Is it a good idea to pay for a mentor?

[Atara Twersky]

Hi Everybody!  My husband and I own some properties with several other investors in the Southern Part of the U.S.  I want to purchase multifamily and do the work myself (with my husband) but feel somewhat at a loss has anyone here used a mentor? I listened to a podcast with Paul Moore who said he was mentored for a year and it was expensive but worth it- has anyone here had experience with a mentor and if so can you share what you learned and if it was worth it?  TIA!!

[Chris Seveney]

@Atara Twersky

Don’t do it.

[Atara Twersky]

@Chris Seveney can you detail why and be somewhat more specific??  thanks!

[Sunny Alexander]

Are you looking for a mentor or a coach?  I am a huge advocate of hiring a coach and there is benefit in them, you have to do your due diligence and hire the right one.  Good luck!!!

[Theresa Harris]

What do you hope to get out of paying a mentor?  You already have property.  I'd look for a local investment group that meeting informally (and usually for free or a small fee to cover room booking).   A lot of the groups you hear about that charge high fees are scams.

[Paul Moore]

Hi @Atara Twersky if you’re going to pay a mentor, actually a coach, I highly recommend doing a lot of due diligence. It is expensive and I can tell you that two of my best business experiences started with finding the right mentor. However I’ve had a few bad coaches, or at least coaches that I did not gel with, and it was a waste of time and money. I will be happy to introduce you to my multifamily coach if you want to PM me. I also talk about this openly in my multi family book. Good luck!