$20-50k for a mentor?

[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?

[Varinder Singh]

@Brandi Graham take that money and start looking for a deal. Once you think you found that deal, watch some YouTube video on how to analyze those kind of deals. Ask more questions here and complete that deal. You will learn more by doing this than giving a mentor this big chunk of money.

[John Macharia]

@Michele Williams whats a fair price to pay to a mentor?

[Brandi Graham]

@Dell J. We are looking to start with a small duplex, house hack and leverage the BRRRR strategy

[Tony Kim]

Originally posted by @Jeremiah Mon:

Originally posted by @Mike Bolen:

I'm a contrarian I would say absolutely. But keep your eye open and talk to people about their experience with the coach you are looking to hire. I have multiple coaches currently, I have spent over $300,000 in coaching over the past 10 years. I find people who tell you not to hire coaches usually are new or do very little business.  

Think about it this way. You want a coach who is a subject matter expert and one of the best in their field. Do you think Gary Vee, Ed Mylett, Tony Robbins...etc. are going to allow you to follow them around for a day and ask them 100's of questions and answer your emails?

You are the sum of your network. Anyone on here telling you the knowledge is free and don't spend the money on coaching is broke. Information is what you know. People are who you CAN call, anytime, that's your network. 

Here's an interview I did with one of my coaches on his podcast about a $250,000 wholesale assignment. https://tinyurl.com/y5bhzoka we talk about the coaching process and why it's so valuable. 

I am speaking with authority on this as I have spent the money on coaching and the deal above was not even close to my largest deal in the prior 12 months. If you want next level results you have to hire professionals and tap into their network. 

Amen! Totally agree.

If you want to do small stuff, flip houses, buy a 3 unit BRRRR, sure you can learn it easy from a couple books and with some friendly advisors.

However, if you’re planning to syndicate a 100unit apartment complex, and you’re new, and you don’t have a mentor.. good luck trying to find investors or have anyone take you seriously. 

If you do decide to get a mentor, think about how you’re going to benefit the most from them. 

- If you’re completely brand new and you’re asking the most basic questions, guess what.. you will irritate your mentor and you’ll be wasting your time when you could be learning all those basic things from a book!

- What I’m saying is get yourself ready to be mentored. Read a couple how-to syndication books from Joe Fairless, Dave Lindahl, etc.,  and underwrite 20-100 practice deals. When you do get a mentor and you already have learned all the basics, you will get the most value for your TIME. 

- if you want to learn to syndicate and be an active investor, you’ll soon find out how difficult it is to get started. There are SO many small and important details. 

- Lastly, as the quoted post above, “your networth is your network”. Having a mentor will give you access you access to his network which will propell you tremendously.

P.S. Pro tip, you can passively invest into a syndication, and have the sponsor mentor you at the same time. Of course- would need to meet the goals of both parties. 

Invest and learn at the same time!

Good luck!

I see, so if someone has completed an expensive mentoring program, they'll be equipped to sponsor a syndicated purchase of a large apartment complex? God bless those investors who put that kind of faith in a person with zero track record and most likely has less real estate investing experience than them.

[Jeremiah Mon]

@Tony Kim

What typically happens is you can leverage your mentor/coach and their network to conduct business.

You have the opportunity to be a part of the business and usually the mentor is heavily involved in the acquisition and management of the asset. 

If the mentor/coach doesn’t provide a service like that, then perhaps get a mentor that does.

[Jay Hinrichs]

Originally posted by @Joel Fine:

Here is what I would suggest.

I would first max out on the free education you can get on Bigger Pockets: Webinars, blog posts, and podcasts. Then go for the "nearly free": books in the BP library, maybe a pro membership so you can dig through the webinar archives and get unlimited use of the calculators.

At the same time, find a few meetups in your area. Attending those will advance your education AND help you develop a network. You'll meet people who are ahead of you in this journey (often just barely ahead) and learn first hand what has worked and not worked for them.

Next I would get on Zillow, learn how to run searches and find properties that might be good investments. Learn to analyze them using the BP calculators. Get feedback on your analyses from your network, and from the BP community, so you get really good at it.

