Mentoring programs

[Nancy Roth]

Hi, I'm considering joining a mentoring program run by a successful local wholesaler to help me develop a wholesaling business. In addition to counseling and reinforcement, the mentor would offer me contract forms, access to a wider network of contacts, and a legal and settlement team. But it's quite expensive: 4-14K up front (depending on level of access) for a year of mentoring, plus 50% of the first $100K of successful deals.

I have been learning a great deal on my own, but I think a good mentor could help me speed up the learning process. Speed is of the essence: I have no paying job at the moment. Cash is also scarce.

I'd like the feedback of the readers of this forum. How many of you have used a mentor, and how well did it work out for you? How much direct access did the program give you? Do you think it was it worth what you paid?

East Coaster

[Randy F.]

My dad used to tell me... "The only way thru it, is thru it". In my early years I was always looking for the quick fix. The grand schemes I came up with were quite comical looking back, but at the time and in the middle of it all, they made perfect sense. Why would I go thru it if I can go around it? One of the things he was trying to teach me is that often the process one goes thru to attain a goal is much more important than the prize.

The problem I have with the gurus and the high dollar mentors, is that they prey upon quick fix, easy money mentaliy. Knowledge is power and the vast majority of people who recognize that they need the knowledge, do not posess the self confidence and drive to go "thru it". They are too easily convinced that they can buy the knowledge and shortcut the learning process, and the gurus will gladly take their money whether they have the capacity to put the knowledge into practice or not.

After several posts by Nancy, it was obvious that she's a pretty sharp cookie with the hootspa to getter done. And it sounds to me like what is lacking is just the confidence that comes thru action taken that creates even the smallest of successes. Even failures can provide positive reinforcement because the lessons learned in failures are often the most powerful.

I truly resent the gurus and the "mentors" who sell their success. When so many are out of work and desperate to get something going fast, these guys do much more harm than good. The percentage of those who succeed in real estate investing is likely as dismal as those who succeed in multi-level marketing. Somewhere in the single digits. And being that they likely understand this, its my opinion that they are nothing but crooks.

Im so glad Nancy found one who sounds to be a true mentor... Someone who has worked "thru it", achieved success, and is willing to give back for all the help they received along the way by helping others acheive the same success.