Should one hire a mentor or not?

Question

I mentioned this topic a little in one of my "newbie" posts. I would like to know your thoughts on hiring a mentor. Sounds like an oxymoron to me but I also see where there can be a HUGE value in this. I have been tossing this idea around for a while now. I was turned on to a real estate agent that sent me to a mentor. He is asking for almost 8,000 dollars to be a mentor to me. This will last for a full year, and he would walk me throught the full sale of the first one. I know the relationship will go long after that just because I know myself (unless hes a thief). I know I would be getting the years of knowledge and mostly the pitfalls this guy has endured will be brought to the table as well. Should I buy a Mentor or take a chance and keep reading on BP and learn from my "elders" jump into the first house on my own? Alo, if you beleive this is a great idea, what questions should I ask this guy?

Jason Hirko · Answer

@Gearold White you can learn 100000% more by putting that $8k down on a $40k rental, doing some work on it yourself, and renting it out yourself. And then you actually have something tangible to show for it at the end.

Karl B. · Answer

No way! Don't spend a penny on a mentor.

All the information you need to be successful in real estate is on Bigger Pockets. Visit the forums daily. Read the blog articles. Listen to the webinars and podcasts.

You'll learn what you need to know and you don't need to spend money doing so. Trust me. There was a time when everybody on this forum didn't know anything about real estate - we all learned and many of us did so without paying anyone.

Like Brandon Turner says, use that money toward a down payment.

Darius Ogloza · Answer

It sounds like the deal is $8,000 for one year.  You may want it to continue beyond that but you better get that in writing if you go through with it.  I personally would not pay that sum.  There is a library of free or almost free books, articles, blogs, forum posts out there to teach you everything you need to know.