This Issue: Why a Real Estate Mentor Can Be the Key to Real Estate Succes

“Follow your own path because it will bring you to the places you were meant to be.”  - Donald J. Trump

When people don’t think for themselves, problems occur. In fact, the lowest points in history occurred when people stopped thinking for themselves and followed the wrong individuals. These times gave rise to dictators, genocide and brutal, inhuman behavior.

So invest the time to identify your intrinsic values - whatyou really want and are willing to work hard to get. They provide you with strength, determination, and a powerful compass.

Look at the big picture; think on a Trump scale. Find out what you really want to dedicate your life to and then go out and achieve it.

For me, life is all about discovery. I feel best when I learn something I didn’t know. Although I work in a reality-based business, I have a strong respect for the mysteries of life because they make me feel like an explorer on an exciting quest. They heighten my natural curiosity, making me constantly question and want to learn more. As a result, I’m introduced to amazing people, and my life is constantly enriched with new understand­ings, insights, and knowledge. Don’t put blinders on or limit yourself. Reach out, seek, and explore.

The Apprentice was a new challenge and discovery for me. It brought out the educator in me. It showed me how much I love to teach and see people develop and grow. It has been marvelous to watch the program’s candidates develop as they tackle new experiences and discover more and more each week.

Trump University has been a natural progression from The Apprentice, and it’s giving me the opportunity to educate on a much larger scale. Both of these experiences have been exciting discoveries that make me thirst for more. I can’t wait to see what I’ll become involved in next!

Finding your purpose may take a while or all of your life. Or you could have discovered it when you were five years old and are still refining it. Since we all differ and have varying priorities, we all must move at our own pace. Make it a priority to keep explor­ing, learning, discovering, and moving forward because that is the best recipe for a successful life.

“I wouldn’t loan money to a man I did not trust on all the bonds of Christendom.” - J.P. Morgan’s first rule of lending.

I agree with J.P. Morgan, don’t you? I wouldn’t loan money to a man or a woman whom I did not trust. Don’t you feel the same way?

In real estate investing, when you apply for a mortgage the lender feels the same way too. Beyond all the documentation you have to submit, you’ve also got to prove to the lender that you’re trustworthy, and you’ll honor your obligations and commit­ments. Your credit score provides one indicator, but you can bolster this score (if necessary) with other types of written information too.

Provide an employer reference.If your lender requires a completed verification of employment (VOE) form, ask your supervisor to enclose a letter that commends your dependability, integrity, and responsibility at work.

Explain any credit blemishes on your record. Explain how misplaced bills, your vacation, a move of residence, or other non-character-indicting reasons ac­count for these lapses that you deeply regret. Even better, discuss the new bill-paying systems that you have now put in place to pre­vent future lapses.

If you have had an outright credit wreck, explain that too.Explain serious problems as once-in-a-lifetime, beyond-your-control events that you coped with as honorably as possible. If actually due to irresponsibility, emphasize that you’ve learned your lesson the hard way and now are a different person. Supply objective evidence to support your “new you” claims.

Provide strong personal references.In the old days of mortgage lending, younger borrowers were awarded loans merely on the basis of family char­acter and reputation. (“Why, I’ve know Luke Jr.’s family for 30 years,” says the loan rep. “They’re great people. Loan approved.”) In our big-city, automated world, personal references to lenders seldom count for much. Nevertheless, if you’ve established good rapport with someone who could prove influential, it wouldn’t hurt to enlist their help.

Unless you provide alternative documentation, the lender will infer your dependability from the shading provided by your record of credit and consistency. When such evidence paints too dark a picture, you should add some brighter colors to the mix.

When people ask our Chairman Donald J. Trump to name the person who had the greatest influence on him, his answer is always the same. Mr. Trump always says that it was his father, Fred Trump, who offered him the greatest advice, encouragement and support. In other words, Fred Trump was a great mentor.

When you look around the world and see the Trump name on so many extraordinary buildings and projects, you are witnessing the power that a great mentor can have to help you achieve your success.

The right mentor can do the same thing for you. He or she can offer advice and act as a sounding board for your plans. When you encounter setbacks, your mentor can encourage you to move ahead.

But notice that I said “the right mentor.” Because there are good mentors and bad mentors. Let me explain.

The right real estate mentor for you . . .

Is a person of good character who has achieved notable success in real estate. You can have a second mentor who has become successful in another field. He or she could be your clergy person or a former coach or teacher. But because real estate is a field with very specific issues, legal issues and challenges, your primary mentor should have enough knowledge in the field to alert you to problems and opportunities. In other words, he or she has spent time in the real estate “school of hard knocks” and can shorten the amount of time you spend there.

Is someone who is willing to invest time with you, on a regular and ongoing basis. A monthly lunch together can be a great routine to establish. But to keep the flow of input strong, you do need to establish a regular routine for the time you will spend together. Occasional phone calls will not allow a full mentoring relationship to develop.

The wrong real estate mentor for you . . . 

Is someone who stands to profit financially from your success. Don’t cross wires here. When someone is trying to make money by offering you advice, that person’s judgment can become clouded by self-interest. Your contractor or your real estate agent might be great sources of practical advice, for example. But they cannot become a true mentor, whose purpose is to help you track toward your long-range goals.

Is a big fan who thinks you can walk on water and do no wrong. It’s tempting to recruit a mentor like that, but he or she will not give you the kind of frank advice you need if your thinking goes off the track. You need a realist, not a cheerleader.

Is a bitter person with an axe to grind because he or she failed to become successful. A mentor like that can sabotage your plans to make sure you are also unsuccessful.

Remember, it takes time to select the right mentor. Don’t just call a likely candidate and says, “You are my mentor.” Have “test runs” instead with three or four possible candidates before formalizing the mentoring relationship. When you find someone who listens and who offers advice based on your needs and not his or her own, you’ll know you are on the right track.

When your heart and mind tell you that you have found the right mentor for your real estate success, take the next step. Then formalize the relationship and let your success begin.