$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?

[Spencer Hilligoss]

@Brandi Graham - Forbes recently publishes an article I wrote on this topic. Might be helpful if your process:

Trust Your Guru: Three Ways To Vet Real Estate Investing Coaches

https://www.forbes.com/sites/forbesrealestatecouncil/2019/05/20/trust-your-guru-three-ways-to-vet-real-estate-investing-coaches/

Good luck in your search!

[Stephen Beaubrun]

@CJ M.😂😂😂

[Chuck Bigham]

What you really are looking for is a mentor who will tell you everything will work out on your first deal. Yes, experience helps. Just as well, you have no perspective if you're getting good advice or poor. I suggest you read, thoroughly,  and understand the math of "Real estate investments and how to make them " by Milt Tanzner. When you have looked at several deals, listings for suitability,  maybe have a real estate person proofread your numbers or a local club contact, you will be in a better place.

[Alejandro Tirso]

@Brandi Graham I started in this in November and have learned tremendous amounts thru BP. Listen to all podcasts and read all books before paying that much money for a mentor.

You could be you first house with that as a down payment. Never learn more than through your own mistakes. You’ll likely make some $$ off it too even if you make a mistake.

[Larry Turowski]

I've mostly read, partly skimmed this whole thread.  Here are the take-aways.

• Education is important.
• There is a lot of education you can get for free.
• It is worth investing at least SOME money into your education: books, cheaper courses (in the hundreds of dollars).
• Just doing it can provide a lot of education.
• Mentoring is very helpful.
• Most people are against high price-tag mentoring.
• Some people think it is worth it either under the right conditions are a different price.
• High priced mentoring is generally not a good fit for a newbie.
• High flyers (already wealthy and successful) can benefit from high price-tag mentoring.  Newbies and average people not so much.

And here are my two cents:

• This is a marketed-for revenue stream by these mentors.  This is different than you hunting some successful person down and asking them to mentor you and them agreeing if you pay $50K.  The latter is doing it because you sought them out.  The former because they sought the revenue.
• As others have said, these mentors who seek it out as a revenue stream do not generally vet their clients--capacity (ability to afford and still succeed) or capability (previous evidence of being able to succeed and monetize the education).
• Mentors can generally only train you in what they are experts in.  In investing we may have many mentors--one for wholesaling, one for BRRRRs, one for flips, one for syndications, etc.   And we can often get a lot out of just inviting a local investor out for coffee or a meal and asking them what they do.  If it lines up with what you want to do, maybe you could offer to compensate them for training.  

[Nicholas K.]

@Brandi Graham

I bet you could learn more by using that money for a rental property.

[Nick Ferrari]

Rip off.

[Lisa Phillips]

And, last piece - STOP THE SHAMING!!
I speak to people everyday (SOME of whom i end up coaching) through BP. They were ALL TOLD not to get a mentor. But guess what the reality was?

1 - go to a local reia. Interested investing in lower priced neighborhoods they could afford

2 - none of the investors form a link with them, or bond, OR they are not interested in helping

3 - person is stuck

4 - then they call me.

The read a 1000 article method and 500 books isnt reality - so stop giving that advice. 1000 article with 1000 pieces of advice is not helpful. Finding someone at the local reia depends on A.) can you make that connection (many people can NOT) and B.) Are they even doing what you're interested in? (Sometimes they are not - ).  People know BP is heavily against paying for mentoring, training, or coaching outside of whats sold on this site- but the fact that people STILL contact me to help them through my programs  FIND ME ON THIS SITE BECAUSE THEY WANT HELP AND ARENT GETTING IT.  That should at least tell you - its not enough for some, and it's overwhelming for OTHERS **Emphasis on SOME - everyone is not the same, so the advice in here needs to acknowledge that some people DO need assistance to feel comfortable investing their hard earned money, and others dont.

Thats my experience working with normal, regular people who have anywhere from 10k to invest to 100k to invest - it's good, but its not enough for everyone. And they shouldnt be shamed or told if they do seek to pay for help its a "rip off" or a scam.  FYI  - i actually have a video up on scam training on youtube - some definitely are, doesnt mean everyone is. 

[Lamont Marable]

That sounds like a deal!!  I mean a steal out of your pockets!!  DON'T DO IT!!  I'll mentor you for $19.95 plus shipping and handling.

