28 Sep CREPN #111 – What to Look in a Commercial Real Estate Mentor with Peter Harris
Posted at 07:00h
in
Podcast
by J. Darrin Gross
A good Commercial Real Estate Mentor can teach you the lessons they have learned and give you the shortcut to building real wealth.
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There are many different segments of commercial real estate to choose from. Commercial Real Estate investment strategies work best when they are focused. Your mentor will help you focus and develop your strategy.
You can search online, listen to podcast, watch videos, read books, and get all the answers. If you act, you will likely have some success. But, in order to get over the hump and grow exponentially, you need guidance from someone who has mastered the the skill.
Real Estate is a people business. You need to have people in your network that you can go to when you have questions. Peter Harris is a successful commercial real estate investor who has been mentoring commercial real estate investors since 2003.
What to Look in a Commercial Real Estate Mentor
Track Record: Is the mentor successful in commercial real estate? Does the mentor own commercial real estate? An active investor will readily recognize potential challenges and help you find the answers. The real estate market is always moving through the cycle. An experienced mentor can help you prepare for the difficult times so you can prosper when others are struggling.
Available: Real estate Investing is full of deadlines and short windows of opportunity. There will be questions that need answers right away. Will your mentor be regularly available to answer your questions. Will they be there after the sale?
Income: Where does the majority of the mentor’s income come from? Is it from selling seminars, books and student fees? Look for a mentor who makes the majority of their income from their own commercial real estate investments.
Teacher: Are they a good teacher? Can they listen to your questions and effectively communicate the answers? If they only tell you what to do and never answer your questions, you will struggle.
Invested: Is the mentor invested in your success? If they only sell you the course, what is their motivation to guarantee your success? Don’t be afraid to share the gain of your deal with the mentor that helped you get it.
Complete: Can the mentor help you all the way through the process to the operation of the property? The real value is created by improving the net operating income, NOI. If the mentor relationship stops once you buy the property, you can miss out on the potential to solidify your future.
For more go to:
commercialpropertyadvisors.com
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