Multi family paid mentoring groups?

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The value in joining an expensive group is to become friends with people who have money and want to invest. To learn to think like they do. There's no guarantee that is what you will find, but some people do find that in some groups. The information is readily available outside of those groups, so if you are seeking information only, it doesn't make sense to join the expensive group. Some people need someone to hold them accountable, if that is what you are looking for join a REIA and make some friends.

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Thanks for the advice Jeff!

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Hey @Mike Garofalo! Joining a group is a good idea, depending on the size of the apartment complex you're looking to buy. While some of these may be expensive, it's really just an investment. With smaller multifamily deals, you might be able to win it by going direct to seller or even through a realtor/broker if you can leverage any experience you've got doing smaller rentals or investing in the single family space. When it comes to larger multifamily, a majority of transactions (over 90%) are done through a broker (as mentioned in Beau Beery's book, Multifamily Investors Who Dominate). These brokers and the sellers they represent want assurance of close. If you've never done a deal of that size, it can be hard to get them to take you seriously. This happened with my brothers and I. It wasn't until my brothers and I joined a mentorship program where we leveraged our mentor's track record and experience in order to partner with him on deals and submit LOIs alongside him. This is how we were able to get our first LOI accepted on a 100+ unit apartment complex, and eventually went on to win it!So yes, these groups can be expensive. And some are better than others, so it's important to do your own due diligence. Find out what the relationship will be with your mentor, whether they partner with students, what kind of deals they do, etc. My brothers and I identified what we were looking for, and decided Think Multifamily was a good fit for us. But it might not be for you, and you might find that another group is more aligned with your goals. Either way, ask around and interview other students, and as long as you utilize the resources offered through the group, don't see the membership fee as a cost - but as an investment in your career as a multifamily investor!Best of luck!

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Thanks Mike I plan on finally attending the local groups the next time they meet, appreciate the input.

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@Mike Garofalo First a disclaimer I am a BIG fan of mentorship groups.. With that said. I do not believe you need to join a group just to invest in deals out of state. If you want to be a passive investor there are a ton of free resources out there for you to learn from. If you want to be an active investor and buy your own deals I would absolutely recommend you find a mentorship to join. There are some really good ones out there but before you choose one it's important to define your goals, values and time commitment. I have researched all of the groups out there and would be happy to visit with you and give you a recommendation.

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I'd recommend joining a paid group. You can accomplish the same goals with free groups and education but the paid ones will introduce you to more serious investors right away with their high financial barriers. There is also more structure and accountability to see you succeed.

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@Mike GarofaloJoining a MF mentor group is a good idea. Of course you need to put in the work to make the group work for you. There’s no “secret sauce”. It’s all about networking and finding the right partners. Joining a group will help with this. Most mentor programs are expensive figure $10,000 to $20,000 minimum so you need to be committed. My other suggestion would be to take the time to find the right group for YOU. What’s your vision moving forward? What markets do you want to work in? Are you going after $3M mom and pop properties or $50M trophy properties? Are you wanting to be a lead operator or focus on capital raise?Each group is different you should try to find the one that fits for you. I would encourage you to attend some conferences to get a first hand feel for these groups. Best EverMFINCONDeal Maker LiveBrad SunrockJake and GinoAnd countless others. These conference typically run $500 to $1000. Go to three or four of them and check them out. See who you connect with. Good luck.