Should I work with this mentor?

36 Replies

I'm really torn between working with real estate coach tim taylor or not. I need to learn how to make offer and deals and get started wholesaling properties. I really need a coach to show and walk me through the basics. I was totally on board after talking to Tim Taylor on the phone today but then I decided to google his program and now I have mixed feelings about the whole thing.....here is the article I read. 

http://activerain.trulia.com/blogsview/1601220/tim...

He offered me the following:

He gets:

12,500 cash upfront for course 

20% of all my deals go to him for one year

I get:

Tim Taylor as my personal coach and his personal number to ask questions (he only takes on 20 students at a time now)

His program and methods of how to get house and flip and make money 

The fact that I'm willing to pay this tells you how much I want to learn real estate lol. And please let me know if you've had a good experience with Tim Taylor. I already have had one of his previous students only say great things about him. And I definitely don't need to hear I can learn it all from podcast, and bigger pockets forum, and books. lol. I need hands on coaching and someone that will guide me as I am DOING them. 

Also, other coaches I'm thinking about getting coaching from are Michael Quarles and Jerry Puckett. 

Wow!  That's expensive.  Is he an active investor or riding on the coattails of his students?  I would look for local/active investors and get mentoring from one of them. 

@Michael Linquist Instead of paying him the money, wait one month. In that one month, listen to at least one BP podcast a day, and read at least on BP blog a day. I can assure you that your view point will change.

[email protected] | NJ Agent # 0565737 - NRS REFERRAL SERVICES, LLC

I know nothing about the person mentioned.

Michael have you gone to REIA meetings and found someone LOCAL you might connect up with??

Look people that are successful their time is worth a lot of money and I mean a lot of money.

If someone is making 1,000,000 a year let's take it by 30 hrs a week X 4 weeks is 120 hrs a month X 12 = 1,440 hours a year. 1,000,000 / 1,440 = 694.44 an hour earnings pre-tax.

If 20 hrs was spent with someone that would be about 14,000 for their time. People in demand can dictate what their time is worth. If people do not like it they can move on.

I like posting on bigger pockets because  you can make a post and people see it 24/7 and many get value from it. If a person is taking up one on one time then that is different.

Medium allworldrealtyJoel Owens, All World Realty | [email protected] | 678‑779‑2798 | http://www.AWcommercial.com | Podcast Guest on Show #47

@Joel Owens  

I do agree with you for the most part, but how did that mentor becoming a millionaire?  Was it through mentoring or from real estate investing?  I would personally find this out and verify before spending that type of money. 

I like @Jon Huber  's advice above. Be sure to read everything under the "Learn" tab above, too. 

Real estate investing isn't rocket science, and there is no secret magic technique that anyone can teach you. RE is a good way to build wealth, but not a good way to get rich quick.

If flipping's your thing, you should realize that in many ways it is an intensely local business. What the prices are, what level of finishes, what the legal regulations are... If this Tim guy is an active flipper in your town - meaning he lives there, and you can get in his truck and drive out with him and see the properties he is currently rehabbing, plus see the sales records of his previous projects, then it might, possibly, maybe, be a worthwhile investment for you. If he is just offering theory and phone consultations then you probably don't even want to consider it for another minute.

Medium team zen logo vJean Bolger, 33 Zen Lane | http://www.solidrealestateadvice.com

Originally posted by @Rocky V. :

Wow!  That's expensive.  Is he an active investor or riding on the coattails of his students?  I would look for local/active investors and get mentoring from one of them. 

 Well, he says that he used to be an active investor but he got tired of doing that so now his business relies on his students success. If each student makes 200,000, he would collect 20% = 40,000. If he has 20 students that all net 200,000 he pockets 800,000 plus their start up cost. So, 1,000,000. 


Originally posted by @Jon Huber:

@Michael Linquist Instead of paying him the money, wait one month. In that one month, listen to at least one BP podcast a day, and read at least on BP blog a day. I can assure you that your view point will change.

Okay, I will wait a month and listen to BP podcast and read posts before making a decision then. Thank you

Originally posted by @Jean Bolger:

I like @Jon Huber 's advice above. Be sure to read everything under the "Learn" tab above, too.

Real estate investing isn't rocket science, and there is no secret magic technique that anyone can teach you. RE is a good way to build wealth, but not a good way to get rich quick.

If flipping's your thing, you should realize that in many ways it is an intensely local business. What the prices are, what level of finishes, what the legal regulations are... If this Tim guy is an active flipper in your town - meaning he lives there, and you can get in his truck and drive out with him and see the properties he is currently rehabbing, plus see the sales records of his previous projects, then it might, possibly, maybe, be a worthwhile investment for you. If he is just offering theory and phone consultations then you probably don't even want to consider it for another minute.

Well, I understand that it is a local thing, but I know nothing about how to do any of it. So the coaching would get me over that hump. Then I could find a mentor to hone my skills and learn more about my local area. Mike Quarles called me last night and offers a very good program. Cost 1/8 less then cost of the other program to :). He focuses on "Wholetailing" though. Not sure what that is yet. It seems to be like wholeselling but you hold the property longer and sell at higher price? 

He got tired of being an active investor?! WHAT!

Move on...

If you send me 12500 ill sell you this really awesome bridge.

Originally posted by @Joel Owens :

I know nothing about the person mentioned.

Michael have you gone to REIA meetings and found someone LOCAL you might connect up with??

Originally posted by @Jean Bolger:

I like @Jon Huber 's advice above. Be sure to read everything under the "Learn" tab above, too.

