Starting Out.... Is a mentor really worth it?

Starting Out
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Starting Out.... Is a mentor really worth it?

John Brown
Member since 2024 · 30 posts · 6 votes

Hello All, My partner (business not life) and I have decided to get into CRE. After months of research hours of talking, planning, scheming forming the LLC pulling our hair out etc... We have both independently come to ask ourselves the same thing. Do we really need a mentor? We know all the gurus tell us that we do, right before they pitch us their course or services, but is that just them diversifying their income? With the whole world of information at our fingertips and groups like this is the absolute need for a mentor necessary? Yes having a mentor should prevent some growing pains, but those are the best teachers. So what do y'all think should we push forward and rely on our will, wit and the opinion of our professional team. Or should we bite the bullet and get a mentor that may or may not save us some growing pains?

P.S. Is there any veteran only REI groups? My partner (business not life) are both Marines and we like to deal with our own as much as possible.

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Account Closed
Investor · Atlanta, GA · Member since 2017 · 174 posts · 104 votes
2y

Yes, but not the ones who invoice you. 

11Reply
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  • Joseph Bui
    Lender · Nationwide · Member since 2023 · 362 posts · 237 votes
    2y

    No, definitely not. Those guru courses teach all the same things you can find here on bigger pockets and on you tube. No need to pay for it. The only thing valuable about those courses are the networking opportunities. In fact, I wouldn't consider myself an expert, but I've been investing in midwest markets (Memphis and Detroit) since late 2020 and I'd be happy to answer any questions, give advice based on my experience, or connect you with teams I've worked with. Would be happy to connect if you are interested.

    7Reply
  • Sophia Buesing
    Lender · Denver · Member since 2023 · 127 posts · 26 votes
    2y

    Hey John! You can definitely learn without paying for a mentor. You can learn from going to local REI meetups and a ton of content that is available only. I think mentors can be great and share shortcuts. But, aren't necessary. You can learn through trial and error.

    3Reply
  • Alex Kingman
    Rental Property Investor · USA · Member since 2017 · 6 posts · 9 votes
    2y

    Hi John! Having a mentor (or people who are successfully doing what you want to do whom you can ask for advice) is invaluable. It doesn't have to be through a formal mentorship program, but it is always a good idea to have a mentor and surround yourself with investors who are more successful. 

    My partner and I did not go through any mentorship program when we decided to move from 1-4 unit REI into investing in commercial multifamily properties. However, we still had a lot to learn in order to be successful in the space.

    We read a lot of books, attended conferences, etc. but I think the most important thing we did in the beginning was consistently attending a multifamily investor networking group. The one I went to was online called TGIF hosted by Brian Briscoe (he still hosts it and there are a good amount of veterans & active duty investors there). I would go to these meetups, meet new people, and follow up with 1:1 zoom calls with everyone in the networking call. I learned so much from others in the group, and doing this is what directly led us to investing in our first commercial apartment deal. 

    7Reply
  • Mark R.
    Real Estate Broker · TX · Member since 2008 · 50 posts · 22 votes
    2y
    I don't think you have to pay for a guru course or whatever. There are other ways of doing it. IMO, you do need to spend time with people more experienced than you. If not, you are going to pay for the education via mistakes or missed opportunities. You can't avoid that, but a good mentor/partners/coach can mitigate it.
    1Reply
  • Account Closed
    Investor · Atlanta, GA · Member since 2017 · 174 posts · 104 votes
    2y

    Yes, but not the ones who invoice you. 

    11Reply
  • John Brown
    Member since 2024 · 1 post · 1 vote
    2y
    Quote from @Account Closed:

    Yes, but not the ones who invoice you. 

    Exactly! Calling yourself a mentor and charging somebody for that service is almost oxymoronic call it what it is. You’re an advisor! I’ve had mentors for other things in life and never paid for that. Now I’ve had advisors also and paid for them as well gladly. But tbh after having real mentors and then hearing “mentors” are charging just makes the whole thing feel … cringy.
    1Reply
  • Khalid Bryan
    Real Estate Broker · Fort Lauderdale, FL · Member since 2018 · 196 posts · 191 votes
    2y

    @John Brown I don’t use one but the most successful and consistent people I’ve met have and pay for mentors. It seems to be like a personal trainer for your mind. They’re highly focused and highly effective. I do feel though that you need a certain level of momentum before it makes sense to hire one. You shouldn’t hire one to get STARTED but hire one to get to the next level after you feel a plateau.

