All Forum Posts by: Nancy Roth

No I haven't! I'm truly divided about it and looking for alternatives.

Yeah I don't know what that high fee thing is about. So many in the investor community have been generous with their time and information, for no particular reason.

Thanks to everyone for taking time to comment. Please bear in mind that I am not looking for an investment strategy, but to develop a set of skills important in running a wholesaling business.

I did not mean to ask the forum WHETHER I could grow a wholesaling biz w/o a mentor--I'm sure I can. Question is can I do it FAST ENOUGH, given my circumstances, without consistent guidance.

I understand the basics of the wholesaling trade. In fact I'm building a list for a mailing. I think I could be good at it. But I lack some key skills and knowledge that are hard to learn without intensive advice, practice and feedback. Three examples of where I believe I need help:

(1) Negotiation. This is counter-intuitive to me. It's crucial, yet I suck at it! Isn't it worth paying someone to help me up the learning curve?
(2) Legal constraints. I'm a licensed (non-practicing) realtor, and I understand laws and regs governing the retail RE market. But wholesaling distressed properties is a different world. Can I can learn enough fast enough to avoid costly pitfalls?
(3) Weasels. Ignorance and inexperience leave me vulnerable to them. Could a mentoring program help me protect myself?

I also started as a skeptic about mentoring. The scams I've heard about are horrifying. But I have many successful colleagues who give a lot of credit to their mentors. One smart, thriving wholesaler, who participated in the program I'm considering, told me it helped her work out her strategy and goals. Why should I doubt her, or anyone else? They don't gain anything one way or another if I go into a mentoring program.

Again, my thanks for your comments. I'd be so grateful if you'd respond to these specific questions. Believe me, I'd love to avoid hiring a mentor! But where else do I go for the help I need?

Look into a Self Directed Roth IRA. You can only contribute funds to it on which you have already paid taxes, and when you withdraw those funds (at age 59.5+) you pay no taxes on them. You can set it up so a self-directed Roth IRA can buy an investment property, and all revenues from the property flow directly into it--and are never taxed as long as you don't withdraw those funds for 5 years. I just did this with a self-directed account at MidAtlantic IRA, which is in Maryland, where I'm investing. I wanted an IRA custodian in the same time zone.

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