Paid Mentor Worth It?

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Paid Mentor Worth It?

Taylor Waters
Member since 2024 · 6 posts · 1 vote

Hi all, I spoke with an investor via phone that I met through Reddit. I mentioned to him that I wanted to get started with investing via wholesaling and after some chatting, he brought up his willingness to be a paid mentor for me to get my first deal.

He said he would teach me Real Estate Economics, investor psychology, and how to find and build the right product/deal for an investor

He charges $150 a call if I book a batch of calls or $195 a call if I book one at a time. The frequency would be 3 calls a month that last 1.5-2 hours each. I want to take this as seriously as possible so in my case, is this worth it, or is paying for a coach/mentor unnecessary? 

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Tim Ryan
Investor / Mentor / Contractor · Arcadia, CA Buying Out of State · Member since 2015 · 654 posts · 622 votes
2y

I'm not against paying for education and coaching. I've paid tens of thousands over the years and it has paid off very well.

I just would not pay for wholesaling education. Wholesaling is the hardest real estate strategy.

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  • Alicia Kuluris
    Member since 2022 · 29 posts · 40 votes
    2y

    It depends. I have 3 properties and I learned everything from podcast, you tube and conferences. For that rate I would look at he Bigger Pockets Rookie summit. I went to that a few years ago when I decided I wanted to go fully Into REI. I have yet to pay for mentorship and I am doing very well. I would pay for masterminds or accountability pods at some point but I would rather save all that money for the downpayment. If you don't have time or don't want to spend hours learning on podcast or YouTube then it may be a good fit for you.

    2Reply
  • Taylor Waters
    OP
    Member since 2024 · 6 posts · 1 vote
    2y
    Quote from @Alicia Kuluris:

    It depends. I have 3 properties and I learned everything from podcast, you tube and conferences. For that rate I would look at he Bigger Pockets Rookie summit. I went to that a few years ago when I decided I wanted to go fully Into REI. I have yet to pay for mentorship and I am doing very well. I would pay for masterminds or accountability pods at some point but I would rather save all that money for the downpayment. If you don't have time or don't want to spend hours learning on podcast or YouTube then it may be a good fit for you.


     Makes sense. Thanks Alicia!

    0Reply
  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    2y
    Quote from @Taylor Waters:

    Hi all, I spoke with an investor via phone that I met through Reddit. I mentioned to him that I wanted to get started with investing via wholesaling and after some chatting, he brought up his willingness to be a paid mentor for me to get my first deal.

    He said he would teach me Real Estate Economics, investor psychology, and how to find and build the right product/deal for an investor

    He charges $150 a call if I book a batch of calls or $195 a call if I book one at a time. The frequency would be 3 calls a month that last 1.5-2 hours each. I want to take this as seriously as possible so in my case, is this worth it, or is paying for a coach/mentor unnecessary? 

    If the mentor knows what he’s talking about, has the experience and a verifiable track record then it could be a very cost efficient way of obtaining one on one guidance.  Sure as hell beats paying $40k to an actor fronting for a real estate marketing company operating out of Las Vegas or Salt Lake City and providing guidance by a failed salesman reading answers from a script. 
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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y

    @Taylor Waters

    I would ask him to show you the deals he has done and referrals to other people he has mentored

    It’s easy to do a public records search to see if he is telling the truth.

    I would do due diligence on this person - which due diligence is the #1 key in being successful in real estate

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

    @Taylor Waters I have paid for several “programs and mentorships” over the past 3 years. All of the mentorships were a waste of time. Most of the programs I actually learned stuff from. Programs were substantially less expensive than the mentorships.

    I’ve got 7 buildings and working on the 8th. I think the Better Life Tribe has been the best bang for my buck as far as paid things go. Unfortunately due to technological glitches I missed out on my first 8 months of accountability pods. But now am going strong. I will be renewing my membership.

    I think most of what you need to learn you can learn from books, podcasts, and the forums.

    However if this guy isn’t charging a significant up front cost then maybe try out a month’s worth of calls and see if it helps you. $600 or so seems like short money to me if it actually helps. I wouldn’t commit past the first 3-4 calls though until I had some proof that he was actually helping me.

