Met with a Mentor Today.....

[Winniferd B.]

So I met with a possible mentor today to help me with the wholesaling process. He said he'd walk me through my deals and pretty much show me the ropes. He also said he's introduce me to a few title companies, realtors and other key people that could help me along the way. He had to different payment plans one where I Pay $999.00 upfront and then 99.00/month. On this one I would keep 100% on my deals. The other is $499 unfront and 99/month. This one is a 50/50 split. I could stop whenever I feel like I don't need him anymore.

What are your opions? Is this about right for a mentor?

[Jason S.]

There really is no need to pay for a mentor. What a "racket" You pay me to give me leads. Wow! We all should be so lucky.

If the guy is making money from your leads you should not have to pay him for them.

Soft credit leads are a little harder to come by because you have to look a little to find services offering them - but notice of default and notice of sale leads are available from every foreclosure tracking service on the net. Bigger Pockets has a list of them and I am certain if you sign up at least a referral commission will go to Bigger Pockets as they very much deserve.

But please look at the posters who said $0 down and $0 per month for a mentor. That's the price - and most will give you free leads or direction on how to get the leads - certainly without paying the mentor.

Remember - a mentor IS NOT doing you a favor. The plan is to MAKE MONEY off of you. Make no mistake. If they charge you for the mentoring it is because they do not expect you to make them money any other way, i.e., they expect you to not become successful.

This is no doubt why Guru's charge money - they know that 99% of the buyers will never actually put down the effort to succeed.

When I mentor I will work with someone forever helping them to understand etc - but eventually if they never actually implement anything - then they become a friend - not someone I am mentoring. We talk - and I offer - but they decide what to do.