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Updated over 5 years ago, 07/10/2019

User Stats

37
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36
Votes
Brandi Graham
  • Specialist
  • Dallas/Ft Worth TX
36
Votes |
37
Posts

$20-50k for a mentor?

Brandi Graham
  • Specialist
  • Dallas/Ft Worth TX
Posted

My brother and and have been studying the business for a month in a half. We are currently attending a 3 day training with great content!!! They are soliciting their others services which consist of a personal mentor with phone number, email and access to their time for a price of $20-50k. Can anyone share thoughts or concerns?

User Stats

863
Posts
554
Votes
Jake S.
  • Rental Property Investor
  • Minnesota
554
Votes |
863
Posts
Jake S.
  • Rental Property Investor
  • Minnesota
Replied

Hey @Brandi Graham! If you are literally just starting out, I would avoid something that costly for now. There are much better alternatives and likely better mentors out there who won't make you have to remortgage your home just to afford them (sarcasm).

User Stats

7,695
Posts
7,856
Votes
Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
7,856
Votes |
7,695
Posts
Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
Replied

@Brandi Graham sure pay me 10k, and I’ll mentor you. What a steal!!!

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User Stats

37
Posts
36
Votes
Brandi Graham
  • Specialist
  • Dallas/Ft Worth TX
36
Votes |
37
Posts
Brandi Graham
  • Specialist
  • Dallas/Ft Worth TX
Replied

@Jake Stuttgen thank you for your input! This community has already been so supportive!

User Stats

863
Posts
554
Votes
Jake S.
  • Rental Property Investor
  • Minnesota
554
Votes |
863
Posts
Jake S.
  • Rental Property Investor
  • Minnesota
Replied

@Brandi Graham No problem, but I also wanted to say that this doesn't make paid for mentorship a bad idea, I just think you'd benefit just from networking and learning a bit more on your own.

I personally have a paid for mentor, but it took me a couple of years of learning/networking to find the right one for me.

User Stats

4,873
Posts
12,913
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Mike Dymski
Pro Member
#5 Investor Mindset Contributor
  • Investor
  • Greenville, SC
12,913
Votes |
4,873
Posts
Mike Dymski
Pro Member
#5 Investor Mindset Contributor
  • Investor
  • Greenville, SC
Replied

Most people don't follow through on expensive mentorship programs and would be better off putting $20k down on red or black on the roulette wheel.  Some do follow through though and start real estate careers.  We can't assess that from an internet post.  It's less about the program and more about the person.

User Stats

1,132
Posts
1,190
Votes
CJ M.
  • Rental Property Investor
  • Canton, OH
1,190
Votes |
1,132
Posts
CJ M.
  • Rental Property Investor
  • Canton, OH
Replied

@Brandi Graham

You can BRRRR a property for that price!

User Stats

1,132
Posts
1,190
Votes
CJ M.
  • Rental Property Investor
  • Canton, OH
1,190
Votes |
1,132
Posts
CJ M.
  • Rental Property Investor
  • Canton, OH
Replied

@Caleb Heimsoth

I'll do $9,999.00 :)

User Stats

7,695
Posts
7,856
Votes
Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
7,856
Votes |
7,695
Posts
Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
Replied
Originally posted by @CJ M.:

@Caleb Heimsoth

I'll do $9,999.00 :)

 Deal but I only accept payments in 1 dollar increments.  So please send me 1 dollar a day for the next 9990 days. 

User Stats

1,132
Posts
1,190
Votes
CJ M.
  • Rental Property Investor
  • Canton, OH
1,190
Votes |
1,132
Posts
CJ M.
  • Rental Property Investor
  • Canton, OH
Replied

@Caleb Heimsoth

No, lol, I don't need your services. To the OP, I was offerring that fee

User Stats

812
Posts
785
Votes
Joe Funari
Agent
  • Real Estate Agent
  • Keller, TX
785
Votes |
812
Posts
Joe Funari
Agent
  • Real Estate Agent
  • Keller, TX
Replied

@Brandi Graham when I first started in REI it was tempting to take those classes as well. Until I met a couple at one of the "intro free" classes where they put a hard sell on you to convince you to pay all that money for an REI education. I had asked this couple if they enjoyed the classes? They said very much so. I asked how much have you spent on classes? They said $75K. I said wow you must have many rentals by now? Their reply, not yet. I was beside myself. Long story short, don't over analyze or spend too much on REI education. Join a local REI club. Network there with fellow investors. Also work with a Realtor that is a fellow investor who can help recommend those professionals to add to your team. You time, and money is better spent on closing deals ASAP.

  • Joe Funari

User Stats

37
Posts
36
Votes
Brandi Graham
  • Specialist
  • Dallas/Ft Worth TX
36
Votes |
37
Posts
Brandi Graham
  • Specialist
  • Dallas/Ft Worth TX
Replied

@Joe Funari thank you for sharing your experience! This is really conformation of my gut instinct. Can you suggest a good one in the DFW area?

