Mentorship program for $40k

[Sung H Kim]

Hi im a noob. But starting and learning terminology now. Really excited. This seminar I attend offering mentorship program for 40k for 2 years. Is this good deal??

[Becca F.]

Welcome to BP! No absolutely don't pay for a mentorship program that costs that much or even $5000 or $15,000. $40k is expensive and if you have that amount saved up you could use that towards buying a property. Do you mind sharing the name of the program? Or DM me if you don't want to post it publicly. 

If you go to the Forum "Gurus, Books and Course Reviews" you can read all the comments about different programs.  I've talked to long time investors that helped me out a lot. There are several of them that post often on BP (that aren't trying to sell you anything) and people would be smart to read their advice vs. paying a coach/guru. I've also found YouTube videos and podcasts helpful. 

I recommend going to local real estate meet up groups and networking with other investors. They can share their experiences investing locally or out of state and you can ask them questions directly. All for free. 

[Chris Seveney]

@Sung H Kim

Who was it?

Why not go get a college degree in construction management for that price….

[Travis Biziorek]

$40k for a mentorship is insane.

Use that money to buy your first property and you'll learn a heck of a lot more.

[Theresa Harris]

No.  99.9% of those are a way for the 'expert' running it to make money.  They will try to sell you another course after you do this one.

[Rodney Sums]

Quote from @Sung H Kim:

Hi im a noob. But starting and learning terminology now. Really excited. This seminar I attend offering mentorship program for 40k for 2 years. Is this good deal??

 Heck naw. You can read some books and get started with that amount.

that's the cost of a college degree if you want formal training

[Stuart Udis]

Everything these courses and mentorship programs offer can be found for free online. From there make a concerted effort to network and build relationships with industry professionals. They will become the support system that will make sure you set up your business properly and identify & steer you away from mistakes before they are made. Unfortunately many get lured in by these “Guru” pitches. Don’t fall for the trap. 

[Joe S.]

What particular niche are they promoting?

If they really follow through with all they promised 40k is probably small fries for all the millions you will make right out of the gate.😉😉.

With that being said, I have yet to find our be a part of a training that was half as good as the commercial/ sales pitch.

[Dan H.]

I think $40k is a lot for mentoring.  I question what you get for that price.   However, mistakes can be very costly.  One mistake can cost more than $40k.  

In addition, it is remarkable what people will spend for accountability groups.  David Green at BPCon 2023 indicated his accountability group had annual cost of $50k with min net worth requirement of $20m.  At MTR summit, someone (I believe it was Jeff Hurst, CEO of furnished finder but am not sure) indicated they paid $55k per year for their accountability group.  I was wondering if it was the same accountability group but with a price increase between David green joining and who ever it was at MTR summit (can there be 2 accountability groups at that high a cost?).  Note both believed it was worth it and I can see that it could be.  An accountability group where everyone is very successful.  Where every member has rockstar contacts and between all members have a rockstar contact on everything you could possibly need.  Where every member has certain amount of influence.   Zoning issue in a particular city, someone has an in.  Have a property line dispute in OOS area, referral to kick a$$ lawyer that will treat you well.  The list of potential benefits is endless. 

Note this accountability group and the influence and success of its members versus one that charges $5k/year and requires 10 RE transactions.  Note 10 RE transactions in some Midwest area with leverage might not even imply 6 digit equity in RE.   These are want to be successful people with maybe some having moderate level of success.  Maybe a few meet the criteria of the $50k/year accountability group, but the majority do not.  

My point is people pay for accountability groups and a very large percentage of the time they find it worth the price.  However, spend money on mentoring and the masses are against it.  

My view is mentoring can be beneficial but make sure 1) the people mentoring have obtained a high level of success doing what they teach.  I know a local mentor who has a wide range of RE experience, but with mixed results on her level of success.   I certainly would want my mentor to have far better track record of success 2) make sure you have good understanding of what you get for your money.  Is there a further upscale coming?  3) way the cost against other opportunities the money can be used for.  Is this mentoring the best use of the money?

Some mentoring is worth it.  I never charged for mentoring, but I suspect 2 of my protégés would indicate my mentoring has been worth at least the $40k of the offered program as one has reached very good success and the other is on his way there.  

