BiggerPockets

I've been getting a lot of request for information lately from people that are being mentored by someone else and paying them money!!

in the last 4 weeks I've had 6 people contact me and bring up they're working with a mentor. I ask them how much they're paying their mentor, I've been told from $500 a month to $1500 a month :roll:

I don't get it! I offer help, guidance, coaching and mentorship for those that are serious about making it happen. Ask me what I charge?................split a deal with me we'll call it even.

My thinking is and always have been why charge someone upfront for something they'll never do, isn't that wrong?

Most newbies/beginners flake out extremely early after they realize those late night infomercials of getting rich over night with no money out of pocket aren't true.....so why lower to the sleezeball used car salesman level of taking their money if you know they are going to continue to do nothing.

So analyze me, what am I doing wrong or right to attract these people that are paying someone else good money(that could be used for marketing).

Why is it they talk about all the deals their mentor is doing but yet they're still sitting around watching their banks accounts drop to zero.

Should I start charging for mentorships? what would you consider fair pricing? or should I stop even dialoging with someone if they've got a mentor already......

Either get your monies worth from your mentor or quit paying them, is that so wrong to think?

Nick, if you were in IL I'd let you mentor me for free lol

Originally posted by Michael Scott

I think they should bring the deal to you and you help structure and educate them...Split the profits and have them do all the busy work...this way you add value to one another.

Thats exactly how I like to do it.

I'll tell you what to look for and how to look for it
bring it to the table, we'll do the deal (you do all the grunt work)
you learn an immense amount of knowledge from actually "doing" and we both make some money

I guess that just doesn't seem logical to some newbies b/c so many are paying for..............well I don't know what they're getting if their still not doing deals :roll:

I think my new strategy will just be create a course, sell it and charge for mentorships/coachings..................apparently thats how it's done

My advice, in the real estate investment world, tread lightly and verify that a mentor is legitimate.

I know solid guys that offer the 50/50 deal, and I know some good mentors that charge a fee for service for their time.

Like any other business, there are good and bad folks. Just do your homework and find out the best fit for you.

Have a Profitable Day!

Originally posted by Tammy Porter

Nick,
The few that I thought were legit at first and now I have changed my opinion are Cris Chico, Dave Lindahl, and Charrissa Cawley. I now get emails daily with them pushing other gurus products and trying to sell me something.

ya affiliate marketing gets on my nerves.

I can't fault them for capitalizing on it but it does become irritating when you know there are suckers out there breaking out their plastic for below grade vaguely put together up sell model courses.

I feel I'm at the point where I don't feel it's financially sound to my valuable time to offer 50/50 splits for extreme newbies, but I also feel like if something like that were offered when I got started how quickly I would jump on that offer and it's a great way to build future relationships with someone you know exactly how they work and their honesty and integrity b/c you've done deals with them in their infancy on investing.

Hi All - I am both a Mentor, Mentee and I have a Coach. Here is how it works for me....

I mentor for free (but I have some upfront requirements for those that approach me). The requirements are the reading of two books that have changed my life (Rich Dad, Poor Dad) and (Secrets of the Millionaire Mind). After they have read them - I ask them to call me after each and tell me what they feel they have learned... this process weeds out about 70% of the people that ask. My feeling is that if they cannot put their own time and money into reading a book or two - why should I give them my time?

Step two is optional (depending on where they live and what is available). I ask them to attend a 3 day Intensive Seminar called Millionaire Mind - I give them Free Tickets, but they have to make the effort to attend. I usually mention this to everyone - and depending on their attitude, I make it optional or not. If they are whiny about having to give up 3 whole days of their time for self improvement, I am not interested. If they are interested, and a course is not located conveniently or is a long time away, I sometimes still consider them. This step weeds out another 20%.

Finally - I ask the to play the game "Cashflow" with my husband and I and/or other friends as many times as they can comfortably fit in their schedule in a month. I do this because the game teaches them a lot, but more importantly how they play the game teaches ME a lot, about them.

If it is still the right connection - I mentor for free, without any expectation of them sharing in a deal. If the deal is right, and I want to, I will ask or offer - but really good mentors give without expectation of return, and generally speaking the world is good back to them.

I am also a Mentee - same principles above with my Mentee, he asks nothing, I always offer what I can back (labour, knowledge, sharing of a deal, referral of deals that I can't do etc.).

I also have a Coach - and I pay well for her time. She keeps me on track with my "bigger picture" thinking and actions. She has experience in Real Estate and is financially free, but helps me to balance life, work, healthy and develop and attain goals.

My approach may not be for everyone - but it does weed out the lazy and the people who want everything done for them.

YOUR THOUGHTS?

hi All,

I am a newbie, and reading everything I can get my hands on. I have not made any offers on any properties. I would greatly appreciate anyone of you seasoned guru to mentor me through the first few deals. I am willing to split the profits and do all of the grunt work or pass along deals that I am not able to complete. I know that this is not a get rich quick plan, and will require a lot of work. I am interested in wholesale deals or deals that can create cashflow.

I am willing to meet any requirements that you may have so that you know I am serious about REI.

I hope that one of you will be willing to give me a chance to make money for both of us.

thanks,

Elizbeth

Get this...there is a So Cal creative investment club that strongly endorses a mentorship program where they send you here to Texas as well as Oklahoma to rehab houses. The mentor charges $13,500 up front as well as gets assignment fees on the houses. I have witnessed several newbees getting steered into bads deals and the mentor themself has lost multiple properties to forclosure here already. This is very shady business, be aware of mentors!

Tom

Originally posted by Tom Tarrant

Get this...there is a So Cal creative investment club that strongly endorses a mentorship program where they send you here to Texas as well as Oklahoma to rehab houses. The mentor charges $13,500 up front as well as gets assignment fees on the houses. I have witnessed several newbees getting steered into bads deals and the mentor themself has lost multiple properties to forclosure here already. This is very shady business, be aware of mentors!

Tom

Tom,I agree some mentors are crooks and theives, but not all of them of course. That is just like saying that all RE markets in the country are the same. Just as you investigate anything else, you must do your due diligence on the mentor or the company providing the service.
Charging $13k+ 50% of deals is a rip off no matter how anyone tries to spin it.

On the other hand, there are a lot of people out there who probably need more help than that and I can see someone charging a fee to weed out all the tire kickers.

I agree with that as well. I just don't think it is necessary to charge outrageous upfront fees. Paying something to a quality coach or mentor upfront would put some skin in the game for the student and show the trainer they are serious. As Justin stated, there are too many flakes out there who will try to get some free info and not put in the work. That is not fair to the coach.

I think a reasonable balance between fees and or spliiting profits would be fair so long as both parties agree and the student has done their DD on the coach..