Unlocking Real Estate Growth - The Mentor

I acquired the Pineview Townhomes in 2021, relying primarily on my experience as a multifamily broker. After closing that deal, I was ready to transition fully from broker to investor. I realized that scaling my real estate portfolio and raising millions in investor equity would require expert guidance.

I had frequently listened to a podcast hosted by a multifamily expert who owned over 900 units, I found myself resonating with his insights and impressed by his track record. I reached out to discuss a coaching arrangement, and the mentorship I received over the following years expedited my growth as a real estate investor.

The Mentor Effect

The impact of receiving guidance from an expert was immediate:

1. Zero In On A Winning Strategy: My coach’s expertise was in value-add multifamily; acquiring and completely repositioning properties. This focus was critical because the reality I soon came to understand: Knowing how to reposition a property allows you to pursue the more challenging deals that many others can’t. The odds of finding another newer, turnkey property that can hit my return metrics are rare. But, the odds of finding a 50-year-old building ready to be updated with modern finishes are pretty good!

2. Accelerated Deal Flow: Understanding value-add meant I could successfully turn old, tired properties into great cash-flowing investments. It was within 2 years of working with my coach that I closed on my first heavy value-add deal, now called the Riverway Apartments in Champlin.

3. Guidance During Underwriting and Due Diligence: Having an expert validate my underwriting assumptions was invaluable, especially in the early stages. My investors appreciated the fact that my deals had been fully vetted as well.

4. Operational Excellence: From construction management to asset management, my mentor's insights were indispensable.

5. Expanded Network: I was introduced to brokers, potential partners, and even investors in the industry, opening doors to new opportunities and equity sources.

6. Exposure to a Growth Mindset: Experiencing the mindset of a high achiever who takes massive action and maintains an endless drive for growth reshaped my perspective.

Prerequisites for Seeking a Mentor

Before you seek out a mentor or coach, it's important to note some prerequisites:

1. Unwavering Commitment: Be fully committed to carrying out your vision in real estate investing. A mentor only wants to invest their time in those who are serious about success.

2. Come With Foundational Knowledge: Establish a base education in real estate investing. A good coach wants to take you from intermediate to advanced, its up to you to first learn the basics. Utilize resources like books, podcasts, LinkedIn, and Twitter to cover the fundamentals on your own time.

3. Openness to Learning: Be prepared to challenge your existing notions and embrace new strategies. Most coaches often push you out of your comfort zone.

Final Thoughts

As I continue to grow and evolve Ridgeview Property Group, I’m grateful for the guidance that I’ve received this far. With multifamily development in the works as my next investing segment, I’m currently on the lookout for my next mentor/coach myself. For those of you looking to scale your existing operations in the real estate world, I cannot overemphasize the value of finding the right mentor.

-Ben Michel

Ben Michel is the founder of Ridgeview Property Group, an investment firm specializing in multifamily real estate. Register Here to be notified of available investment opportunities.