Paying for a mentor??????

Question

Hi BP! I reached out to a local investor just to ask questions and learn more. While he did provide me with some information he pushed that he can mentor me for 3 months for 5k. The mentor program is new for him and he has one other person that he is mentoring. He mentioned that he would just spend more time with me (once a week) answer questions, show deals (he is also a Realtor) and more just hands on as opposed to just reading literature. What are your thoughts on paying for a mentor.

Joe Villeneuve · Answer

You get what you pay for, but you should also pay for what you get.I give info away all the time...and a lot of it. I also have an established pay program. You will find those that will criticize those of us that ask for money for our services, using all kinds of reasons, including my favorite..."they did what they did without one, so why should anyone else have to pay?".OK, first, There are so many problems with this statement, too many to go through all of them. I will hit the most ridiculously obvious first...and they stated it themselves. Let me address this with a summary statement: "You know only what you know based on what you are exposed to, listen to, and see. Everything else, is yet to be learned". Although what the owner of the statement above may have learned a lot on their own, think of what they didn't learn.Also, why would most of us accept paying 100's of thousands of dollars for a college education, never go into the field that degree is based on, and think nothing of it. Then, balk at paying much less to go into a career involving between 100's and millions of decisions, all financial, and question getting that knowledge from those that are actually successful doing it?My biggest "disappointment" is when new REI ask (and expect) free mentorship with the caveat they "will bring something to the table in exchange/barter". Although they really believe this is an even trade, I question what a new REI has to bring to the table of value...and this isn't meant as a criticism...just a point of fact.There is a reason why there are so many that are not successful in this career (and others as well). I always use this story to explain:There was a seminar with 100 attendees that when leaving, were surveyed at the exit. There was only one question asked: "Will you be signing up for this seminar?". of the 100 attendees, the first 99 answered the same "no", but with variations:1 - "I tried it, and it didn't work"2 - "My brother (sister, in-law, friend, etc..." tried it and it didn't work.3 - " I didn't get it"4 - and, my favorite...."Everyone knows,...etc...". I'm here to tell you that whoever this "everyone" person is, should not be trusted. They are the most often quoted expert in every field, however they are probably the least knowledgeable in every field they are referred to as the expert. The last person came out, asked the same question, and replied, "YES. I already did and made a lot of money. I came back to learn more. I signed up again".Now, your choice is this:1 - Follow the majority2 - Follow the successful...even if it's only 1 person.Maybe this is why so few are successful. They would rather be part of the majority, than be right.Edison said, "he only needed to find one way that worked". The other ways that didn't were not failures...just ways not to do it, which is just as important.

Joe Villeneuve · Answer

Very good question...kind of REI version of the "chicken and the egg".I seem to be a magnet for this. These are the people that are also hard to gauge as far as their actual desire since they have no track record of anything REI related to relate to.What I usually do is assume they are the person with the most desire I have ever met (up to that point), and in discussion with them, I try to direct that conversation in a way to measure this. If I feel they are truly full of desire, and not something else, I go through a number of scenarios (based on what they are capable of at that point) on how to improve their financial starting point. There's no obligation to do anything with me moving forward. I just want them to not be stopped by their current financial situation.

Mark Holencik · Answer

Personal experience is the longest and hardest way to do anything. I have more then enough personal experience. LOLStart with being in group mentoring senerio. This can be live seminars, boxed seminars, podcasts[plenty on Biggerpockets], reading books...Once you do these things you will know what you need from personal, one on one mentor. My first choice would not be personal mentorship. It will be an expensive way to learn the basics. Once you got the basics down. Use a mentor for the fast track.

Henri Meli · Answer

@Lorina Marshall This question has been debated here a lot. There are valid reasons for both sides of the argument, however in the end, the decision remains by you and only you. People are different. They are at different points in their lives, have different goals with different time frames to achieve these goals. Some process information faster and better than others, some need a "kick in the behind" to work, some have access to endless resources, while other don't even have the basic funds/time constraints to get started...But before you make up your mind, there are some questions that you need to ask yourselves and answer them all honestly. Do you currently have a career? Are you planning to make this a part time/full time career? Are you looking to replace your current income with this or just supplement your current income. What time frame are you looking to achieve it and what are you willing to sacrifice to reach that goal? Do these goals match with your family goals? ... If you are planning to make this a "side hustle", where you can make a few bucks here and there from time to time, it is different than if you are planning to fully replace your income within 5 years (more or less) and make it a full time career that you use to feed your family ...For a lot of mentors, it is more than just about making money from their students, it is also about their reputation. They are offering a service and the quality of service can be traced back to their students. They want students who are committed and are willing to go the extra mile to get goals accomplished. Don't just look at the financial side of things, try to take plenty of other criteria into consideration before you decide if/when/how you want to jump into it. Once you have answers to some of these questions, then the decision to use/pay for a mentor will be easily answered and the type of knowledge you really need from them will also come out of this. Good Luck !!!

Joe Villeneuve · Answer

Ask them to describe their program, what's different from the rest, specific examples of what they teach, specific examples of what they do (if they don't do what they teach, they aren't going to help you).Find out the timelines to their program. Some Example Questions: How long can you ask questions? Does "face time" cost extra, and how much? Are the training sessions timed, can you redo training topics without paying extra? What are you actually paying for? Can you get your sessions recorded for later review? What "materials" come with the program (i.e. forms, software, etc...)?

Lorina M. · Answer

All, this is all great and I’m taking it all in. Yes, I currently have a full time career that I’m looking to replace with passive income over the next five years. I’m in a different position than most as I do have some access to funds either through my own, equity and family. I have the desire but I lack the know how. I’m reading forums on BP, listening to podcasts to get my jump start. I enjoy and learn from these post and I thank you all for you time.

Jay Hinrichs · Answer

depends on what your trying to do.and where your at financially and time available.the folks that fall for the you too can retire even though you have no money and real estate can be done with others money.. while true.. rarely true for a beginner even one who graduated the class.. you simply lack real time experience.To me those that get the most out of mentoring have the ability to transact with their own funds and credit.. @Joe Villeneuve Joe what do you think on the person with NO money No experience and just desire. ??

Lorina M. · Answer

This is a great starting point, thank you.

James Wise · Answer

There is a ton of information out there that is free. You just need to go out & look for it. This site, google it's all out there. So for that reason I typically do not see the need to pay for a mentor. However if that isn't gonna cut it for you & you want someone to take time out of their day and go over it with you one on one you should absolutely pay them for their time & knowledge. Expecting them to do that for you without pay would of course be nonsensical.

Lorina M. · Answer

Joe, thanks for your input. It’s very much appreciated. I understand that time is money. Since I’m new to this, what are the questions that I should be asking to make sure the mentor is a great fit for me and my goals. How would one know that this particular mentor is the one I should go with.