Does This Mentorship Make Sense?

[James Yoder]

A local successful investor/mentor was referred to me by our REIA. The program is $2,000 - it consists of a one-on-one session per week which last 1-2 hours. He walks you through your deals step by step, and includes you in on his own personal deals. He will go to showings, make offers, negotiate, and go through pretty much the whole buying process with you. I'm responsible for finding funding. He says you should have three buy-n-hold deals by the end of the year. He focus's on a lot of owner financing, and other techniques to keep you from putting money down if possible, or little money. He specializes in multi-family and mobile homes which is the niches I want to focus on. He helps set up your business entity. The three deals are a minimum of $300 cash flow, and the cash flow for the first six months are split 75/25, 50/50, and 25/75. After six months I get 100% of the cash flow.

He's recommended by the gentleman who runs our REIA, but three other investors here locally have not heard of him. I met with him yesterday for our first introduction session which was free, and he didn't try to over-promise or over-sell his course. If I have at least three properties by the end of the year averaging $900 of cash flow, the education, and potentially having him on my "team", then I would say the value is there.

I am where I am today because I've had mentors, and it really helps with efficiency and speeding up the process. I know there is "free" information out there, but I think there is value here for the money spent. Any advice or questions I should ask before committing?

What worries me is some other local investors do not know of him, but our head of REIA recommends him which carries some weight I would think. After meeting him yesterday he seems like a hustler, but very reserved, and low key.

[Mitch Messer]

Hi @James Yoder. My advice is to talk to at least three current "mentees." Be blunt and direct with what they've actually done and how they've gained from their interaction with the gentleman. Don't accept vague generalities as answers.

For the record, when you're paying them cash, they're not mentors anymore: They are coaches.