User Stats

703
Posts
538
Votes
Anthony Rosa
  • Rental Property Investor
  • New York City
538
Votes |
703
Posts
Anthony Rosa
  • Rental Property Investor
  • New York City
Replied

After you spend $50K they will tell you that "You should really sign up for part 2 because part one is only the introduction and to succeed you need part 2. We have a promotion that ends today for only 35K and comes with a lollipop". 

Go to local RE meetups where like-minded people give opinions, advice and discus mistakes they made and how to avoid them. Make contacts with experienced investors, pay attention and learn.  

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User Stats

15,158
Posts
11,235
Votes
Joel Owens
Agent
Pro Member
  • Real Estate Broker
  • Canton, GA
11,235
Votes |
15,158
Posts
Joel Owens
Agent
Pro Member
  • Real Estate Broker
  • Canton, GA
ModeratorReplied

Is the mentor doing deals or selling information?

If they are doing profitable deals they do not usually have much time to sell information. When deals get harder to find at the top of the cycle that is when you see these so called system sellers and trainers come out in droves. They try to make more money selling systems and information than doing deals.

They figure if you get 1,000 people to pay 1,000 then you have 1 million before expenses and taxes. You now have up to 1,000 people trained on how to look for the type of deals the mentor is interested in. They then use the trainees to do the heavy lifting to find the 1 in a 1,000 property that is a deal to buy and possibly partner with them on it or provide the funding on it with a loan. 

People that believe they will have a multi-millionaires undivided attention for paying 500 or even 1,000 for a program or so called mentoring can be clueless.

Think about it this way. If someone pays me 10,000 to learn commercial retail but wants 100 hours of my time that return is 100 bucks an hour.  For that same time if I average 2,000 dollars an hour for my time that is 200,000 return versus 10,000. Why on Earth would I want to do the 10,000? The only way that makes sense is if you have grunts sell your systems or achieve massive volume as a trainer with hundreds or more in the room etc.

Potential investors just need to be realistic on what they will be paying and what they will be getting. There is tons of info on this site you can search for yourself to learn and also cheap books to buy.  

Now I do see syndicators offering free or cheap workshops as they want to build their passive investor database to invest on their projects.

I do help my buyers understand the process when buying retail centers but I get paid a lot for it. Example they become my client and learn the process but I get 2.5 to 3% commission on a 4 million retail center for over 100k return on my time. 

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User Stats

23
Posts
15
Votes
Chuck Hupert
  • Flipper/Rehabber
  • New Smyrna Beach, FL
15
Votes |
23
Posts
Chuck Hupert
  • Flipper/Rehabber
  • New Smyrna Beach, FL
Replied

@Brandi Graham complete waste of money. They pray on your wants and charge you wayyy more than anyone has business charging to be a "mentor". You can learn everything they are going to teach you through BP, youtube, the community. And getting out there and networking.

Please dont spend that much money on that. It would be much better spent on marketing or skin in the game on a loan!

User Stats

5,439
Posts
13,733
Votes
Jim K.#3 Investor Mindset Contributor
  • Handyman
  • Pittsburgh, PA
13,733
Votes |
5,439
Posts
Jim K.#3 Investor Mindset Contributor
  • Handyman
  • Pittsburgh, PA
Replied

@Brandi Graham

You should really invest in @Caleb Heimsoth's program. I did it and went from living in a cardboard box and eating out of dumpsters all the way living in a McMansion and pounding down all the McRibs I ever wanted, even out of season.

User Stats

739
Posts
372
Votes
Chris Purcell
  • Investor
  • Philadelphia, PA
372
Votes |
739
Posts
Chris Purcell
  • Investor
  • Philadelphia, PA
Replied
Originally posted by @Brandi Graham:

My brother and and have been studying the business for a month in a half. We are currently attending a 3 day training with great content!!! They are soliciting their others services which consist of a personal mentor with phone number, email and access to their time for a price of $20-50k. Can anyone share thoughts or concerns?

A mentor would have saved me an absurd amount of money

Find somebody who you know are a referral of someone you know

So they’re not just in it for the money 

User Stats

3,789
Posts
4,454
Votes
Cody L.
  • Rental Property Investor
  • San Diego, Ca
4,454
Votes |
3,789
Posts
Cody L.
  • Rental Property Investor
  • San Diego, Ca
Replied
Originally posted by @Brandi Graham:

My brother and and have been studying the business for a month in a half. We are currently attending a 3 day training with great content!!! They are soliciting their others services which consist of a personal mentor with phone number, email and access to their time for a price of $20-50k. Can anyone share thoughts or concerns?

I always decline offers to mentor people for a fee but man, maybe I need to rethink that. 

User Stats

3,789
Posts
4,454
Votes
Cody L.
  • Rental Property Investor
  • San Diego, Ca
4,454
Votes |
3,789
Posts
Cody L.
  • Rental Property Investor
  • San Diego, Ca
Replied
Originally posted by @Anthony Rosa:

After you spend $50K they will tell you that "You should really sign up for part 2 because part one is only the introduction and to succeed you need part 2. We have a promotion that ends today for only 35K and comes with a lollipop". 

