REIA Mentoring Program: Is It Worth It?

[Jacob Beran]

Hey everyone! I am considering joining my local REIA's mentorship program and am curious to hear from others if it seems like a reasonable deal.

What it is: My local REIA offers a mentoring program that guides you towards your first 3 flips. They offer trainings, a list of preferred contractors, private money funding, and guidance along the way.

What it costs: $7,500 deposit (refundable after 3 flips) , $400 per month fee, 50/50 split on first 3 flip profits (no split for losses), and ~10 hours per week commitment.

I am looking to be more of a BRRRR investor long-term, but figured that this could potentially be a way to get mentoring to help find/analyze local deals and manage rehabs. I'd appreciate any thoughts people may have!

[Nathan Gesner]

Quote from @Jacob Beran:

Sorry, but that's an over-priced milking of the naive.

All the information you need is free on BiggerPockets. If you want guidance to accelerate/focus your learning, take their bootcamp course.

You should be able to find a general contractor that will draw up a list of work to be done and estimated costs for under $300. Find an experienced flipper and do the same.

All in for less than a $1,000. If you feel generous, you can pay me 10% of the $6,000 I just saved you and still be way ahead.

Is this really a good time to start flipping? Property prices are going down and the next six months are unknown. By the time your project is done, property values may have dropped another 10% or more and you'll eat up any potential profit. Or maybe the interest rates are so high that nobody's buying and you have to sit on it or sell for a loss. I would be very conservative with your numbers in a downward-trending market, particularly as a beginner.