    1Reply
  • Stephen Akindona
    Investor · Memphis, TN · Member since 2013 · 741 posts · 845 votes
    2y

    @John Brown first and foremost welcome to Biggerpockets! This is an excellent community of like-minded folks who love to help. To answer your question, YES you should absolutely get a mentor or coach. I think it is super important to clarify here, a mentor does NOT have to be an official paid training or teaching course. As a matter of fact I would discourage the use of the guru coaching course route. What you do want is someone who is actively doing the thing you want to do, preferably in the market you want to do it, that can be there to help you not make rookie mistakes. This person can and should be paid, but doesn't always have to be. Why would you want to make costly mistakes that can be avoided all in the interest of learning on your own. Find a good local mentor, you can use Biggerpockets to find the right person. 

    Happy Investing!

    1Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    2y

    I agree that  you don't need a mentor, but that they can be very helpful and get you in the game much faster.

    I also think like @John Brown that a mentor is not someone who charges for their services......

    1Reply
  • Account Closed
    Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    2y
    Quote from @Bruce Woodruff:

    I agree that  you don't need a mentor, but that they can be very helpful and get you in the game much faster.

    I also think like @John Brown that a mentor is not someone who charges for their services......

    Which term do you prefer for someone who charges for their experise?
    0Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    No

    Go to REIA meetings and talk to everyone at the REIA meetings

    What area of CRE are you interested in

    1Reply
  • John Brown
    OP
    Member since 2024 · 30 posts · 6 votes
    2y

    @Nicholas L. Multi-Family, IOS, house flipping and later on property development.

    @Stephen Akindona is there an area on here o help find a local mentor/advisor.

    0Reply
  • Bob S.
    Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    2y
    Quote from @John Brown:

    Hello All, My partner (business not life) and I have decided to get into CRE. After months of research hours of talking, planning, scheming forming the LLC pulling our hair out etc... We have both independently come to ask ourselves the same thing. Do we really need a mentor? We know all the gurus tell us that we do, right before they pitch us their course or services, but is that just them diversifying their income? With the whole world of information at our fingertips and groups like this is the absolute need for a mentor necessary? Yes having a mentor should prevent some growing pains, but those are the best teachers. So what do y'all think should we push forward and rely on our will, wit and the opinion of our professional team. Or should we bite the bullet and get a mentor that may or may not save us some growing pains?

    P.S. Is there any veteran only REI groups? My partner (business not life) are both Marines and we like to deal with our own as much as possible.

     No not a Guru, but 100% you need to connect with those doing deals. YOU and ONLY YOU need to know all the numbers, and YOU need to know the real cost of reno. Do NOT rely on a realtor, they are not on your team. RE Is nothing but numbers, you just better know them

    Good luck 

    PS I posted this a few months ago, YES its this simple

    1Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    @John Brown

    OK - that's a lot

    go to all of the REIA meetings within a 2 hour radius of you and start making some friends

    maybe get some time with Alex Felice - he's a vet who invests and i believe will meet with anyone for 30 mins - get on his calendar

    https://lifeandlens.media/

    1Reply
  • Stephen Akindona
    Investor · Memphis, TN · Member since 2013 · 741 posts · 845 votes
    2y

    Not a specific area on the site but you can just post and ask about meeting investors who are active in whatever market you're interested in. Also try meetups and REI clubs that are likely meeting in the area.

    0Reply
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    Not a lot of mentors out there interested in anything but sucking as much money from you as possible.

    Spend your time building a good team and they will mentor you while they make money off your transactions.

    Working with the right team will make this a win-win!

    Logical Property Management4.9445 Reviews
    WebsiteView Page
    2Reply
  • John Brown
    OP
    Member since 2024 · 30 posts · 6 votes
    2y

    @Nicholas L. it does sound like alot but our logic is this simple buy properties with as many tenants as possible so if you lose one or 2 its not a major loss to the over all cash flow. and the house flipping is just for lumps of cash and something to be active in while the multi tenant units properties are cashflowing.

    1Reply
  • Account Closed
    Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    2y
    Quote from @John Brown:

    Hello All, My partner (business not life) and I have decided to get into CRE. After months of research hours of talking, planning, scheming forming the LLC pulling our hair out etc... We have both independently come to ask ourselves the same thing. Do we really need a mentor? We know all the gurus tell us that we do, right before they pitch us their course or services, but is that just them diversifying their income? With the whole world of information at our fingertips and groups like this is the absolute need for a mentor necessary?

    No, there is need for a mentor. Time heals all wounds :-) Ya pay for it now or ya pay for it later, but gravity works and real estate is all about how gravity works. What goes up must come down. I do wish you well. Be prepared.

    0Reply
  • Carlos Valencia
    Lender · 92703 · Member since 2022 · 326 posts · 538 votes
    2y

    Hello John, 

    If you have the money and you know you will take action by paying for this mentor and actually follow their process then yes it might be a good thing to help you grow without any growing pains and avoid many mistakes they have done. It can also save you time as well. All depends on what your goals are when joining these gurus groups. They are not cheap to help avoid mistakes. 