After that, you can decide if you need a paid mentor, and what you would want out of that relationship.

Joel I think one thing that's is missed in these education selling business and those that consider them you have 2 distinct potential buyers of these courses.

1.  those with no experience knowledge and NO CAPITAL other than credit cards.

2. those with no experience knowledge and they HAVE CAPITAL  and ability to get credit.

So when we see these programs advertised Everyone of them has the buzz words I mean we see it on BP.

1. Financial Freedom

2. Passive income

3. Retire at 21

Etc etc.

So with someone who has a very good paying day job and some capital and credit and can stroke a check for the class  this can be a good thing I have met many in that bucket.

However this is were BP comes in.. BP has many that are starting their journey they dream of these fabulous things real estate done right can provide.. However they lack knowledge and CAPACITY  IE bruised to terrible credit.. Income not sufficient to really qualify for much and no cash.

This is where the wholesale gurus really hammer and we see that all the time.. And the flip guru's same thing.. you can flip with none of your own money just spend 50k and let us train you.

It can happen but its rare..  What ever happened to working your way up ?

[Tim Emery]

@Brandi Graham Great question. I have a program that teaches people the basics of Real Estate Investing in Denver, CO. The key to my mentor program or any mentor you find, is they should be local. LOCAL mentors are the ones that can watch your back. 
I wouldn't be able to give you any advice because I don't know you're market. In this business all local knowledge is the best. The people you are looking at don't have any idea what your market is like. 

Have you found a REIA (Real Estate Investors Association)? Look at the Events page here or meetup. Find the people doing work in the area.

The big sales pitches are good information for you and you can learn a lot. I know a lot of successful people who have done it including my partner. 

Feel free to give me a call. I won't sell you but happy to give advice. 

Tim

[Cody Ruff]

@Brandi Graham I would start with going to local real estate investing groups which are free. You can meet great people there that might turn into a mentor and you also you can get a lot of free information on your local market, good deals in your area, and what seasoned investors do through out the deal process.

[Loren Clive]

NO!!

[John Fortes]

I know everyone has provided you valuable feedback but there is a few things I would like to point out. Do your research on anyone you are giving your money too. Know who they are and what they are about.

Second, go in with the understanding that the mentor is not going to hold you accountable. Some mentors will some won't. The idea is to reach out and talk things through, pick there brains, referrals and anything to help scale you but your drive has to be there. Don't burn thousands if the work you are putting in isn't generating anything because you aren't taking action. Now if you are do-er and your business will benefit from what a mentor than it might be a good move. 

All in all, know who it is that you are giving your money to and what they are providing. 

[Alex Gurvitz]

Hi Brandi,

You can obtain plenty of viable information on YouTube, and save that money for your downpayment. Moreover, a lot of these mentors are just are just impostors. So you have to be careful...

[Thomas Dougherty]

@Brandi Graham A month in a half is not a long time. From my perspective, you just started studying the business. At the very beginning, you may find everything appealing and motivating, but it will be better to wait and see whether it worths the value. Mentor is a way for you to learn, but there are also other ways. You can take time to try and see.

[Account Closed]

@Brandi Graham what exactly are you trying to learn/accomplish?

[Kadeem Wells]

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?

Hey, Brandi what aspect of real estate are you studying. I can give you some advice and pointers for free. Save your money!!!

[Roi Ford]

@Brandi Graham I must say I concur with Jake over at Stuch Capital.  To add to his statement; in this age of information, you can learn almost everything you need to learn without ever paying for a mentor.  I suggest you check out a couple of books I've read.  1. "The Flipping Blue Print"  by Luke Weber.  It provides some very helpful, and useful information for individuals like yourself.  2. The Book on Investing in Real Estate with No and Low Money Down by Brandon Turner of Bigger Pockets.  It also provides some very useful real world information which can be added to your knowledge base.  

I'm not against mentors, but...  