    2Reply
  • Tim Ryan
    Investor / Mentor / Contractor · Arcadia, CA Buying Out of State · Member since 2015 · 654 posts · 622 votes
    2y

    I'm not against paying for education and coaching. I've paid tens of thousands over the years and it has paid off very well.

    I just would not pay for wholesaling education. Wholesaling is the hardest real estate strategy.

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

    @Taylor Waters

    that price makes me think he might actually be legit.  but how would I know?  I have no idea.

    i'd do these things first:

    -listen to every single episode of Wholesale Hotline

    -listen to every single episode of Real Estate Disruptors

    -go to every single meetup within 2 hours of you for 6 months

    then re-evaluate

    good luck

    2Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    2y
    Quote from @Taylor Waters:

    Hi all, I spoke with an investor via phone that I met through Reddit. I mentioned to him that I wanted to get started with investing via wholesaling and after some chatting, he brought up his willingness to be a paid mentor for me to get my first deal.

    He said he would teach me Real Estate Economics, investor psychology, and how to find and build the right product/deal for an investor

    He charges $150 a call if I book a batch of calls or $195 a call if I book one at a time. The frequency would be 3 calls a month that last 1.5-2 hours each. I want to take this as seriously as possible so in my case, is this worth it, or is paying for a coach/mentor unnecessary? 

    Wholesaling is a terrible way to get started in RE.  To do it right you need more Capital to wholesale than you need to be a multi family investor.  You need a massive marketing budget, and you need to double close on the property, meaning you need the actually have the cash to buy the place.

    Flipping contracts from unknowing sellers to buyers is a shady business, illegal in most states, and has a failure rate in the high 90% range. 

    You should refocus on making it as a safe, conservative, get rich slowly, investor.  That is the best path, the tried and true path, the most boring path, the longest path, and the highest probability of success path. 

    You have to get rich over 30 years in Real Estate. 
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  • Carlos Valencia
    Lender · 92703 · Member since 2022 · 326 posts · 538 votes
    2y

    Hello Taylor, 

    There's many coaching programs out there and many so called real estate gurus lol. I would say to make sure they are doing what they are preaching and not just making money out of their RE coaching. There's also people in the industry that will be willing to teach for free as well. I would say try to see if there's any local Real Estate meetups in your area and start networking with other likeminded people so you can also pick their brain and learn from their mistakes. Another way to find a mentor is to try to offer them help and something of value so you can learn and also help them in return. Paying for a coaching will get you there faster. If you do not find a free or paid mentor you can get there as well but you may run into many expensive hurdles which is ok too but as long as you dont shy away and understand the bigger pictiure that at the end of the day you are learning and gaining that experienced and will be more savy as you continue your journey. At the end of the day you know yourself and you will know what you need to do to make sure you take action. Because people even when paying for coaching or not still don't take action. Don't look at it if you pay you will take action just look at it as if its something you really want to do. This real estate investing is not a race its a journey and it will take time to see any fruits of your labor. If it was easy everyone would do it right? 

    @Albert Bui @Matthew Kwan

    2Reply
  • Taylor Waters
    OP
    Member since 2024 · 6 posts · 1 vote
    2y
    Quote from @Don Konipol:
    Quote from @Taylor Waters:

    Hi all, I spoke with an investor via phone that I met through Reddit. I mentioned to him that I wanted to get started with investing via wholesaling and after some chatting, he brought up his willingness to be a paid mentor for me to get my first deal.

    He said he would teach me Real Estate Economics, investor psychology, and how to find and build the right product/deal for an investor

    He charges $150 a call if I book a batch of calls or $195 a call if I book one at a time. The frequency would be 3 calls a month that last 1.5-2 hours each. I want to take this as seriously as possible so in my case, is this worth it, or is paying for a coach/mentor unnecessary? 

    If the mentor knows what he’s talking about, has the experience and a verifiable track record then it could be a very cost efficient way of obtaining one on one guidance.  Sure as hell beats paying $40k to an actor fronting for a real estate marketing company operating out of Las Vegas or Salt Lake City and providing guidance by a failed salesman reading answers from a script. 

     Sounds specific lol. Thank you!

    0Reply
  • James E.
    Virtual Assistant · Houston, Taxes · Member since 2024 · 11 posts · 0 votes
    2y
    Quote from @Tim Ryan:

    I'm not against paying for education and coaching. I've paid tens of thousands over the years and it has paid off very well.

