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Updated over 7 years ago,
Mentorship Programs - value?
Does anyone have experience or know anyone who has used mentorship programs in the past? Any specific ones people would recommend?
The more I learn about this stuff, the more questions I have, and the more research I do. I worry about the universal headaches and challenges once I take the plunge and with a job that I currently clock in about 65hrs/wk, I wonder if a mentor would be valuable for general direction, advise, and saving time as these roadblocks pop up.
I guess part of the reason I ask is...I just don't understand the motivation behind these mentorship programs. All of them say they love teaching, but are they using it as a way to find deals that they can partner in on? If they hold 1 seminar a month for 15 people and each costs 1k, that's nearly 200k for them annually, not including the deals they find. I'm totally fine with all parties benefiting from the partnership, and I understand everyone has an angle, BUT I worry that mentorships and seminars like these are meant to pad THEIR salaries as delineated above, rather than provide value to me. I've seen several advertised and some of them look VERY gimmicky whereas others seem a bit more useful.
My current salary is quite high and allows me to invest about 20k/month; however, I believe this kind of income will last about 10 years. Therefore, my goal is to replace my current income after taxes by year 10 (current job is W2, so my tax burden is high). I initially thought about turnkey investments as it seems to have less work, good returns, but I'll need to buy 1 a month for 10 years and I imagine having over 100 SFR's will become a nuisance, whereas 1 apartment building a year for 10 years after taxes (and depreciation) may net me the income to replace my job comfortably.