You can also reach out to the crowd here on Bigger Pockets, listen to free podcasts, and one of my favorites; pick the brains of several hard money lenders.  These guys see a lot of deals, and are a complete wealth of knowledge and information.  Real Estate Investing is not rocket science as many of the so called guru's would make it seem.  It really all boils down to your specific business model, and the numbers.  Number, numbers, numbers.  Some would argue about the market, location, etc and while that is true, I promise you, you can make money in ANY market, IF you know what your doing.  

You can also DM if you ever want to chat.

[Lisa Phillips]

I just want to offer an alternative viewpoint as someone who has mentored and coached hundreds of first time investors succesfully. Also, that people who advocate that all you need to read is a 1000+ articles on BP just dont get it. 

1.) There isnt necessarily anything inherently wrong with a 20k-40k price tag....IF you are a first timer and have a lot of capital in the bank (a whale, so to speak. 200k- 1 million). What I think is unethical is that they dont vet or ask - they just want you to buy regardless if it's good for you.  If you only have 20k, they shouldnt be asking you for your last dollars. ANd, if they were more open an honest that they were targeting whales, it would be easier all around. But they dont, and they will take your money and you'll never be able to get them on the phone.

2.) People advising you to spend years studying is a bit crazy as there are faster more efficient ways to get this to work. Find the niche you want, and then find and research and training on it. If you find a book you like and want, follow up with their resources. We are all different, but a lot of money and big mistakes can happen going about it alone.  What all these people are against investing in training or coaching aren't being mindful of is this - Just because THEY were comfortable taking a leap financially and hoping for the best, that is NOT the norm for other people. Some people have a low tolerance for risk for GREAT reason - they dont have the resources to just bounce back. It may have taken them years to save up 20k. They didnt have generational wealth, money, or friends - they dont have that financial cushion, so its absolutely crazy when people advise them to do it alone - then they look up 10 years later havent moved because that's not best for everyone.  They dont have the time for trial and error because they have life and dont want to spend it on trial and error, just wins. And that's okay. There shouldnt be any judgement around it.

3.) There are training that is for $199 for a year (mr landlord has that), $37 a month, $500 a month - with varying levels fo direct 1-1 training. I offer 1-1 training myself and group coaching - it just depends on how much people have to invest and how much support they feel they need. Unless you have a LOT of money in the game, and really deep pockets and resources (wealthy relatives), you can find detailed and more tailored support for 25% of that 20k price tag. If you do have bigger pockets, go for it. 

4.) Investing is individual. A website blog posts can only go so far, so can free articles. What people dont understand that it is overwhelming to be told to read 1000+ articles and start there. That's not a "start." that's oversaturation with people who may or may  not be clear about their background, who they are targeting, and who their advice is for. i.e. I help mostly black professionals invest in lower income and working class communities. Its not all who i help (my groups are diverse), but that's who and what all of my conversations and teachings revolve around.

Personally, I've helped hundreds of people. Every day I have the same conversation that people thinking they need 50-100k to invest. We have succcessfully proven you can start with 10k-15k, even if you are investing out of state. I am SO happy they didnt just follow any random advice and preserved their capital, and are building a legacy. THEY are glad they held off as well, because they much prefer a lower cost entry. The whole sub30k had entire blog posts about it when I advocated it (look at earlier articles around 2013), but look at us now. We are killing it in this arena. 

BUT, regardless if you like my stuff or someone thing else for mentorship - start small - blogs are free, and books are under $12. If you like them at that point, you can get a $97 training. if they are STILL giving you great advice, go for a more upgraded and personalized experience. You generally don't have to jump straight to 20k for coaching. By starting small, you are all in by the time they introduce that higher priced object and you already know at that point if they worth it. 