    I just would not pay for wholesaling education. Wholesaling is the hardest real estate strategy.


     Why do you say Wholesaling is the hardest real estate strategy sir?

    0Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    2y
    Quote from @James E.:
    Quote from @Tim Ryan:

    I'm not against paying for education and coaching. I've paid tens of thousands over the years and it has paid off very well.

    I just would not pay for wholesaling education. Wholesaling is the hardest real estate strategy.


     Why do you say Wholesaling is the hardest real estate strategy sir?

    Not that you asked me, but I agree.  To properly wholesale, legally wholesale, and morally wholesale, you need to double close.  Meaning you have the actual cash to buy multiple properties in cash, then sell, flip, or do whatever.  You also need a massive marketing budget to get all of these off market properties coming your way.

    Flipping contracts when you don't have a dime to your name is in most states illegal, almost never scalable, and just from a human standpoint very questionable ethically. 


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  • Tim Ryan
    Investor / Mentor / Contractor · Arcadia, CA Buying Out of State · Member since 2015 · 654 posts · 622 votes
    2y
    Quote from @James E.:
    Quote from @Tim Ryan:

    I'm not against paying for education and coaching. I've paid tens of thousands over the years and it has paid off very well.

    I just would not pay for wholesaling education. Wholesaling is the hardest real estate strategy.


     Why do you say Wholesaling is the hardest real estate strategy sir?

    James, in my long years of experience, I rarely see people making money in wholesaling as the process is full time and full on. It's not for everyone. The whole idea that "it's a great place to start because you don't need money or credit" is hogwash. It's a business and the biggest problem I see people make is to treat wholesaling as a side gig. I believe it takes a specific type of personality to make wholesaling a success and a program can't teach that.

    2Reply
  • Taylor Waters
    OP
    Member since 2024 · 6 posts · 1 vote
    2y
    Quote from @Tim Ryan:
    Quote from @James E.:
    Quote from @Tim Ryan:

    I'm not against paying for education and coaching. I've paid tens of thousands over the years and it has paid off very well.

    I just would not pay for wholesaling education. Wholesaling is the hardest real estate strategy.


     Why do you say Wholesaling is the hardest real estate strategy sir?

    James, in my long years of experience, I rarely see people making money in wholesaling as the process is full time and full on. It's not for everyone. The whole idea that "it's a great place to start because you don't need money or credit" is hogwash. It's a business and the biggest problem I see people make is to treat wholesaling as a side gig. I believe it takes a specific type of personality to make wholesaling a success and a program can't teach that.

    Interesting perspective. Thanks for sharing. In my experience a lot of folks hesitation for getting into real estate as a wealth creating medium is the hefty amount of cash you need for a down payment. Real estate is advertised as this great investment strategy but traditionally it takes a lot of cash to start. I think that’s why people in a low capital situation lean towards wholesaling to build up their capital because it, in theory, takes none or very little to start. 

    Having said that, what would be your personal recommendation to get started with RE investing(with little capital) outside of the cliche “saving for a down payment for a duplex” strategy?
    0Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    2y
    Quote from @Taylor Waters:

    Here's what you need to understand. The mentor can give you tools, but you have to put in the work. I can talk to you about what it takes to get in shape, but you have to actually get off the couch every day, get to the gym, work out in discomfort, and do it over and over again. Talking to someone on the phone is not going to make you successful. 

    What information will this "mentor" share with you? The same information that's available in books for $14 (or free at the library) or for free in the forums and blogs. If the mentor is good, they will determine your goals and then tailor the information to your plan so that you can move a little faster and avoid a few mistakes, but you'll still have to do the work.

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  • Taylor Waters
    OP
    Member since 2024 · 6 posts · 1 vote
    2y
    Quote from @Nathan Gesner:
    Quote from @Taylor Waters:

    Here's what you need to understand. The mentor can give you tools, but you have to put in the work. I can talk to you about what it takes to get in shape, but you have to actually get off the couch every day, get to the gym, work out in discomfort, and do it over and over again. Talking to someone on the phone is not going to make you successful. 

    What information will this "mentor" share with you? The same information that's available in books for $14 (or free at the library) or for free in the forums and blogs. If the mentor is good, they will determine your goals and then tailor the information to your plan so that you can move a little faster and avoid a few mistakes, but you'll still have to do the work.


