Lender · Phoenix, AZ · Member since 2008 · 351 posts · 40 votes
I know many people believe it is very important to have a mentor when you start the business. My question is, is it smart to pay for one? I have seen a few people who believe each way but I thought it would be best to put it all in one thread.
I have been studying REI for a while now and am going to get a jump on it shortly. I didn't know if it is better to have a mentor from the local REI club or to pay a "Real Estate Coach" kind of thing. Any feedback would be great!
Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
17y
Matt,
I would suggest joining your local REIA and simply making friends with the SUCCESSFUL investors. Your new friends will be happy to help you (mentor you) for free. The good part about doing this (besides being free) is that the local investors will understand YOUR market and will have various contacts in your community.
Lakebay, WA · Member since 2008 · 48 posts · 0 votes
17y
Matt, I once sign on with a RE coach a few years back. At that time I had already been investing for awhile but kind of got stuck and could not progress to the next level. As it turned out the coach knew less about REI than I did but I was on the hook for the fee. Not saying having a coach you pay for is wrong but rather research the coach/memtor, ask as you have for help from other.
Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
17y
Matt,
I would suggest joining your local REIA and simply making friends with the SUCCESSFUL investors. Your new friends will be happy to help you (mentor you) for free. The good part about doing this (besides being free) is that the local investors will understand YOUR market and will have various contacts in your community.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
17y
Matt,
The answer depends on the mentor you choose. If there is a large upfront fee to start and upsells to bootcamps, etc. you should probably run, not walk.
Having a paid mentor can be a very beneficial aspect to your business. Not all investors invest in their own backyard, and having an experienced and all-around knowledgable person when YOU need them, is a benefit to you.
Getting free advice from others at REI clubs can be good, but free advice may only go so far. Keep in mind that successful investors in your area are not going to divulge certain aspects of the business to protect themselves, and those aspects may be the missing piece of the puzzle you are looking for.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
17y
I know, I know, I may get slammed here with someone stating that I am bias as I have a mentoring program I offer.
Well, let them talk. Do your due diligence and you will see that the way I mentor is quite different from the norm, and much more advantageous to the client.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
17y
I have spoken at quite a few seminars over my 35 years of investing. I see mostly seminar groupies. I don't speak for seminar companies anymore. I spoke recently for a Rotary Club here and have been asked by the Chamber of Commerce to speak to them. I love it and charge nothing. Be glad to answer questions free for anyone interested. I have probably 100 plus currently.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
17y
I also don't even have a mentoring program, just answers for free to anyone interested. I have nothing for sale, except real estate. My knowledge and experiences are free to all interested. I appreciate the site and am learning more uses of it each day. I hope to be of help.
Real Estate Investor · Harleysville, PA · Member since 2008 · 17 posts · 0 votes
17y
I don't see anything wrong with paying for a mentor just so long as you are seeing results and you are receiving "current" training. In essence I guess it is a 50/50 chance you take.
Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
17y
I don't see why free advice from successful local investors would be any less valuable than advice from a paid mentor. Moreover, as I pointed out before, a local mentor knows the local market, local contacts, local laws, etc.
I don't agree with that at all. In fact, I don't see the other investors at my REIA as competition; I see them as an asset! We cooperate on advertising. We refer potential tenants to each other when we don't have the type of apartment or house the applicant is looking for. We discuss who currently has the best lending going on. We refer deals to each other (often for free). The bottom line is that any one investor can't buy all the deals in a given city and almost all investors have times when they aren't buying. The experienced investors in my REIA freely shared their wisdom with me when I first started and I openly share my experience with new investors.
Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
17y
Well, then what are your thoughts on this issue? Do you network and cooperate with other investors in your area and in areas where you invest? Or, do you see them strictly as competition? Would you refuse to divulge things to people you mentor if they live in your area because you see them as competition or do you see them as another asset that will assist you in your business?
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
17y
Sure I network and cooperate whenever I can. I live and network in person here in CA, but I am not investing here currently so it is not an issue of competition.
