Mentor - Recommedations?

Question

I'm looking for a Multi Millionaire Mentor to learn from.  Cost of the mentoring doesn't matter.  I want to learn from the best.  Anyone know of any national mentors or someone that will mentor students that is very successful?  Thank you.

Peter Giardini · Answer

Greg...

Here are some excerpts from a blog post I made a couple of months ago...  perhaps these will be of assistance.

"And last but not least the quickest, method available for â€œpreparingâ€ for your success as a real estate investor is to find a coach.  If you truly see the value of this approach there are a couple of criteria you should use in making your decision.  This includeâ€¦.

a.           Does this coach really have experience?  Many real estate investors  do a couple of deals and think that they are now qualified to help others, and charge them for the privilege.

b.           Make sure that this coash is local to your investing market and its surrounding areas and knows these area like the back of their hand.

c.            Make sure that this persons success is related to the type of investing that you have chosen.  For instance if you want to concentrate on rehabbing and your mentor only knows how to find deals you may experience a degree of frustration with the results.

d.            You need to make sure that this coach is willing to spend time with you.  One-on-one access is best.  I canâ€™t tell you what a significant difference it will make in your success when you are being guided by someone who gets right in your face and brings out the best in you!

And I will add one more...

Make sure this coach is willing to bring their resources, team members, (contractors, agents, title attorneys) to your game and share them freely.

Good Luck!

Rich Weese · Answer

I still think you can obtain some good viewpoints here on BP first. Lots of different real estate angles to pursue, and people here to help you start. Then , if you need to go spend a bundle on just one coach, you'll at least have a foundation from which to start. I believe there are many more people willing to separate you from your money, than there are qualified , experienced coach/mentor types.
     Many are mentoring for money to subsidize what they're NOT earning in real estate, imo. Good luck. Rich.

Larry Moore · Answer

One thing I would add is to learn as much as you can about the type(s) of rei that you are interested in so that you are knowledgeable enough to choose a mentor.  And then, after having a good basic foundation to either move forward on your own or with the help of a mentor, ask yourself what the mentor is REALLY going to bring to the table that would make it much more profitable for you to pay handsomely for his guidance vs. going it alone (with the help of BiggerPockets and other free or almost free resources).  There really aren't any "secrets" out there, just information you haven't learned yet, or, new twists on old concepts.  Nothing worse than having a mentor that feels more like a monkey on your back.

Mike C · Answer

Greg,

The trouble with those who say money is no object and they want to learn is that most think that if they throw a lot of money at a problem that will solve it. This may not be true in your case but is true frequently in my experience. My point is you still have to do the work of finding deals and putting in the time no matter how much money you may have. There is the rub. Once people realize this is work and that the money does not fall from the heavens, they give up. Donâ€™t be that guy.

You have received some good advice already but I will add just this. Join your local real estate association and find out the players in your area. Those on the board would be were I would start. Remember, most of the members donâ€™t actually do any deals. They talk about it and want to but never get over their fear, whatever it may be. Once you find the right person or persons, taking them to lunch is all it will take to pick their brain and put yourself on the right track. Remember they will be skeptical because many say they want to get involved in this but quickly lose interest so most are protective of their time until you prove yourself (if they get this far even). All it takes is lunch and doing what you said you would do or what they suggest and going from there. Figure out what areas of real estate interest you and focus on that and you can learn a lot in a relatively short period of time.

Save your money and put it to good use once you learn a few things. Having money to leverage your opportunities is a good thing once you learn how to best put it to use. I also would not recommend going with a big name. Caveat Emptor. Stay local. Best of luck.

Mike C

Rich Weese · Answer

A vote for Larry M. I think the message here in this thread is you don't always get what you pay for. I return to my counsel of perusing here, reading info about your interest and communicating with the successful ones here on BP. There are many of them that will help you, with no ulterior motive. However, there are some that do have ulterior motives, so research first... Rich

Michael Rossi · Answer

Extremely important and why I ALWAYS recommend that you MAKE FRIENDS with the successful investors in your area.  Your new friends will be happy to help you for FREE!

You sound like someone who has money that is burning a hole in the bottom of your pocket.  Throwing money away on a coach or mentor won't help YOU become a multi-millionaire.

Those that can - DO!  Those that can't - GURU (mentor, coach, teach seminars)!

The vast majority are NOT millionaires, let alone multi-millionaires.  Only a very few ever make it to that level.

There is one good reason to spend the big bucks on a coach or mentor - that being if YOU want to be a coach or mentor yourself.  Many of these people are experts at fleecing newbies and learning that trade from an experienced fleecer might just be the answer.

Mike

Alan Brymer · Answer

I agree with Peter.  I would also choose them based on if they specialize in the kind of investing you know you wan to do.

Rich Weese · Answer

Greg- gotta run, but you could start by reading Meet the Investor section here on BP . A real variation of strategies, ages, experiences etc.  I don't know if all of them are multi-millionaires, but I do think some may be.......Going on a 9 hour tour of Tuscany, Italy today. Rich

Greg P. · Answer

Thank you Peter and Rich.  Very much appreciated.

Mentor - Recommedations?

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