     True. Thanks!

    1Reply
  • Tim Ryan
    Investor / Mentor / Contractor · Arcadia, CA Buying Out of State · Member since 2015 · 654 posts · 622 votes
    2y
    Quote from @Taylor Waters:
    Quote from @Tim Ryan:
    Quote from @James E.:
    Quote from @Tim Ryan:

    I'm not against paying for education and coaching. I've paid tens of thousands over the years and it has paid off very well.

    I just would not pay for wholesaling education. Wholesaling is the hardest real estate strategy.


     Why do you say Wholesaling is the hardest real estate strategy sir?

    James, in my long years of experience, I rarely see people making money in wholesaling as the process is full time and full on. It's not for everyone. The whole idea that "it's a great place to start because you don't need money or credit" is hogwash. It's a business and the biggest problem I see people make is to treat wholesaling as a side gig. I believe it takes a specific type of personality to make wholesaling a success and a program can't teach that.

    Interesting perspective. Thanks for sharing. In my experience a lot of folks hesitation for getting into real estate as a wealth creating medium is the hefty amount of cash you need for a down payment. Real estate is advertised as this great investment strategy but traditionally it takes a lot of cash to start. I think that’s why people in a low capital situation lean towards wholesaling to build up their capital because it, in theory, takes none or very little to start. 

    Having said that, what would be your personal recommendation to get started with RE investing(with little capital) outside of the cliche “saving for a down payment for a duplex” strategy?

     Here's the best thing I can tell you on your question:  learn to be the ultimate entrepreneur.  Is that teachable? I'm not sure.  Why do I say this? Because an entrepreneur will learn about real estate investing (which we are all doing), then go out and find a good deal, THEN go out and raise the money - thereby not needing their own money.  Sounds crazy to accomplish? Or sounds doable?  There lies your answer as to whether you can do it or not.

    0Reply
  • Tim Ryan
    Investor / Mentor / Contractor · Arcadia, CA Buying Out of State · Member since 2015 · 654 posts · 622 votes
    2y

    I created this chart after studying for years why some people succeed in real estate investing, and others don't.  I give speeches on this and the explanation of the 4 quadrants. It might surprise you to hear about each one - and which is the most important (of course I think I've already let the cat out of the bag).  If anyone is interesting in what I've discovered, DM me.

    1Reply
  • Taylor Waters
    OP
    Member since 2024 · 6 posts · 1 vote
    2y
    Quote from @Tim Ryan:
    Quote from @Taylor Waters:
    Quote from @Tim Ryan:
    Quote from @James E.:
    Quote from @Tim Ryan:

    I'm not against paying for education and coaching. I've paid tens of thousands over the years and it has paid off very well.

    I just would not pay for wholesaling education. Wholesaling is the hardest real estate strategy.


     Why do you say Wholesaling is the hardest real estate strategy sir?

    James, in my long years of experience, I rarely see people making money in wholesaling as the process is full time and full on. It's not for everyone. The whole idea that "it's a great place to start because you don't need money or credit" is hogwash. It's a business and the biggest problem I see people make is to treat wholesaling as a side gig. I believe it takes a specific type of personality to make wholesaling a success and a program can't teach that.

    Interesting perspective. Thanks for sharing. In my experience a lot of folks hesitation for getting into real estate as a wealth creating medium is the hefty amount of cash you need for a down payment. Real estate is advertised as this great investment strategy but traditionally it takes a lot of cash to start. I think that’s why people in a low capital situation lean towards wholesaling to build up their capital because it, in theory, takes none or very little to start. 

    Having said that, what would be your personal recommendation to get started with RE investing(with little capital) outside of the cliche “saving for a down payment for a duplex” strategy?

     Here's the best thing I can tell you on your question:  learn to be the ultimate entrepreneur.  Is that teachable? I'm not sure.  Why do I say this? Because an entrepreneur will learn about real estate investing (which we are all doing), then go out and find a good deal, THEN go out and raise the money - thereby not needing their own money.  Sounds crazy to accomplish? Or sounds doable?  There lies your answer as to whether you can do it or not.


     Thanks, Tim. I have a lot to learn. 

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