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Updated over 5 years ago, 07/10/2019
$20-50k for a mentor?
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?
Sounds like the newest con to me, they probably will end up in jail for fraud soon, just my thoughts. Their are plenty of books, education courses and active investors in your area you could network with for free or low cost.
I’ve bought houses outright cash for that.. so it would be a no for me on spending anything on a mentor.
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Originally posted by @Dale Slater:
Sounds like the newest con to me, they probably will end up in jail for fraud soon, just my thoughts. Their are plenty of books, education courses and active investors in your area you could network with for free or low cost.
nothing new here.. started with Dave Del Dotto and Carlton sheets.. 40 years ago and here we are today. Del Dotto made a fortune and is now a renowned vintner in the Napa Valley.. I used to live right across the street from one of his wineries pretty interesting talking shop with him.. Smart dude.
- Jay Hinrichs
- Podcast Guest on Show #222
@Dale Slater I totally agree with you why pay someone right if he is a good Realestate investor/ mentor he will not charge anything . I wouldn’t and I am a newbie here . :)
@Brandi Graham DONT DO IT. I am literally just starting like you have have received so much valuable FREE information just from these forums. You are on the right path by signing up here and getting a pro account. Like so many have mentioned do the local real estate clubs, talk to people, and just dont be afraid to get out there. Use as many FREE sources to gain knowledge as you can. I literally learned most of what i know now from YouTube, these forums, and listening to audio books on line. I would live to link up with you and your bro tho and we can talk/learn together. My brother and I are thinking of doing the same thing.
Originally posted by @Michael C.:
@Brandi Graham
Take that money and start investing, buy a property, invest in marketing depends on goals and let experience be your mentor, heck I know if you have good leads coming in, most likely you will run into a mentor for free because you are providing value up front by finding the deal!
I wouldn’t pay for a mentor, just my 2 cents! Use BiggerPockets, books, and take action, you will do quite well! The blue print is out there available for free, ! It’s always good to have a mentor but again I wouldn’t pay for one! Provide value, network and you will find your mentor in no time!
Yes, use the money to start investing!
The only fee you need for a mentor is $390.00 and you will have access to hundreds! (If you don't catch my drift, that is a biggerpockets pro membership)
@Brandi Graham that is an egregious amount to pay someone for their “mentorship”. There is almost nothing they will tell you that you can’t learn here for free. Under no circumstances should you pay them that money.
@Brandi Graham unless you have a real need to burn through that 50k of cash. Find someone in your town that is already doing what you would like to be doing yourself and add value to them and in return maybe they will allow you to shadow them or what they are doing every once in a while. It takes some time to find someone like this but if you want it then you can make it happen. I’ve found that most local real estate meetup groups are more useless than helpful (personal opinion), so might not be the best place to find someone either.
- Twana Rasoul
Brandi,
My first mentor didn't ask for a fee until after she helped me close my first deal. Her mentor did the same for her. Walking through a deal with someone is a much better solution than a program - to get started (my opinion only. Others may vary.). Best of luck to you!
Invest that money. Mentors are all over in the industry, no need to pay that much for one. Find an investor to shadow. Good luck!!
Is it just me or are people clueless about time and money?
Example if a mentor takes on someone and doesn't charge anything it COSTS the mentor money. If they make 2,000 per hour and spend 10 hours per month with someone that is 20k a month or 240k a year of lost income with time.
Now are there people I ask the occasional question to that I highly respect? Absolutely but I do not do it often maybe once a month in an e-mail or twice max. If I wanted to trail them all the time and bombard them with questions that is not realistic. There are occasionally some RETIRED investors who if they see something special in someone will put in the time because they believe in them. You can't be just the next newbie investor wanting to be mentored. You have to be something truly extraordinary to catch their eye and have a fire and passion that has an unwavering desire to succeed.
I have met people over the years and you hear all the excuses. I have a family. I have a part-time job. Blah,blah,blah. You do not hear how can they do it instead of what they think is keeping them from doing it. When you hear the excuses you know they are get rich quick, the victim, life is too hard, give me success easy type person.
- Joel Owens
- Podcast Guest on Show #47
@Brandi Graham
Hell no. Go get a masters degree or mba for that price.
- Chris Seveney
@Brandi Graham I think that’s absolutely insane to charge that much. You’re better off learning more on BP and using that money to invest in a deal. The BP community is extremely supportive and you’ll get a lot of free advice on here. Even meeting some people in person that you hit it off with will go a long ways. But please don’t pay them that much for mentorship!!
@Brandi Graham
In my opinion you’ll receive better mentor ship in time by joining and consistently attending a real estate investment group; Like FFREIA for example.
I also think that you don’t know who’s on the other end of that phone. Do they know your market? Have they ever flipped a home? How do you know that they aren’t just reading off of a script?
I would be cautious about spending $20k+ on a program that’s centered around you taking action, just take the action and jump in.
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.
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.
@Brandi Graham I would not do it. Build your network of people you need to do business with. Your in the right place for here sure.
Don
@Michele Williams thank you so much!
@Jacquey Bradford it wasn’t
@Mike Lowry thank u
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@Brandi Graham Hell no. For that kind of money you can buy a house are really learn something
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!
@John H. Hill Jr. mush appreciated!!
@Tim Harwick great question!! It feels like there is value to it but timing, skill set, and goals all seem to be an important factor on this form of investment.