Yes they do. If they do not have their own money or a lender I teach them how to find a lender. Figuring out how to get the money is an essential part of learning how to be a good rehabber.
I believe the value in a good mentor is to helps the student strengthen/solve his areas of weakness.
Some guys biggest challenge is being able to find money , some have plenty of money but cant put accurate financial projections together and get talked into buying terrible deals by clueless realtors in short skirts. Some know how to do the construction well, but have no flair for layout, design, color, staging, or for getting the house sold.
There are many areas that a wannabe rehabber can break down, the value of a mentor is huge in my opinion. He is there to help solve whaterver problem comes up, and they come up. With some guys everyday.
One of the fellows, before he hooked up with me and paid my outrageous price. He had done two previous deals, his first deal he spent about 6 month working on the house himself an ended up meeting about 4000 dollars, his second deal he ended up losing around 10,000 dollars.
His first deal that he did with me, it he had done about 6 weeks and made about 13000, after he had paid me 2, 500. His second and third deal he made a little over 15, 000.
The others mentor deals have similarly interesting stories, each very different.
I sense people on here think what I charged is excessive, I think its peanuts for the value recieved, and is not remotely as profitable as rehabbing if you figure out how to do it well. The amount of wannabe rehabbers, some pretty competent contractors and people successful in other businesses, attempting the rehab business that I have seen crash and burn and give it up, is significant.
I have also seen people pay a premimum and not get anything valuable in return. One friend paid 5, 000 for a RichDad Coaching, what a waste.
I have many times wished I had hooked up with someone successful locally, and paid them five or ten grand, or worked for free to learn the ropes, instead of spending it on the boot camps learning a few things I needed mixed in with days of stuff I was not interested in and afterwords being all excited to push projects and having nobody to ask when I ran into problems. Running trial and error for a couple years, crashing and burning, and only then figuring it out, a half devent mentor could have saved me a helluva lot of time money and grief.
Maybe its excessive, but I think it very much depends on what a persons experience, support group, and needs are.
Although my "fees" may seem excessive, The time and energy spend on a "mentee" unless they were highly competent in some area of the business, I wouldnt take another one on for that price.
Karen M, if the mentorship offer is available in the middle of 2015, ill have my five crews solid, and the systems fully implemented and functioning. I may be looking to venture into commercial, thats the area of buy snd hold thst interests me the most. ill see if you mentorship offer is still available ;-)
Dell Schlabach, BenchMark Properties
Dell Schlabach BenchMark Properties