Paying for a mentor

[Christian M.]

Hey everyone,
I know a lot of you out there will immediately say it is not worth paying for a mentor. Go to REI clubs read books etc... I do all of this and because of it have been successful in my first two deals. I am just wondering if a mentor will step up my game. Even if they are expensive, if i can make three times my investment in addition to what i would have made this year, it is worth it.

I am looking at Bill Bronchicks mentor program, which is very pricey, but he is also an attorney and it includes some legal fees, all his published material, twelve boot camps, the opportunity to have a mastermind group. (the other students) as well as coaching for a year.

I want to hear from those who have paid for mentor in the past, or continue to do so. What do you think your ROI was? Was it the best thing you've ever done for your business, or a complete waste of money? Is it something worth considering?

[Paul B.]

This is a personal decision.

Could you learn everything on your own that a mentor would teach you (assuming that you were to work with a really great mentor)? I think the answer is, "Yes, most of it." Especially with the help of these forums where you can get a bunch of really great feedback, advice, and ideas for free.

It's pretty plain to see that 98% of the people here have no hidden agenda. They just like helping other people.

Fact is, you could learn almost everything in the world from books, videos, and the Internet, all without the aid of any teacher or mentor. You'd make a lot of mistakes along the way (especially if you're trying to learn how to do a heart transplant), but you'd eventually get there. Good ol' trial and error...

Thing is, with real estate, most of us don't have the financial ability to make too many mistakes. One bad deal could very well sink you for the next few years, so you don't want to make mistakes.

In my view, mentors do two things. The first is to share wisdom and knowledge. Sort of a "learn at the feet of the master" kind of relationship...

The second thing, though, is that they ought to provide you with confidence, and to some degree even motivation. All the knowledge in the world won't get you anywhere if you don't ever try to apply it somewhere. But if you lack confidence and/or motivation, you're sunk.

I would encourage you to do some real soul-searching as to what is holding you back from getting started, assuming that you have not done so. Or, if you have gotten started on a small scale, what specifically is keeping you from achieving your goals. And then think about whether a mentor, in the traditional sense, will help you fill those gaps.

I agree that if a mentor is the only thing standing in your way of tripling your income, then paying for one is an incredible bargain. But you have to have a very high degree of confidence that, whatever it is that's holding you back, a mentor will help you fill that gap.

I know I thought about real estate investment for years before I ever did anything about it. Then one day, I read Ron LeGrand's book on becoming a "quick turn millionaire." Now, I knew that a lot of that was hype, and I knew that a lot of his methods weren't for me. I was really looking for more "nuts and bolts" opportunities: Buy low, sell high. Rinse, repeat.

However, I do give credit to that book for getting me started. For whatever reason, it really compelled me to get off my rear-end and DO something. And within a month of making that decision, I had a contract on my first deal, a duplex that ended up netting me $39,900 in 5 months, 5 days.

The bottom line here to really, honestly think about what it is that's holding you back, then ask yourself if a mentor relationship is going to help you crack the code. When all is said and done, however, it's going to be entirely up to you as to whether you succeed.

Let us know what you decide, and good luck!