[Kim Tucker]

Newbie investors should not hire a mentor, especially one that wanst an arm and a leg to buy their all inclusive program that will then nickell and dime you to death buying all the services they say you need to be successful - aka FB.

Instead, read some free stuff, listen to webinars and get an IDEA of what it is you want to do in real estate.

Then spend some money on basic how to training, not a mentor but a training course or book that will help you figure out the basics.  Spend some money and join a local group and connect with folks doing what it is you want to do.  Often while they will not be your mentor, they will be more than happy to answer your questions in forums or at meetings.

Then when you have the basics, do some research and either find a local mentor willing or hire a well researched national mentor who can help you on EXACTLY what it is you want to do.  Quite often will cost you way less than the traveling TV Guru Mentors who for the most part has paid someone to create their programs, paid someone to sell them to you and paid someone else to teach you - most of which don't actually do any investing.

[Jay Hinrichs]

Originally posted by @Lisa Phillips:

And, last piece - STOP THE SHAMING!!
I speak to people everyday (SOME of whom i end up coaching) through BP. They were ALL TOLD not to get a mentor. But guess what the reality was?

1 - go to a local reia. Interested investing in lower priced neighborhoods they could afford

2 - none of the investors form a link with them, or bond, OR they are not interested in helping

3 - person is stuck

4 - then they call me.

The read a 1000 article method and 500 books isnt reality - so stop giving that advice. 1000 article with 1000 pieces of advice is not helpful. Finding someone at the local reia depends on A.) can you make that connection (many people can NOT) and B.) Are they even doing what you're interested in? (Sometimes they are not - ).  People know BP is heavily against paying for mentoring, training, or coaching outside of whats sold on this site- but the fact that people STILL contact me to help them through my programs  FIND ME ON THIS SITE BECAUSE THEY WANT HELP AND ARENT GETTING IT.  That should at least tell you - its not enough for some, and it's overwhelming for OTHERS **Emphasis on SOME - everyone is not the same, so the advice in here needs to acknowledge that some people DO need assistance to feel comfortable investing their hard earned money, and others dont.

Thats my experience working with normal, regular people who have anywhere from 10k to invest to 100k to invest - it's good, but its not enough for everyone. And they shouldnt be shamed or told if they do seek to pay for help its a "rip off" or a scam.  FYI  - i actually have a video up on scam training on youtube - some definitely are, doesnt mean everyone is. 

the reality is if you need to be trained to buy a rental house  I think you have some bigger issues... if you need to be trained how to work in a certain area that can be different as cultures do change through out the US.. 

[Lisa Phillips]

@Jay Hinrichs actually, a LOT of people waste a LOT of money on CRAPPY rental properties every single day, so I am not sure what you mean. Which just shames people who have made mistakes in rental properties which isnt helpful. The reason BP exists is because a LOT of mistakes are made in investing.

[Jay Hinrichs]

Originally posted by @Lisa Phillips:

@Jay Hinrichs actually, a LOT of people waste a LOT of money on CRAPPY rental properties every single day, so I am not sure what you mean. Which just shames people who have made mistakes in rental properties which isnt helpful. The reason BP exists is because a LOT of mistakes are made in investing.

could not have said it better myself.. no business buying crappy rental houses.. waste of time effort and money. although this thread is about 20 to 50k mentor programs.

my take on it is there are some that are worth every penny and cost double this.. but when your done you have a business.. if you have to borrow the money then your under capitalized to even think of anything but real estate sales.. 

there are no programs out there that will take someone who has to put training on a credit card that is going to magically propel U into buying all sorts of rental properties..  real estate takes capital and credit.. bottom line.

now granted there are times and areas were real estate is so dog gone cheap that pretty much anyone can do it.. the days of buying houses in Detroit for instance for 1 to 2k  each comes to mind.. and there are still plenty of markets in the US were you can buy houses under 10k.. however I don't see that as a road by and large to financial freedom like what everyone wants on this site unless you are local and you can scale and you really understand who your tenant is going to be that will live in that type of area.. 

Many of the bigger mentor programs teach all sorts of stuff from asset protection IE get a LLC to how to open a self directed IRA to credit repair .. how to wholesale how to renovate and flip.. its just not one subject matter..

the expensive guys I know of who only take on say 10 clients a year for 100k each they live with them through out the year and at the end of the day .. these folks have the means to scale once they learn how to set up their business's.. 