Go to local RE meetups where like-minded people give opinions, advice and discus mistakes they made and how to avoid them. Make contacts with experienced investors, pay attention and learn.  

The problem with most REI clubs, at least the few I went to when I was starting, is they're full of tire kickers. When I went I had done a few SFH flips. Owed 3-4 SFH rentals and an 8 unit I think. I went to find people to learn from and ended up I was the "main guy".

I really think the best luck I had is running into someone (who became a close friend) who did what I did in my submarket. Having someone to talk to and bounce ideas off was 100x better than any mentor IMO 

User Stats

3
Posts
5
Votes
Jason L Thomas
  • Rental Property Investor
  • Grand Prairie, TX
5
Votes |
3
Posts
Jason L Thomas
  • Rental Property Investor
  • Grand Prairie, TX
Replied

@Brandi Graham I think we attended the same seminar in Grapevine, TX. My guest and I walked out after the speaker failed to teach any real estate for 3 hours. We realized it was a build up for the big up-sale. Very disappointed, but learned a valuable lesson for $500.

User Stats

32
Posts
5
Votes
Hunter Adams
  • Rental Property Investor
  • Riverside, CA
5
Votes |
32
Posts
Hunter Adams
  • Rental Property Investor
  • Riverside, CA
Replied

@Joe Funari I was just thinking about this today. The Guru/Mentor industry seems to be based on the newbie enthusiasm phenomenon. Most people get really stoked in their first few months and this emotional energy is capitalized on by the gurus/mentors. I see it, I'm a newb. Any mentor that does a lot of business is well aware of this phenomenon and they know where the mentee is because they've been that person. I'm not saying all mentors who charge tens of thousands plus are bad people, but I do think a good mentor would vet out the newbs that just caught the bug to see if they are truly dedicated. Maybe in their mind $20k+ shows dedication. Figure out which strategy feels best for you, then find a mentor that specializes in that strategy. But I could be wrong, I'm just a newb.

User Stats

2,641
Posts
4,246
Votes
Shiloh Lundahl
Pro Member
  • Rental Property Investor
  • Gilbert, AZ
4,246
Votes |
2,641
Posts
Shiloh Lundahl
Pro Member
  • Rental Property Investor
  • Gilbert, AZ
Replied

 @Caleb Heimsoth tell me about your mentoring program. What is your experience and what strategies do you offer to teach?

  • Shiloh Lundahl
  • 480-206-1209
  • Podcast Guest on Show #287
  • User Stats

    252
    Posts
    138
    Votes
    James Canoy
    • Kingston, Ny
    138
    Votes |
    252
    Posts
    James Canoy
    • Kingston, Ny
    Replied

    @Brandi Graham yeah. Don’t do this. What area of real estate are you interested in? You probably simply aren’t at a stage yet to take advantage of the material. I wouldn’t have been and I was chomping at the bit for a mentor.

    Some of the best things to do first are to go to your local real estate investor meetings. Check meetup.com. Many many deals come straight from networking. It’s also a great place to find pre-vetted lawyers, contractors, agents, and investors to partner with.

    Check business networking meetups.

    Set up an account at your local credit union.

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    User Stats

    2,641
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    Shiloh Lundahl
    Pro Member
    • Rental Property Investor
    • Gilbert, AZ
    4,246
    Votes |
    2,641
    Posts
    Shiloh Lundahl
    Pro Member
    • Rental Property Investor
    • Gilbert, AZ
    Replied

    @Brandi Graham you don’t need to pay a mentor program to get one rental; or even a few rentals. However, if you are going to try to employ advanced real estate strategies or if you want to scale up to more than 20 or 30 units, I think finding a mentor is definitely worth it. I like what @Jake S. suggested to continue to learn more and more until you know what kind of mentor you want. I too did a paid guru education program which cost me tens of thousands of dollars, but I did it after I had been a landlord for 5 years and I had purchased a commercial property and I had flipped 3 houses and I was ready to learn more and go to the next level. I have now scaled to where I can go with the knowledge I have now and I will be looking to go to the investor summit at sea next June to network and move myself to the next level.

  • Shiloh Lundahl
  • 480-206-1209
  • Podcast Guest on Show #287
  • User Stats

    112
    Posts
    15
    Votes
    Replied

    @Brandi Graham well I am new to this but I have a mentor/ partner and didn’t pay a cent. If he’s a good person he won’t charge to mentor you I wouldn’t if I knew the business and I would want to mentor and help others without changing them of course.

    User Stats

    20
    Posts
    14
    Votes
    Daniel Blackford
    • Specialist
    • New Smyrna Beach, FL
    14
    Votes |
    20
    Posts
    Daniel Blackford
    • Specialist
    • New Smyrna Beach, FL
    Replied

    @Brandi Graham-run from it. At some

    point there may be a

    time but in my

    opinion you don't know what you don't know. there is tons of material out there. A GREAT first stop would be your local REIA. Real estate investors Association. lots

    of willing and free mentoring