Myths to be debunked - 1.) No, it doesnt have to be local. I just helped a maryland investor and a new yorker invest out of state, and it took less than a 10 week program. Will be doing a podcast with them soon, so you will hear their stories. If you want verification, you can join our sub30k mastermind group on facebook and ask there  about investing out of state, working with a coach, etc(my profile has the info, now over 7000+ investors focused just on this niche). 2.) You can get everything for free! ---yeah, no. That's not true in any niche.  They are KILLING it in there, left and right. People go from thinking of investing, to knowing they can invest, to actually investing within a couple of months. **Im not telling you to sign up, just wanted to show you that a lot of advice on here is just wrong and if you want proof where to find it.  My niche is for people comfortable in buying low, and purchasing in lower income minority neighborhoods - NOT FOR EVERYONE**

[Lisa Phillips]

@Brandi Graham also, the Live Richer Academy has amazing experts for real estate investing, as well as the Jay Morrison Academy - all extremely low cost, specific and niche information. Just want to throw that out there - sometimes too much free knowledge can be as paralyzing as too little. 

[Adriana Diaz]

@Brandi Graham

You don’t need to pay a dime to be mentor. My fiancé and I learned the business by buying our first income property in DFW and we used audio books by Rich Dad Poor Dad by Robert Kiyosaki, audio from David Greene Long Distance investment. They all taught us investment. Currently I am mentoring my mother in-law and guiding her through her Income property purchase in Burleson snd DFW. You can do it too! This community its amazing! I learned a lot. I do our property management from California and I network to find people to do maintenance needed it. You can fo it!! I wouldn’t pay to be mentor. Be humble and ask all these great ppl in BP.. they mentor me and all I said thank you very much!! They’re amazing!!

[James Murphey]

I feel like that is the reason we are here so we do not have to pay that amount of money.  Josh Dorkin created Bigger Pockets for that reason.   I would try to use all of the information on this site first.  Does the mentor have market specific information? The mistakes made with that money would be a valuable learning information.  Let us know what you decide.  Hope this helps.  

[Josue Vargas]

I would skip it.  Put it in this perspective, would you pay someone to be with you at a reasonable price of $50/hour, 8 hours/day, 5 days a week, for 6 months?  I would not do it.  

You can become very familiar for way less cost.  It really depends on your enthusiasm, time, networking ability, luck, etc., and most importantly, go and get the first deal! 

With your 50K you could easily can wait and learn on your won, meet people in the way, and do a deal or two.  

Good luck. 

[Mark Sewell]

I used to live/work in Russia.  Spent almost 11 years there, doing various stuff in different parts of the finance world.

There was an old joke about how when foreign investors/businesspeople came to Moscow, this one longtime established American businessman in Moscow would agree to consult with them.  They would pay him $100,000 or whatever the number was, and he would explain the inner workings of doing business in Russia successfully.

So the clients pays, he cashes the check, sits down with them at a table in his office, and gives them the golden nugget.  He says this -- ' OK  now my driver here, Boris, is going to take you to Sheremetyevo.  Get a plane ticket home, and let this be the last $100k you ever lose in Russia. You will be way ahead of everybody else that tries to invest here .'

Humorous, but it in one respect I see the correlation with the guru circuit, selling dreams.

You pay somebody $20K-30K for this course, where you are going to learn this really in-depth earth-shaking super insightful stuff, something that is really going to give you an edge... and you get this:  "guys, you need to go out there and work really, really hard.  And 99% of you are going to fail anyway.  So good luck."

Then you have a big group photo and they pack up and leave for the next town.

6 months later, you realize you could have had a six-pack of good microbrews and taken it all in on YouTube... had you only known what to look for.

[Chris Harper]

@Brandi Graham might be better off using that money to market for deals. Go to some local REIA meetings. You will meet some seasoned people there and learn a lot.

[Aaron Moayed]

@Caleb Heimsoth

Time value money. That would be a dumb move on your part 😂

[Luke Hadden]

@Brandi Graham

I’m new here as well. As you can see from the many responses, many people are willing to give great advice free of charge.

I’ve gained knowledge from BP, podcasts, and reaching out to the RE community.

Should close on my first deal next week.

The best learning I’ve gained is by buying and taking action. Learning along the way!

Good luck!

[Mitchell Jaworski]

I second much of what everyone else said here.  Me personally, I'd use that 20K as a downpayment on a property instead.  Getting education is good, but I believe in a price limit on that.  I actually have mentored people for 1/100th of that cost.  As the saying goes "experience is the best teacher."  Need to be out there doing deals.