Bp as you mentioned is not guru friendly because 95% of the folks on this site are simply trying to buy rental houses.. and again I don't believe that takes an advanced education to figure out..   

[Lisa Phillips]

@Jay Hinrichs I've helped 100s of investors, and from your view point its easy - but i will say that because of that viewpoint, you dont see where a lot of privilege in that statement. 1.) That you think buying a rental is all about capital and credit.... There are people I work with in NY, DC, CA who have money, but its NOT just about that - Which house do they pick if its too expensive in there area? How much renovation should they take on if they invest out of state and its your first time? Which neighborhood should they focus on? 

Every single one of those questions require more than a basic answer if its somebody's else's hard earned money, and they dont have a safety net to bounce back on. You may have safety nets that you are not even aware of compared to others, and you dont even realize it -otherwise you would NEVER say its that simple to invest in rental properties. Never.  So I will just end it with this - as long as the majority on people on BP think and say what you just said, the more people are absolutely ecstatic to work with me personally. Because i understand its not that simple, and I meet people where they are.

Im not for everyone, but then again, people who find me on BP are finally glad to have a discussion on what they can do to invest safely and little risk, and not be told "it should be simple" and "dont know why you need more help than this forum answer." I literally have hours of conversation with investors (who I then subsequently help with their first 1-3 rental properties) on how  BP investors are helpful, but just completely overlook some new investors definitely need more help and mentorship and just waiting for that one lucky person to mentor you in the detail that you want is a long wait.

But it's Thursday and I have energetic  toddler, so we can agree to completely disagree (I cant be here all day debating). and everyone can read our comments and determine the best advice to take that works for them. Again, my way of thinking isnt for everyone, but it definitely is for a lot.

[Jay Hinrichs]

Originally posted by @Lisa Phillips:

@Jay Hinrichs I've helped 100s of investors, and from your view point its easy - but i will say that because of that viewpoint, you dont see where a lot of privilege in that statement. 1.) That you think buying a rental is all about capital and credit.... There are people I work with in NY, DC, CA who have money, but its NOT just about that - Which house do they pick if its too expensive in there area? How much renovation should they take on if they invest out of state and its your first time? Which neighborhood should they focus on? 

Every single one of those questions require more than a basic answer if its somebody's else's hard earned money, and they dont have a safety net to bounce back on. You may have safety nets that you are not even aware of compared to others, and you dont even realize it -otherwise you would NEVER say its that simple to invest in rental properties. Never.  So I will just end it with this - as long as the majority on people on BP think and say what you just said, the more people are absolutely ecstatic to work with me personally. Because i understand its not that simple, and I meet people where they are.

Im not for everyone, but then again, people who find me on BP are finally glad to have a discussion on what they can do to invest safely and little risk, and not be told "it should be simple" and "dont know why you need more help than this forum answer." I literally have hours of conversation with investors (who I then subsequently help with their first 1-3 rental properties) on how  BP investors are helpful, but just completely overlook some new investors definitely need more help and mentorship and just waiting for that one lucky person to mentor you in the detail that you want is a long wait.

But it's Thursday and I have energetic  toddler, so we can agree to completely disagree (I cant be here all day debating). and everyone can read our comments and determine the best advice to take that works for them. Again, my way of thinking isnt for everyone, but it definitely is for a lot.

Point taken and probably pretty accurate since I got my real estate license at 18 and have been doing it for ever so I guess what I deem simple may not be.. and for sure since I owned over 350 C class in the deep south I understand the local knowledge there that's why the happiest day of my life was selling those..  lots of work lots of drama..  

[Lisa Phillips]

@Jay Hinrichs I didnt meant to make it about me. I just help people everyday who find me here on BP who do need help, have questions they need answers to.  My experience is the exact opposite working with people. But, if you have been doing it for years, it really can seem a lot more easy to you with the capital you have built, the time you acquired the prices and the price points, compared to a new person starting out in 2019.

[Dell J.]

@Brandi Graham what did you decide?

[Brandi Graham]

@Dell J. we have decided to continue to learn and network before we get into the mentoring aspect.  We absolutely see the value, just not at this time.  Thank you for the follow up!