Do I feel that I can run into competition, of course. Some competition is fine. If you were running an ice creme store and had a great flavor, would you tell someone else who wanted to open up a store in the same area your exact recipe for that flavor?
I see others I meet as an asset. Again, there is thousands or even millions of properties, so a blanket stament of competition is nor really the case. You choose not to divuldge exactly what city you invest in. Obviously you do not want too much competition in your area and I do not blame you.
I do not want to argue here, just made a point of how I feel about mentorship programs. There are good and bad everywhere. To say that all paid mentorships is a waste of $ is unfair, just as it is to say that all free mentorship advice is useless or incomplete. Both statements would be incorrect, right!
Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
17y
Rich, we are getting along. In fact, we're having a very good discussion about mentors. What exactly do you want? Do you want Will to patronize me and tell me what a great post I made when he disagrees with something? Do you want me to patronize Will if I have a question about something he posts? You need to grow a little thicker skin, or simply stop reading any posts where Will and I are involved (we often have different opinions).
BTW, I actually agree with what Will said in his last post on this thread. Shall we hold hands and sing a happy song Will?
Lender · California and Florida · Member since 2008 · 319 posts · 194 votes
17y
I think it depends on how you learn and what your goals are.
Some people are true self starters and they don't need mentoring. They learn best by trial and error. Even if you did have a coach, you won't belieb the mentor until you see and experience it in person. Sounds like a Realtor on investor deals!
Others want the fast track route where items learned could otherwise be painful and/or time consuming to learn when left to one's own vices and inexperience.
I'll pay for training but never go into anything blindly. I always know exactly what I want to learn and make sure the class I'm taking is going to cover that topic. I'm a research nerd and love the Internet so can typically find what I'm looking for.
Do your homework and find someone locally who's doing what you're doing. How did they learn? Get referrals. Network your heart out. Work for free for someone doing what you want to do. Make yourself a valuable resource to everone in your network. You know, a true people/resource broker. There's so many ways to gain the knowledge you wish to acquire. It all depends on you, how you learn best, and what your goals are.
For me personally, I like taking classes. I have a huge pile of "to read" books that I slowly chip away at. Classes make me focus and I get through the material MUCH faster. I like hands on and I like the fast track. Next year I plan on learning more about note buying and commercial real estate and I know there's no way I will try to do it on my own.
There's so much to learn in the business and so many different ways to approach it. Gotta love real estate!
Residential Real Estate Broker · Grand Blanc, MI · Member since 2008 · 885 posts · 316 votes
17y
Why have a mentor when you have opinions from all around the world right here at BP? I like to spend my money wisely. Spending it on a mentor wouldn't be #1 priority to me (but, I've also been called a "self starter", too).
Lender · Phoenix, AZ · Member since 2008 · 351 posts · 40 votes
17y
Yeah, these are all good points. I guess my main concern was some programs give you all the contracts and what not that they use and I figured this would be beneficial.
All the books I have, have these in them though so can you just take those and goto your lawyer and make sure they fit for what you are doing?
I guess that is the only thing that I am worried about because I am a self starter and going to REI clubs and marketing would not be a problem what so ever for me, it would be the fine print like that. I think when I get out of grad school I will be focusing my work toward HS students so I would technically work after 5pm most nights and over the weekend from home. Leaving A LOT of time to really put toward rentals, wholesales and lease options.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
17y
Rich, we are getting along. In fact, we're having a very good discussion about mentors. What exactly do you want? Do you want Will to patronize me and tell me what a great post I made when he disagrees with something? Do you want me to patronize Will if I have a question about something he posts? You need to grow a little thicker skin, or simply stop reading any posts where Will and I are involved (we often have different opinions).
BTW, I actually agree with what Will said in his last post on this thread. Shall we hold hands and sing a happy song Will?
Mike
My comment was tic. Don't worry about my skin, its' certainly thick enuff to handle your comments. I find some of them insightful, and often point on, imo and always entertaining.