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How to find a mentor

3,441 Views | 17 Replies | Last: 5 yr ago by mwp02ag
JDCAG (NOT Colin)
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AG
Hey all - I have repeatedly seen folks mention to find a mentor and I'm wondering if anyone can share their advice on how they accomplished this task? I've been a lifelong employee (not of one place, but always worked for others) and would love to eventually start my own business but have no idea where to start and feel that this could potentially be one step of that journey. This post isn't meant to be about my particular journey though, just about what you all would recommend with regards to seeking out a good mentor.
diehard03
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Quote:

would love to eventually start my own business but have no idea where to start and feel that this could potentially be one step of that journey.

So, to me, a mentor is simply someone else with more experience than you at a particular topic who loves you enough to walk with you through something and provide their insight. it's not a "teach me how to do X because I don't know" thing. A good question for a mentor is "I am going to do X, does this make sense?"

As far as where to find someone like that...you can boil down my statement into finding the "intersection" of knowledge/experience and desire to see you succeed (love). So, you look in 2 camps:

People who already love you and see if you can find someone with the experience (family, social circle, church, work, etc), and

People who have the expertise that you can develop a relationship with: (business group, networking socials, industry professionals, etc)

Other will disagree, but I think that this love portion is ultra critical, as you will be trusting this person with your livelihood...so it shouldn't be a fast process to select someone.
JDCAG (NOT Colin)
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Really appreciate the thoughts, diehard.
AgBank
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I am also looking for a mentor, or a reverse mentor. I just finished the book The Creative Curve by Allen Gannet. He offers the following PDF on how to find a mentor.

Guide

There is nothing revolutionary in that guide, but it is worth the read.

Good luck.
JDCAG (NOT Colin)
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AG
Thanks AgBank!
handle234
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I've found that I need multiple mentors in multiple areas.

TexAgs is a mentor of sorts (at least the B&I and Job Network boards).

My brother is a great father to his kids and in many ways mentors me there.

Even if the search is for a more narrow mentor for entrepreneurship, I still feel like what you need is a network of people supporting.

The other thing I found was that things always go better when you come with a set of plans, and let the person respond to those plans. It helps them give feedback, but also helps you decide who will be a good mentor.

I've also found that 50% of random contacts that I find online or in the phone book or in the Aggie Network are willing to grab lunch with someone like me who (randomly) reaches out. So I would just cold call people who you think might be good.
mwp02ag
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AG
I say step one is figuring out what it is you want to do. Step two is seek out the leaders in that field and start to meet them.

I am seeking to become a multifamily syndicator. I've become obsessed with it. I consume every form of media I can to learn more and more about it. I am constantly telling people that I am a real estate investor and what I want to do with that, I tell them my plan.

Most of the time it falls on deaf ears. Sometimes people tell me I am crazy, that it can't be done the way I describe it. Occasionally I get a lead or referral of someone who is an investor in deals like I want. Rarely, those leads pan out into a viable meeting with a broker, lender or investor.

To date, I've not yet found my first mentor, however; just last Thursday I had a very productive meeting with a commercial broker here in town who believes he has a couple of deals we can put together. Two weeks ago I bought beers of a friend who raised 11 million in 48 hours to buy his next deal, that deal puts him over 2400 doors in less than 6 years.

I love it when I meet someone who is doing what I want to do. I love their success. I love it even when I know I won't be doing business with them. Every meeting is one step closer to the one that is my first deal.
Ulrich
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Interesting comment I heard the other day. If you're looking for a mentor, don't go into it looking for a one-way flow of giving. Think about what kind of information you can offer back, even if it's as simple as being able to share the latest news and gossip from your department or level.

That is probably worth considering if you're a mentor, too.
jaggiemaggie
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AG
Mwp. Are you in Houston?
mwp02ag
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AG
San Antonio. What's up?
jaggiemaggie
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Do you mind emailing me at username at gmail dot com Just have a couple of questions for you
mwp02ag
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AG
sent
leoj
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Mwp, what are you looking into besides BiggerPockets? I follow a few multifamily people on linked in as well. Seems like I need more capital or better fundraising ability to get into multifamily as opposed to flipping or renting single family.
mwp02ag
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I'm a huge fan of Old Capital Podcast and The Real Estate Guys Podcast. Both are apartment driven and get more into the nuts and bolts of deal syndication. It a relationship driven game, get out and network at apartment investing events. Old Capital is putting on a big event in September that I REALLY want to go to however I am committed to a family event that weekend.

My next step is to start attending these syndication training events and to potentially buy into Brad Sumrok's training (check out his website) or Lifestyles Unlimited soon. We're currently remodeling our personal home to sell and should it sell we will then start seeking mentors and training groups to partner up with.
leoj
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Yep, Brad is one of the people I follow
mwp02ag
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Have you considered one of his events? My buddy here is a student of his, Reep Equity, here in SA. Started with Brad's Rat Race to Retirement course which is where he met his two partners.
mwp02ag
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Thought I would share an update in our business development. We opened our first business, a CrossFit gym, in May 2015. We've been successful, to a degree, up until now on our hard work and my beautiful and talented wife's coaching ability and talent as an athlete. We came to realize that we were fighting an uphill battle to create policies and procedures that would in effect turn our small business from a job to a true business where we don't have to be there for it to work.

As a result we started a CrossFit business development mentorship program that was recommended to us by our CPA. It's been an incredible few weeks and we are truly learning what it means to own and run a business that works for us. From policy and procedure to marketing and growth we we're going to have to struggle a long time to learn what we've in these few short weeks.

I'm so excited to be implementing these programs and can't wait to see what it does for our business, our coaches and our clients. Best $2500 we've ever spent.

As to my goal to syndicate real estate deals, we've been working with a broker to purchase a building to move the gym into. We received initial underwriting on a potential great deal yesterday and I have, with guidance from the broker, set up appointments with two high net worth individuals to raise the $350k down payment.

Long story short, find someone doing what you want to do and PAY them to help you advance your goals.
dlp3719
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Have you read E-myth?

E-myth is big on standardization with small business.
mwp02ag
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One of my favorites as I relate to her story to a T. The mentoring program we are with relies heavily on the principles from both E Myth and Profit First.
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