Is it a good idea to pay for a mentor since I am just starting?

[Acencion M.]

I have made up my mind to start in realestate investing. I have been reading a lot about it for the past 2 weeks. I know it's hard work but, What drives me to work at it is my kids. The question is should I pay for a mentor? They are out of state and its like $1000 initial fee and like $400 a month. I think it could be a good investment I have a good vibe with these people. I am also going to attend a club.

[J Scott]

I think you guys are confusing coaches with mentors.

Mentors are generally people you have a relationship with who teach you free-of-charge, with the intent of helping someone less experienced achieve success. Most mentors spend the time and energy because they have a non-financial vested interest in the success of the person they're mentoring. In fact, most mentors I know do it because they came to their success through being mentored and are simply "paying it forward."

Coaches are paid to help their students. There's absolutely nothing wrong with this model, but pretty much every coach I know is doing it for the money -- it's their job or secondary income source. In other words, if the student stopped paying, the coach would stop teaching.

I'm sure there are some people who straddle the line -- they are mostly mentors, but they charge money or they're mostly coaches, but they do some pro-bono teaching -- but most fall into one camp or the other.

If you're looking for a coach, my suggestion is to learn as much as you can before hiring the coach, as that will give you a solid base to start with and you'll have some idea what you're getting into (and what you're looking for) before spending your money. And you may find that you don't even need to spend money!

If you're looking for a mentor, my suggestion is to start fostering relationships with successful investors. Take them to lunch, ask if you can watch (non-intrusively!) their work, and offer your help to them. Once the relationship grows, you may find that they are happy to take you under their wing and "show you the ropes."