Finding a Mentor for Foreclosure Investing

One of the keys to finding success in business is to find someone who has “been there and done that” to help you navigate through the obstacles and challenges of the field. Well, the same holds true if you want to invest in foreclosures. At times, real estate investing of any type can be complex, confusing and full of potential pitfalls.  Just a single misstep can cost you your hard earn money.

Check out these pointers for finding person who can help you learn the ropes of investing in the foreclosed homes segment of the housing market.

Experience Investing in Foreclosed Homes

In many ways, investing in foreclosures is different than buying real estate through conventional means. Make sure that your mentor has the knowledge and expertise in the various aspects of this niche of the housing market. This includes pre-foreclosures, foreclosures auctions and bank owned home or REO properties.

Must Have a Desire to Mentor Others

Just because a person has the background and know-how about buying selling and renting out properties acquire from the foreclosure inventory does not mean they are interested to take on the responsibility of helping others. The individual must choose to work with you and share their skills, knowledge, expertise and insights. This type of relationship requires an investment of time and energy that many people simply are not willing to spend in a mentoring relationship.

Discretion and Confidence

These are essential elements for a successful mentoring relationship. You will need to be able to trust in the person’s ability to hold the personal and business disclosures you make to him in complete confidence. In addition, you need to be able to value and depend on their judgment as you will be making important financial decisions based on their advice and expertise.

Patience and Willingness to Listen

Your mentor should not only have experience  investing in foreclosed homes and a desire to mentor you, but also the  resolve to deal effectively with the  time demand, constant communication and questions you will be showering their way. You will depend on this person a a sounding-board for ideal and projects you may  be considering and need to  receive  the necessary feedback and guidance without  being made to feel it’s a inconvenience.

The process of finding a mentor varies depend on where you live and you method of learning. If you will like more of a personal touch and contact, you may want to find local landlord organizations and real estate investment groups. You can also search on the Internet for real estate investment clubs to find the right person.

Whatever approach you decide to use, be aware of scam artists out there.

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