    Another way to find a mentor is by attending local real estate meetups and see if you can connect with someone who is where you want to be in the future. I would say it would be worth it to also go that route and find a way to offer value to this mentor where you can learn as much as you can from them. People are willing to share their knowledge with others as long as they know you are serious about the business and willing to learn. I also would suggest trying to find a mentor this way and you might not have to spend thousands of dollars. 


    Last option would be to just figure it out on your own and using all the free resources out there and make the mistakes and learn from them. The problem with this approach is that you will be risking more time and money. If you decide to just learn on your own one way that is not high risk is by doing the house  hacking strategy where you buy a single family or multi family unit and live in the property while renting the other units or rooms. This was you will have a place to live and also learn how to manage your tenants and how to rehab. This is only if you plan on buying properties and hold them. 


    Overall there's no good or bad way to get started its all about what you feel more comfortable to make you not have bad experience where you just give up and don't try anymore. 

    @Albert Bui @Matthew Kwan

    2Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    2y

    Having a mentor is great, but paying for a mentorship program/guru type thing usually just gets you into a boiler room of constant up-selling to higher levels of ripping you off. When I first got started, my agent was my mentor. She made money off the commissions on the deals we did together, which are high in my area. So she was well paid, but also taught me a ton and saved me from making many expensive mistakes. Plus the sellers paid her commissions. If you have a great agent who does what you want to do, they can be both a great mentor and your most valuable team member at the same time. 

    2Reply
  • James MurphyPro Member
    Member since 2024 · 18 posts · 16 votes
    2y

    I believe having a mentor who has already achieved what you aim to achieve is a great idea. However, it can be challenging to identify mentors who are worth paying for, and who will meet your expectations compared to the cost.

    One effective approach could be to attend REI meetups and get to know potential mentors. It's best to pursue a mentorship relationship with someone whose credentials and experience can be verified in advance.

    For investors who may not be interested in scaling quickly or who seek less complicated investments, it may be beneficial to learn as much as possible for free before seeking out and paying for a mentor.

    1Reply
  • Mike TerryPro Member
    Investor · Fort Myers, FL · Member since 2015 · 292 posts · 278 votes
    2y

    I read and listened my way through the novice REI stages. I would absolutely hire professionals along your journey ( ie lawyers, CPA), but to dip your toe in the water, why pay a guru. I think your instincts are spot on. Gain free knowledge and then act. You will learn and improve. It doesn't have to be sink or swim. Good Luck!

    1Reply
  • Alecia LovelessPro Member
    Member since 2019 · 3k+ posts · 2k+ votes
    2y

    @John Brown I started out with Carleton Sheets CDs about 30 years ago and did a couple of deals with some partners and got screwed over and vowed never again to have a partner, tried a deal on my own and the first tenant trashed it and I quit. I’d have a high 8 digit net worth by now if I hadn’t quit and had been mature enough to pick up the pieces and start over again. Maybe that’s where having a “mentor” would have been handy.

    However I started REI again 4 years ago and was going along just fine and thought well maybe if I get a mentor I'll do better. So I paid $7,000 and then $8,000 for two garbage programs, one that folded three weeks in stealing my money and removing all their content from online, the other was just a hoax.

    $15,000 down the drain that could have been used towards the down payment on another property.

    I actually just signed up for and participated in the Women’s WREIGN Wothout Fear of Her Future course for $47 which lasted 5 nights for 2 hours per night and while I already knew 95% of what was taught it gave me a couple of good tidbits that were worth the $47. Both men and women can participate, they run these courses all the time, and of course they do eventually try to sell you on their more expensive courses and platform but I just signed off at that point.

    I think you can get every bit of information you need from podcasts, books, and YouTube. If you start with a 2-4 unit property and get it rent ready and spend a little time getting your systems in place for how you want to manage it and building your team you will be able to just repeat this process over and over again either with more small properties starting out or gradually increasing the size of the properties until you’re comfortable doing 10,15,20 or more units in one purchase.

    4Reply
  • Bob S.
    Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    2y

    So you want to start with MF and would like to learn from sitting on the internet, that has disaster written all over it.  Whos going to walk it? Who's determining your reno , how much cash do you have ? What market you buying in ? Again, sitting on the internet, well it will not end well.

    All the best 

    0Reply
  • John Brown
    OP
    Member since 2024 · 30 posts · 6 votes
    2y

    No @Bob S. that is not what i want to do at all. We want to build the team to make this work including an experienced investor and go from there. in no way shape or form do we want to go into this fully loaded and halfcocked. We want to make sure this is successful from the jump.

    0Reply
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