What Questions To Ask When Joining A Mentorship Program?

[Sarah Rilling]

When joining a mentorship program, it's important to ensure that the program is a good fit for your goals, needs, and expectations. Here are key questions to ask before committing:

1. What is your mentorship experience and background?

• Why ask: You want to know the mentor’s qualifications, expertise, and track record in the specific area you need help with. A mentor should have practical experience and proven success. Do they currently have a multifamily investing company that is successful.

2. Are you actively investing or have an active portfolio?

• Why ask: A mentor who is actively involved in the market is more likely to offer relevant, real-time insights, strategies, and lessons learned. Are they currently investing in deals and building in this market.

3. What’s your success rate with mentees?

• Why ask: This helps you understand how many people have succeeded under their mentorship, giving you an idea of the potential outcomes. Just a general idea of what your mentees are doing with the investment.

4. Have you ever had a capital loss?

• Why ask: Learning how your mentor handled failures or setbacks will help you gain perspective on the full spectrum of risks and challenges in the field. This also lets you know how well they did with their own portfolio.

5. Do you provide personalized guidance, or is the mentorship more of a one-size-fits-all approach?

• Why ask: Personalized mentorship is crucial, especially when your goals and challenges are unique. You want to know whether the mentor will cater to your specific needs or simply follow a standard program.

6. Do you have a support channel for ongoing questions?

• Why ask: Access to consistent support after meetings can make a huge difference in your progress. Whether it's a private chat group, email support, or regular check-ins, make sure there’s a way to get ongoing help.

7. Do you have live meetings to ask questions to experts?

• Why ask: Live interaction provides an opportunity to gain immediate answers to burning questions and allows you to learn from experts in real-time. It also let's you find out how involved the owners of the company are.

8. What tools and resources are provided?

• Why ask: Be clear on what you get with the program including any tools that the company may use themselves.

9. What is included in the program?

• Why ask: Knowing what is included in the program to make sure you are getting all you are paying for is important. Some mentorships include online training, weekly meetings, networking opportunities, tools, and access to speak with other investors/mentees.

10. Do you have current members who are not doing this full-time?

• Why ask: If you’re not going to be a full-time investor or professional, it’s important to ensure that the mentor works with people who have similar schedules and limitations.

11. What is the cost, and what does it cover?

• Why ask: Get clarity on the full cost of the program, any additional fees, and what’s included. This will help you assess the value and avoid surprises down the road.

12. Is there a month-to-month option?

• Why ask: Some programs offer a month-to-month, no-commitment option so you can try out the program before paying an annual fee. NOT MANY MEMBERSHIPS OFFER THIS AT ALL.

13. Can you provide testimonials or success stories from past mentees?

• Why ask: Hearing about the success of previous mentees can offer insight into the mentor’s teaching style and the effectiveness of the program.

14. How do you measure success in your mentorship?

• Why ask: Understanding how the mentor tracks progress and success can help you set your own goals and expectations.

15. What do you expect from your mentees?

• Why ask: Knowing the mentor's expectations will help you prepare for what’s required in terms of effort, communication, and engagement in the program.

Asking these questions will ensure you make an informed decision about whether the mentorship program is a good fit for you and your goals. It also shows that you're serious and committed to finding a program that will truly help you grow.