Best wishes

[Stuart Udis]

@Account Closed There's lots of courses out there covering various real estate strategies and concepts, but why don't we use your mentorship program as an example. This is the material covered as part of your $15k program found through your BP signature link, correct? All of this can be found online in some shape or form & if someone wanted a deeper explanation, contracts, etc. they can obtain this information/material for significantly less through a CPA, attorney, etc. Also, please elaborate on "learning LLC's", "learning asset protection" & "learning tax write offs". What do these even entail & what are your qualifications? Very convenient for you to defend expensive mentorship programs :)

Answer Any Questions You Have

Personal Calls With Mentor

Close A Deal You Are Working On

Understanding Comps

Risk-Free Guarantee

Overcome Analysis Paralysis

Use SDIRA & 401(k) Investing

Learn Getting Financing

Learn Systems & Procedures

Learn Subject To

Learn Lease Options

Learn Pre-Foreclosures

Learn Probate

Learn Fix & Flips

Learn Wraps

Learn Land Contracts

Learn Wholesaling

SMS targeting & automation

Learn LLCs

Learn Asset Protection

Learn Exit Strategies

Learn Tax Write Offs

[John Mason]

Buy a small house and flip it using hard money etc and you will learn more than you would using that program and maybe even make a profit and also develop a network of realtors, lenders etc

[Sung H Kim]

Quote from @Sung H Kim:

Hi im a noob. But starting and learning terminology now. Really excited. This seminar I attend offering mentorship program for 40k for 2 years. Is this good deal?

 Thank you all for your time to give me advise! I wont pay for mentorship haha! I really wanted to learn about real estate and I saw Instagram page ad and signed up here. Like I said, im a noob learning terminology and just learned Cap rate and debt ratio yesterday 😂😂 wish me luck!! Love this BP community cheers!

[Bob Stevens]

Quote from @Sung H Kim:

Hi im a noob. But starting and learning terminology now. Really excited. This seminar I attend offering mentorship program for 40k for 2 years. Is this good deal??

 INSANE WASTE OF MONEY!!! NO , !!! RE is just math! THATS IT. Just connect with those doing deals and go to the local RE forums. Find a deal, flip the contract, earn a fee. Save learn and go on your own, YES that simple, easy NO, but simple. Here is one of my posts on how I got started. Since I have done it all. Heck with 40k you can buy a SF with seller financing and learn, much better to actually DO and learn vs reading books or listening to some guru 

Hey all, I see so many posts, " I am researching, " I am doing my homework" , I am trying to build my team" "Deciding on which area" So many are TRYING but never do anything, like a hamster on a wheel, A LOT of movement but staying in the same place. What is holding you back? Who needs help, or just some advice.

I started out not know a darn thing. Literally got into RE while at a family BBQ about 15 years ago. My Cuz pulled up in a new SL 500. I said, Joe, I thought you were an extra tech. Well, he was, but he took action and got into RE. So that was my ah ha moment. Within my 1st month I flipped a contract for 19k, yes 19k my 1st month. At that moment I realized there is money in this. All I did was look at a property, run the comps, and got a reno budget, So nothing to intense. My next deal while I was just about to sign the contract on a house in Glenn Cove LI. a truck pulls up. The realtor says, may I help you? Nope says the driver with a lock and chain in is hand. I am here to lock it up, its going into foreclosure. I grabbed the contract and offered 100k less, and got it, Talk about timing. At that point I knew the universe was telling me, RE is my calling. Well, 500 deals later, (about 15 in LI the rest in Cleveland ) there is nothing I have not done. Purchased various sheriff auctions, short sale, and just low balling.

If you are stuck, not knowing where to turn, please feel free to reach out,

All the best

BTW you want to learn " terminology  

ASK, Purchase price

ARV, After Repair Value

Contingencies, what you want to do/happen before you close, its you're out if need be

SOW, Scope of work, details of your repairs

Cap Rate, your % of income, either NET cap, or gross. Gross rent less all expenses. is NET.  ALL you care about is NET, cant pay your bills with gross :) 

DP, down payment

EM earnest money

Ok now pay me 10k LOL, 

[James Wise]

Quote from @Sung H Kim:

Hi im a noob. But starting and learning terminology now. Really excited. This seminar I attend offering mentorship program for 40k for 2 years. Is this good deal??

 Use the $40k as a down payment on a duplex bro.

[Dave Meyer]

Another one saved by the BP community :)

You can find everything you need here @Sung H Kim. Welcome to BiggerPockets!

[Doug Smith]

I'll do it for $35K...lol

[Christopher Holt]

Don’t do it!

[Don Konipol]

Quote from @Chris Seveney:

@Sung H Kim

Who was it?

Why not go get a college degree in construction management for that price….

