What is the "Guru value per hour"

Question

I have the opportunity to be mentored by a "not-yet-national-guru" who has over 60 deals done.  I have much respect for him.  I have known him for about two years.   His mentoring will cost about $200 per hour in the form of weekly web based private training which wil last about 30-45 minutes.  I can pay a monthly fee of $400 and cancel at any time.  I'm not a total newbie (except to this site), so I've already experienced that feeling of not getting what I paid for.  I've been trying to get my investment career going since August of 2006, and I've spent waaaay too much money on courses that sounded soooo good on that webinar.  I belong to three REIA's.  So, what is private mentoring worth?  I saw a few posts about Preston Ely.  I know his price was rather high to me, but to someone else his price might not be high.  But compared to his price, $200 per hour seems cheap.

Nick J. · Answer

that's a tough question

you'll get a lot of different opinions on here, but it really comes down to do you feel it's worth the price? what value will you receive from it?

I have no idea what strategy you're going to be executing but I think if I were to pay someone $200 an hour I'd want them to be a "provable" expert in my chosen strategy.

Personally I would save the $200 for marketing costs and find a deal doer who would split your 1st deal profit. But that's just me

Dave Toelkes · Answer

I tend to agree with Mike.  You are paralyzed by fear, plain and simple.  Chances are you will never step out on your own because doing so will take you out of your comfort zone.
          
          So, the solution is:  don't do it on your own.  Find a partner to work with, someone at your same level of knowledge and experience.  Share the deal, learn from the experience.  If you have success, keep repeating what worked.
          
          I am sure your REI club is full of people in your same situation.  Maybe all they need is someone to work with to get that first deal done.  You can pull each other up by the bootstraps.
          
          I know, I know.  It would be better for a veteran investor to show you the ropes on your first deal, but you will learn a lot quicker and gain more confidence in yourself if you lead the way rather than follow and observe someone else.
          
          Go to your next REI club meeting and start talking to the other attendees.  Make friends, then start doing deals together with your friends.  
          
          If you get stuck along the way, come back and ask the forum how you might resolve your problem.

Mike Henderson · Answer

I think your asking the wrong question.  The question is why haven't you done your first deal?  I haven't done mine because I'm newer, only really tried since last fall.  The mortgage market changed on me, the stated loans went away!  If not for that I'd likely have at least two deals done.

I'm very suspicious of all the guru's, classes, and training involved in this industry.

If you can answer my question I and others might be able to help you out some more.  It sounds like you are doing the right things, going to REI clubs and such, but they might of sucked you in on the pitch.  One of our clubs out here in Denver has one of the master pitchment, he hasn't sucked me in yet!

As a guru I charge 10% of the other gurus out there.  So $20 gets you an hour.  This post took five minutes so you have another 55.  First hour is always free.

Lawrence H. · Answer

have a read about syndicates  or group buyers in your area and maybe look at joining one 
you will then be learning while investing not sure if they have one near you not sure even if they are in the US market but they are here and they are one of the best ways of learning to buy hold and run real estate.
guru's not sure what one is as I have never met one.
they to me are like a unicorn heard of them but never seen one.
mentors yes 
and mentors you will find if you look or if you invest with them.
just an idea

Rachel H. · Answer

It really depends on what you get out of it. People learn different ways. Some people can go out and learn on their own while others do best learning from others. It's best to know your learning style. Maybe you do need someone to guide you and help you get to your goals instead of trying to do things on your own. Posting this question on the boards is a good first step towards taking action. Most importantly, it's best to overcome your fear - the best way is to just take action. Good luck!

Michael Rossi · Answer

ZERO!  That's what more guru mentoring is going to be worth to you.  To be blunt, if you've been trying to get into real estate investing for nearly 3 years and haven't been able to even get started, you are simply not suited to being an entrepreneur.  That's not a bad thing - only a very small percentage of Americans are successful entrepreneurs.  My suggestion is to stop wasting your money on gurus and try to find contentment in your job.  Real estate is not the be-all and end-all of life - it's just another way to make money.

Good Luck,

Mike

Timothy W. · Answer

Wayne,
                    What do you want to do?  Tell me exactly what it is you want to accomplish.  To be honest without being disrespectful, you're at 56 while I'm at 32 so we probably won't have the same strategies, but one thing that you must have in mind is a clear picture of exactly what you want.
                    
                    What is it?  And don't say to become an investor.  Tell me exactly what goals to the penny per month, per year or total gain.  A guru who doesn't teach what you want to learn or what will bring you to your goals has no value to you per hour no matter how good he is.
                    
                    Tim

Wayne C · Answer

You guys are good.  Thank you for your replies.  To be honest, one thing is holding me back:  plain old fear.  I won't bore you with my scroll of excuses.

Here is my reasoning to try this:  I have spent money and hours learning.  I've been unable to get myself started.  If I commit to spending this kind of money to have someone to push me along, and I still don't get started, then I'll keep  my day job and stop this.  I think I'll know within two months, maybe three, if I'll ever be a successful investor.

Also, I personally know several of his students and they are very happy with his one-on-one training.  One who started at about the same time as I did got her first deal after two or three months with him.

Mike Henderson · Answer

Dang on a side not it looks like I have no influence.

Jesse Ramirez · Answer

There are more than enough proven investors on this site who would be more than willing to help you. Most of them will only ask for a split on your first deal.
If it's motivation you're lacking, well hell, buy a Tim Robbins book. At the end of the day though, it's all in your hands. You'll learn more out in the field than you will ever learn from a book.

What is the "Guru value per hour"

Most Popular Reply