Is it a good idea to pay "mentors" to help you with starting out?

Question

Hi BP!

My question pertains to my local REIA the RICH Club.  I have a person that is willing to mentor me (for a fee of course) through classes, dvds, etc... I am skeptical of this since the club itself is non-profit. I understand that these people need to make money but can't they benefit just as much by training an "apprentice" (me) their method for a trade of my time and efforts in finding them deals or helping with rehab, or anything that a young person with no money can provide other than what I don't have!!!

I'm beyond eager to get started in real estate and I feel as though having a mentor would allow me to learn from someone that is already successful. I understand I can learn on BP from countless of successful people on here, but its impossible for me to gain "hands-on-experience" through a computer screen.

I rely on the insight I have received from the members who have taken the time to answer my questions I've presented this far. I will not let having no money stop me from attaining my goals!

Dawn Anastasi · Answer

So all I have to do is give out my cell phone number and be "on call" and I can get $4,000?

Michael Quarles · Answer

Absolutely Hire a mentor right after you put your boots on.

BP is only so great.   Remember the first time riding a bike wasn't it nice that someone was there to help and guide

Natasha Hylton · Answer

If your someone like me that is more "hands on" when it comes to learning, why not start marketing for deals and find someone with experience to walk you through it along the way. Don't worry about if its a "hot" deal or not just find a motivated seller, give the lead to someone who has the time and patience.
I remember I saw this sign on a freeway exit that said "real estate investor seeks student" it just so happen the guy was asking for $500 first before starting with there investment group. 
Make a long story short, there are plenty of biggerpocket articles about finding a local mentor and ask certain questions. You should start there :-)

Jennifer Carroll · Answer

Abraham Bakre, that is a great idea.  Personally I do think he spent a lot of money but the psychological effect was so powerful that he knocked out a number of deals out the gate just because he felt he had back up.

If you can get a good mentor to trade your time for mentorship that would definitely be ideal!

Dawn A. actually...apparently yes it is that easy to make money as a mentor.

Abraham Bakre · Answer

Sorry! Last response was for Dawn.

Abraham Bakre · Answer

Jennifer: Thanks for the response. I believe a mentor would help me out but I'm not willing to pay for something when I could work for it instead. My finances are not in a position to spend $4,000 on a mentorship. I actually messaged the lady that is offering her services to me and I made her an offer to mentor me for my time instead of my money. Here is a copy of the text I sent her:

"Ms. Linda, Abraham again. I just wanted to text you real quick since I still have to make dinner! Is there anyway we could set up a trade of my services for your mentorship? I understand that you need money to survive on, but I believe I could provide something even more valuable, my time! I have very little money, but I have the time to put in work and earn your mentorship! Please consider this as I believe my time being put to good use will make you more money then receiving cash would. My time could be put to use doing menial work which will give you time to put towards something more time-rewarding! Please consider this offer and I look forward to your response!"

Jennifer: This is America, where anything is possible!

Jennifer Carroll · Answer

I can speak to this.  I have a friend of mine who studied a bunch of books, courses, dvds, cds etc.  and we spoke after he had been studying for awhile and I tried to assure him that he knew enough to get started and get deals done.

As it turned out...he didn't think so - so went ahead and paid a mentor $4,000 to "mentor" him - which really turned out to be giving him some more materials that said the same thing that he already had and providing him a phone number that he could call so that he could get advice from him whenever he needed it.

Long story short...it was apparently worth it because it gave him the confidence to step out and finally start doing deals.

I think mentors are a great option if you are not feeling 100% confident and want the security of someone that you can run things past to help and answer your questions.

Is it a good idea to pay "mentors" to help you with starting out?

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