Mentoring

One thing everyone knows or should know about me by now is that I always make sure each transaction I participate in is a win-win situation. I do this to insure that the people I do business with continue to come back, become my walking billboards and think about me any time they have another deal. Many of these individuals also continue to work with me because I taught them much of what they use today make money.

I do not sell courses, books, or have any packages to sell. In fact, all the mentoring I have done to date has technically been for free. Obviously, the reason for training someone is in the hopes that they will pick up a fraction of what you teach them and find deals. You end up with deals and they make money for finding them, it does not get easier than that. Keep in mind that although it may not cost you money, it does cost time and time is money. A few months ago, an individual that I had mentored and assisted in earning $20,000+ in a matter of a few months stole a deal I negotiated and paid me ZERO. This taught me a lesson I had not followed before which is, “Be very selective in who you choose to mentor.” Although we would like to believe everyone has good intentions there are individuals out there that do not believe in win-win situations and they must be avoided.

There will always be someone that knows less than you and, yes, more than you. If you train someone to locate properties the way YOU locate properties, inspect properties the way YOU inspect them, prepare a rehab estimate the way YOU prepare one, contract properties the way YOU contract them, then you will end up with properties YOU want. Who doesn’t wish they had two or three of themselves to do more deals, take on more projects, be at more networking events, etc. You may even find someone who can do a few of these tasks better than you. The mentee may also find a more efficient way of doing something or improving on your methods. Do not worry. Learn from them and improve yourself. After all, the purpose in teaching is to find more deals by duplicating yourself, so why not duplicate more efficient versions of you.

When taking on a mentee, along with training them on the skills required in locating and acquiring properties, teach them to be ethical, honest and to create win-win situations. After all they will be seen as your student and you will be judged on what they do.