For $12,800 you can get a 4 course Graduate Certificate in Real Estate from Harvard….https://extension.harvard.edu/academics/programs/real-estate...

[Stuart Udis]

@Account Closed I agree it's important to approach creative financing correctly. However, your $15,000 course purportedly covers significantly more than merely guidance on creative financing. As a refresher I will re-list the topics covered below that are purportedly included in your "training".  In case anyone was distracted by your lengthy response, I specifically asked for your credentials and how you cover "learning LLC's", "learning asset protection" & "learning tax write offs" just to get an understanding of your training program. All I got out of your jumbled response is that you have 30 years of experience (ok, that's vague) & buried in the "fine print" of your post is this:

Ours is truly "one on one" training with 30 years experience, with a guarantee you will buy properties or your money, with referrals to people who specialize in the fields you listed of LLC and asset protection. No one else offers that.

Just so everyone is clear, you collect $15,000.00 and then refer people to the experts.... got it. Wasn't this part of your "training"? That's what your website represents.  I assume the referral experts charge fees for their services so in essence you are a $15,000 referral service where your students then have to pay the experts they can easily find on their own. I am not here to pick on you, I am here to protect BP members from falling for these misleading traps. 

Ken's $15,000 Training:

Answer Any Questions You Have

Personal Calls With Mentor

Close A Deal You Are Working On

Understanding Comps

Risk-Free Guarantee

Overcome Analysis Paralysis

Use SDIRA & 401(k) Investing

Learn Getting Financing

Learn Systems & Procedures

Learn Subject To

Learn Lease Options

Learn Pre-Foreclosures

Learn Probate

Learn Fix & Flips

Learn Wraps

Learn Land Contracts

Learn Wholesaling

SMS targeting & automation

Learn LLCs

Learn Asset Protection

Learn Exit Strategies

Learn Tax Write Offs

[Jeremiah Phipps]

Any program more than a couple grand is a rip off. What you should do is Network with people here. I am willing to teach you. What I know, when it comes to finding properties in good areas. Getting funding and Getting contractors, putting it back on the market, or refinance, and keep it as a rental

[Engelo Rumora]

Quote from @Bob Stevens:

Quote from @Sung H Kim:

Hi im a noob. But starting and learning terminology now. Really excited. This seminar I attend offering mentorship program for 40k for 2 years. Is this good deal??

 INSANE WASTE OF MONEY!!! NO , !!! RE is just math! THATS IT. Just connect with those doing deals and go to the local RE forums. Find a deal, flip the contract, earn a fee. Save learn and go on your own, YES that simple, easy NO, but simple. Here is one of my posts on how I got started. Since I have done it all. Heck with 40k you can buy a SF with seller financing and learn, much better to actually DO and learn vs reading books or listening to some guru 

Hey all, I see so many posts, " I am researching, " I am doing my homework" , I am trying to build my team" "Deciding on which area" So many are TRYING but never do anything, like a hamster on a wheel, A LOT of movement but staying in the same place. What is holding you back? Who needs help, or just some advice.

I started out not know a darn thing. Literally got into RE while at a family BBQ about 15 years ago. My Cuz pulled up in a new SL 500. I said, Joe, I thought you were an extra tech. Well, he was, but he took action and got into RE. So that was my ah ha moment. Within my 1st month I flipped a contract for 19k, yes 19k my 1st month. At that moment I realized there is money in this. All I did was look at a property, run the comps, and got a reno budget, So nothing to intense. My next deal while I was just about to sign the contract on a house in Glenn Cove LI. a truck pulls up. The realtor says, may I help you? Nope says the driver with a lock and chain in is hand. I am here to lock it up, its going into foreclosure. I grabbed the contract and offered 100k less, and got it, Talk about timing. At that point I knew the universe was telling me, RE is my calling. Well, 500 deals later, (about 15 in LI the rest in Cleveland ) there is nothing I have not done. Purchased various sheriff auctions, short sale, and just low balling.

If you are stuck, not knowing where to turn, please feel free to reach out,

All the best

BTW you want to learn " terminology  

ASK, Purchase price

ARV, After Repair Value

Contingencies, what you want to do/happen before you close, its you're out if need be

SOW, Scope of work, details of your repairs

Cap Rate, your % of income, either NET cap, or gross. Gross rent less all expenses. is NET.  ALL you care about is NET, cant pay your bills with gross :) 

DP, down payment

EM earnest money

Ok now pay me 10k LOL, 

We need to "go guru" mate

Crazy how much cheese some folks are making... lol

[Scott Mac]

Buying a house and renting it out is not that hard or complicated.

