It’s normal for new investors to wonder where they might locate a real estate mentor. After all, pursuing education is not only an essential element of increasing our competence in a certain profession, but it’s also something that every one of us has a subconscious desire to fulfill on a daily basis.
At the very least, today’s most successful investors are never content with their knowledge of the property market and are always looking to learn more. Anyone wishing to follow in the footsteps of their heroes should make an effort to do so. Learn how to locate an estate mentor who can guide you on your real estate journey and help take it to the next level.
Edna, a seasoned real estate investor, is on a mission to educate and enable real estate professionals to grow their businesses. She specializes in investing in multifamily properties and generating monthly passive income with a focus on wholesale real estate.
Edna passes on her real estate wisdom in her passive investing course. Join 90 Days to 5K Mastermind to supercharge your passive income to $5000 or more!
Why Wholesale Real Estate?
Wholesale real estate investing is a short-term investment technique that can help both novice and veteran investors build their real estate investing businesses. Instead of assuming title to the property, the investor gets into a real estate contract and finds a new buyer to take over the lease.
Investors utilize real estate wholesaling as a short-term business technique to achieve large profits.
The purpose of real estate wholesaling is to sell the property to a buyer before the original owner’s contract expires. This means that no money passes hands between the wholesaler and the seller, at least until the wholesaler finds a customer.
So, how does a wholesaler profit? He gets money by locating a buyer who is willing to pay more for the house than the buyer has agreed to pay. The difference in price, which is paid by the buyer, is the profit that the wholesaler keeps.
Wholesale Real Estate is one of the smartest ways to get into real estate investing. It’s minimal risk and doesn’t tie up capital, making it quite attractive to new investors.
Benefits of Wholesaling
The most basic benefits of wholesaling include:
- A possible monthly revenue of thousands of dollars. When a wholesaler locates an investor, they usually sell the property for a higher price than the seller is asking. The wholesaler’s revenue – plus the wholesaling charge – accounts for the price discrepancy.
- Because wholesalers do not need to borrow money, no credit checks are necessary.
- Meeting with seasoned investors and reading materials will help you learn how to become a wholesaler.
- Educating yourself on the local real estate market
- Increasing your professional connections
While there are plenty of benefits of wholesaling, it requires a solid foundation, a deep understanding of the process, and the ability to discern the components of a good deal. This is where a knowledgeable wholesale mentor can come in handy as they can help you avoid mistakes and pitfalls that beginners are susceptible to.
Edna Keep specializes in wholesaling apartments where there’s bigger money compared to wholesaling homes. The also come with lower risk. So, if you want to break into real estate investing or want to take your business to the next level, join Edna’s mentorship program.
What is a Wholesale Real Estate Mentor?
A mentor is defined as “an experienced and knowledgeable guide.” This definition contains a handful of extremely crucial points.
A real estate mentor will assist you in weeding out inaccurate data and avoiding poor resources. Mentors will keep you informed about the newest market developments while also teaching you the fundamentals. Most significantly, they’ll provide crucial strategic guidance when it’s needed.
Why do you need a mentor?
Given that up to 95% of first-time real estate investors fail, having a mentor to assist you is essential. Throughout the investment process, a mentor will be able to link you with their connections and provide useful advice.
Whatever your background, a mentor can assist you in achieving success and developing a mutually beneficial and lucrative long-term relationship.
When it comes to wholesale real estate, mentors can help you identify good opportunities that are worth pursuing, differentiate a good deal from a bad deal, and increase your wholesale revenue income.
Also, since the wholesale properties are not usually publicly listed, mentors can also bring you opportunities through their real estate network without you having to compete with other buyers.
Do Your Homework
When you’re starting out, you’re more likely to make a poor transaction and lose part of your initial cash. This might be a small setback at times, but beginning errors can be catastrophic to your real estate firm.
That’s why it’s crucial to seek someone who can provide more than just general real estate investing guidance. You’ll need someone to assist you in growing your portfolio and keeping track of each real estate investment you undertake.
Even if you have the assistance of a real estate mentor it’s still important to do your homework beforehand! Showing that you have done your research, tells your mentor that you are serious about wholesale real estate and you mean business! So, it’s