentor is ultimately about networking and building relationships with people who have some knowledge that could be of use to you. There is no best way to go about this but there are a few places you could start and some advice for a productive relationship.
Many real estate experts like to maintain a presence on social media sites. You can find plenty of self-professed gurus who send out tidbits of advice, 140 characters at a time, and the right ones can be well worth following. It's also easy to connect with them directly and ask them questions. Tweeting someone could be the first step to building a mentor relationship, though it might not be ideal to conduct all of your commercially-sensitive communications in this way.
Since it is such key aspect of real estate investment there are often networking events held especially to help you share in each other's knowledge. At these events, you should bear in mind that you can learn from a lot of people and that the best mentor may not be the most obviously rich and self-important person in the room. Talk to as many people as you can.
There are also professional mentors who charge a fee for their advice and support. If your mentor has a financial interest in your success, it is likely that they will be especially keen to give you the best possible support. They may also be able to provide you with various professional tools for your fee, which can make it a very useful arrangement.
You need to be proactive in finding a mentor and you must be confident to ask questions and get help. However, you should also be certain that you can trust them and ensure that you offer something to the relationship too.
A property developer and investor, Matt has experience in both the Australian and US Markets.
After the Global Financial Crisis Matt moved to America to learn about their real estate market and now owns and manages a substantial portfolio of properties.
As founder and managing director of InvestUSA Matt now focuses his energy on educating Foreign Investors on how to invest safely and securely in the United States.