Running It as a profitable business is another ball of wax, but is not that hard or complicated either.

One of the things you want to watch out for is that you don't run out of cash money on hand to throw at problems while you own it.

Because if you do you may lose your investment.

People who have no concept of the realities of this business have some castles in the sky beliefs that they will get rich quick with no personal effort on their own simply by owning many rentals.

Most people are not going to own many rentals, it's a castles in the sky concept for them.

If it were true many people would be driving Rolls Royce's and they're not.

Despite what two short guys on a television infomercial may have told them, or some Guy on a boat surrounded by bikini girls may have told them years ago.

I think what many people are hoping for is investment advice on which address to buy to make the most money on, or to not lose their investment on.

But in reality, those who are experienced in this business have a formula for picking addresses that they believe they can make money on and run at a comfort level they are comfortable with.

I think that the hopeful mentee is seeking is what address should I buy to be as safe as possible and make the most money as possible.

But it comes down to the operation of the property overtime combined with the decisions that you make over time, and the renters that you vet, and your purchase price.

Just my 2 cents.

[Stuart Udis]

@Account Closed  I have gone out of my way to call out plenty of guru's, mentors, syndicators, capital raisers etc. on these forums. Are you suggesting it is only ok to call out your program if I also call out Pace Morby's programs and every other course/training platform that is referenced on Bigger Pockets? There is nothing you've written so far that supports $15,000.00 for your program. You are also back tracking from your website. Why doesn't it say you refer your students to the professionals? Your website reads as if those who pay you $15,000 are taught that content.

Does posting on these forums lead to business engagements for myself? Sure. However I am not selling someone on the notion I am going to hand deliver everything I learned in my career for $15,000. Furthermore, if I wanted to comb through bigger pockets forums for the afternoon I can find plenty on every concept included in your training program but why would I care to spend my afternoon doing that? The good news is the content is there for anyone who wants it.  Yo aren't reinventing the wheel. I am also not suggesting you shouldn't pay for professionals. You failed to include what I wrote earlier:  All of this can be found online in some shape or form & if someone wanted a deeper explanation, contracts, etc. they can obtain this information/material for significantly less through a CPA, attorney, etc. There is absolutely no reason to pay $15,000.00 for what you provide, that's the bottom line.

[Don Konipol]

I do not personally know anything about "Mike & Ken the Subto Guys" or know anyone who bought their program.  But after 45 years in the business, I can tell you that my general feeling is that the "Subto Guys" are different from the numerous BS guru/mentorship programs we see out there.  Here is why I feel this way

1. They are constantly answering questions and partaking in forums on BP.  Most BS gurus either don't participate at all our only show up when their program is called into question

2. The Subto Guys website cite specific transactions in which they successfully did deals that reflect their teachings

3. They offer what seems to me to be an unbelievably generous guarantee

4. They don't market their particular niche as a get rich quick, an anyone with our training can do it, or an "it's simple and easy" formula; instead they acknowledge potential legal issues, the financial limits of the sub to financing, and the need for state specific legal advice.

Maybe I'm way off....but to me these guys seem legit. 

[Brian Jackson]

Go to YouTube University for free and go start buying! Too many resources that are free/cheap to spend $40,000. The $40,000 mentorship might be beneficial for someone who is maxed out and can't figure out how to scale. As a noob you do not need anything other than money and free education.

[Brian Jackson]

Quote from @Don Konipol:

I do not personally know anything about "Mike & Ken the Subto Guys" or know anyone who bought their program.  But after 45 years in the business, I can tell you that my general feeling is that the "Subto Guys" are different from the numerous BS guru/mentorship programs we see out there.  Here is why I feel this way

1. They are constantly answering questions and partaking in forums on BP.  Most BS gurus either don't participate at all our only show up when their program is called into question

2. The Subto Guys website cite specific transactions in which they successfully did deals that reflect their teachings

3. They offer what seems to me to be an unbelievably generous guarantee

4. They don't market their particular niche as a get rich quick, an anyone with our training can do it, or an "it's simple and easy" formula; instead they acknowledge potential legal issues, the financial limits of the sub to financing, and the need for state specific legal advice.

Maybe I'm way off....but to me these guys seem legit. 

 If someone has $40,000 for a possible mentorship program they are not at the stage in the business where creative financing is needed. If you are new you probably won't even understand most of the common terms used when discussing sub2.