Microsoft founder Bill Gates introduced one of the world’s most fascinating friendships and mentorships in a blog post titled Warren and Me that was published on his Gates Notes blog. Gates wrote, “In 1991, my mother stated that she wanted to introduce me to Warren Buffett.” I was reluctant because I didn’t think we could talk about anything. It turns out that we talked about a lot.
Even though Gates probably would have been successful for himself had he not had access to the world’s most prominent investor as a mentor, there is no denying the significance of having a mentor. It also begins at a young age. Children who have a mentor are 52% less likely to skip school and 37% less likely to skip a class, according to research on the work of Big Brothers, Big Sisters. Additionally, they are less likely to initiate drinking, drug use, or even violence.
Mentorship has a significant impact because it exposes mentees to information that may assist them in making better decisions. It was probably true for Gates, young adults, and, according to real estate investor Ralph DiBugnara, individuals who are new to real estate.
According to Ralph DiBugnara, “anyone who wants to start investing in real estate should first find the right mentors and figure out what kind of investor they want to be.” [Citation needed] Generally speaking, it is not a good idea to jump right into a market or a house. DiBugnara, a seasoned investor in his own right who plans to help investors get into short-term rentals with his upcoming course, has had the opportunity to learn from others and teach beginners.
Taking Bill Gates’ advice and looking through one’s network, even an extensive one, may be enough to get you started. People who work in or around real estate are typically included in the kinds of personal networks that lead to potential mentors. A contractor, a financial planner, or even a banker might be able to point someone in the direction of a potential mentor even when there are no investors, agents, or brokers in sight.
Events in the industry are a great way to meet people who have worked in real estate. This could be the ideal opportunity for a novice investor who sees a room full of unfamiliar faces as a challenge to exercise their networking muscles.
Mentorship can also be obtained without relying on networking. A way to acquire some knowledge without breaking the bank could be to enroll in a course or other educational or training program. Additionally, you can seek assistance from local or national organizations for real estate investors; It’s possible that they offer mentoring programs.
If nothing else works, it’s easy to find investors who offer paid mentorship, but that may be the most risky and expensive option. Still, if you get a chance to work with a good mentor, it might be well worth it. The relationship with a mentor is an investment, just like anything related to real estate. It might be prudent to heed Ralph DiBugnara’s advice when approaching a mentor: Determine your exit strategy from that investment and the desired return on your investment.
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