Should I Trust this Mentor?

Question

I have a guy who responded to my ad who said that he would like to be my Real Estate Mentor. He told me he is a 50 year old millionaire from CA and he has fourteen students. He usually has one student in every area and he needs his first one in Washington DC (which would be me). He says my job is to simply Identify, Qualify, and Package and he would use all his money and resources to close. It would be a Wholesaling mentor ship and I would do the legwork and he would negotiate and use his resources to close. He would use his first three weeks to teach me and he says he charges 1500 just to weed out all of the people who are playing around. He said I wouldn't get paid until 35 to 65 days when the first estimated wholesale deal is done. We would share the profits 50/50. Then he said usually in six months time it is not uncommon to be doing four wholesale deals a month equaling over 20,000 dollars a month. One weird thing he said was that he doesn't use Paypal or Credit Card for the 1500 dollar payment so I do have concern that me may just disappear after the 1500 dollars paid. I am only 21 and 1500 dollars is a lot to me right now. What do you guys think about this? Is this a good decision?

Link to his website below:

www.SolMarREI.com

Link to his website below:

www.SolMarREI.com

Hassan Bukhari · Answer

Thanks guys for the answer ! I will probably heed your advice and pass on this offer.

Jay Hinrichs · Answer

@Hassan Bukhari  I looked at the link you posted.... I personally would not do business with any company that did not have a page that introduced the owners of the company.

I understand very large companies can't but those of us that are small to medium size I think this is a must and I think those that don't put a "who are we page up" may have something to hid in their past and don't want folks googling them.. I could be off base but that's my take on it.

1,500 is not a lot for someone who could actually teach you the business.. but you may want to talk with some local folks and offer to work for free in exhage for some education you may have some takers on that.

But at your age I personally would spend the money getting a RE license and go to work for a top producing broker on a team and REALLY learn the industy.. wholesaling is not a life long pursuit with most folks...

Ndy Onyido · Answer

Run for your dear life @Hassan Bukhari

I believe in mentorship but not by coercion and I sense the signs of fraud here.

Just hang around BP and you will learn with time, just ask questions and folks here are very willing to help......I wish I knew about this forum earlier....

Welcome to BP.

Brent Coombs · Answer

@Justin R., as a special discount, I'll only charge you $1,000 to ring you up once a week and remind you to be nice to Sellers, and ask have you closed a deal yet? I'll even send you some glossy "Yes we can" bumper stickers if there's any left.

To show your commitment, how can you resist such an Offer?...

Jacqueline Carrington · Answer

If you have to ask should you trust your mentor.........

Adrien C. · Answer

I can understand your desire for a mentor when you venture into the unknown. Mentors are good- learn from their mistakes and successes. With that being said, I'd hold onto my $1500 and find a local mentor. Have them teach you the ropes. You bring them deals and work out a pay arrangement. The local person will know your market so much better than some dude on the other side of the country.

Christopher Brainard · Answer

@Hassan Bukhari

Everything that he promised to teach you is readily available here at BP for free. Finding money isn't a hard task when you find great deals. I would focus on finding those and saving my $1500.

-Christopher

Franklin Romine · Answer

@Hassan Bukhari

Direct deposit $100 into my business checking account by the end of today, only today, and I will email you the secret how I accumulated rental properties.

Thanks,

Frank

Justin R. · Answer

I think your focus should be on the best path to get getting the first deal/project under your belt and at least breaking even on it.  It's like surfing - it's an amazing once you're out there, but you have to get past the breaking waves first.  $1500 is nothing - in the scheme of things - if that makes the difference between making it happen and not.

I'll say this: I only got enough gumption to get started because someone - whom I didn't realize at the time was serving the role of a mentor - essentially guaranteed me he'd support me for the first project.  I don't think I would have self-motivated to take that first leap.  And I'm very thankful for that.

He didn't ask me for $1500 up front (or anything, actually).  I have zero advice on this particular guy and whether you should work with him.

Hassan Bukhari · Answer

Do you think it would be worth it to pay 1500 dollars to speed up the learning process with this guy or am I better off learning from here and REI meetings?

Should I Trust this Mentor?

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