Real estate investing isn't rocket science, and there is no secret magic technique that anyone can teach you. RE is a good way to build wealth, but not a good way to get rich quick.

If flipping's your thing, you should realize that in many ways it is an intensely local business. What the prices are, what level of finishes, what the legal regulations are... If this Tim guy is an active flipper in your town - meaning he lives there, and you can get in his truck and drive out with him and see the properties he is currently rehabbing, plus see the sales records of his previous projects, then it might, possibly, maybe, be a worthwhile investment for you. If he is just offering theory and phone consultations then you probably don't even want to consider it for another minute.

Good news! Just connected with a real estate coach that lives 5 minutes away from me through meetup. He has a class this Saturday for 300 bucks and continued guidance and help afterwards. I talked to him on the phone for 20 minutes and he said he has done 400 deals since 2005 when he started and does not claim to be a guru, but does claim that he knows a lot more about the Tampa, FL market then a "guru" that lives in another state. He's still actively involved in my local real estate market and is closing on a deal this week 2 minutes away from my house. He also is familiar with the company I used to throw signs for. 

The class sounds like a good investment to me. what do think?

@Michael Linquist I think you should spend your $300 on gas and head down to some local REIA and meet the full gamut of people doing deals in our area. I will see you at Tampa REIA on Thursday night and Larry's on Monday night. You will be able to meet and get advice from people who have been doing this a lot longer than 9 years.

Be really cautious about who you are giving your money and/or time to. 

Take the $12,500 for the guru and buy a house...just my opinion !

@Michael Linquist  

I live not too far from you, Spring Hill. I am an active investor lol. I started only a few short months ago and I've never paid for a mentor. Go to all the REIA meetings you can, PM and I can give you the list of the really good ones. I'll even meet you at one and introduce you to some awesome whole salers. Save your money, read and go to some meetings

@Michael Linquist  

 If you are desperate for a course, for heavens sake, please please please choose the $300 one so you can put an extra $12,200 towards your business.

Otherwise, I would go with the healthy suggestion of networking with others in your area at an REIA meeting. Get some cards, offer to buy a few lunch - do you know how many lunches you can get for $12,500? :P

That 12K could go towards your first property. This sounds like the classic case of some one getting rich off of telling people how to do xyz....instead of getting rich off of doing xyz. 

Originally posted by @Jon Huber :

@Michael Linquist Instead of paying him the money, wait one month. In that one month, listen to at least one BP podcast a day, and read at least on BP blog a day. I can assure you that your view point will change.

 I agree 100% with this approach!!

@Michael Linquist   What is it that you would have troubles finding or flipping properties? Is it finding them, analyzing, estimating, project managing, funding, marketing or all the above? BP is a great place to learn all of these. Take each subject, search forums and perfect knowing it then go to next item. When you have the tools you learned, you will feel confident in doing your first deal. Or at least knowing what your doing if having to partner with someone. Partnering is a good way to reduce your liability and learning along the way. Then do your own. Good luck.

$300 for a class with a good local guy could be a sensible use of your time/money, IMO, especially if he is sharing contacts of some of his local suppliers. There's a guy in my area who does that type of thing, I went to a $100 weekend class he offered and felt good about it. (This was before I was active on BP).  There are those who will say you can get all the info you need here, and that is probably true. But another huge part of investing is networking with others, and this might be a good way to start doing that. 

Medium team zen logo vJean Bolger, 33 Zen Lane | http://www.solidrealestateadvice.com

Originally posted by @Jon Huber :

@Michael Linquist Instead of paying him the money, wait one month. In that one month, listen to at least one BP podcast a day, and read at least on BP blog a day. I can assure you that your view point will change.

Yeah, do this. Give yourself 30 days to learn more about what other people are doing and how they got started.  Then you'll know more about what interests you and what to focus on if you do decide to pay for mentoring.

@Michael Linquist  I think you better off taking that money and living off it while you work for free for a local investor for a few months.  

Get your mind right, read, work half days... 12 hour a day and go to bed with your shoes on.

Read Grant Cardone books... "10x" and "sell or be sold".

[email protected] | CA Agent # 01957844

I vote with Jon Huber.  If you change your mind after a month of podcasts...this guru will still have space & take your 12K.

Originally posted by @Michael Linquist :

I'm really torn between working with real estate coach tim taylor or not. I need to learn how to make offer and deals and get started wholesaling properties. I really need a coach to show and walk me through the basics. I was totally on board after talking to Tim Taylor on the phone today but then I decided to google his program and now I have mixed feelings about the whole thing.....here is the article I read. 

http://activerain.trulia.com/blogsview/1601220/tim...

He offered me the following:

He gets:

12,500 cash upfront for course 

20% of all my deals go to him for one year

I get:

Tim Taylor as my personal coach and his personal number to ask questions (he only takes on 20 students at a time now)

His program and methods of how to get house and flip and make money 

The fact that I'm willing to pay this tells you how much I want to learn real estate lol. And please let me know if you've had a good experience with Tim Taylor. I already have had one of his previous students only say great things about him. And I definitely don't need to hear I can learn it all from podcast, and bigger pockets forum, and books. lol. I need hands on coaching and someone that will guide me as I am DOING them. 

Also, other coaches I'm thinking about getting coaching from are Michael Quarles and Jerry Puckett. 

My suggestion would be as follows.

(1) Save all your money.  That is your investment nest egg and will go toward your first investment property.

(2) Ask every investor you meet for a recommendation real estate book to read.

(3) Read all of these real estate books for 12 months.

(4) Surround yourself with as many people who are actual real estate investors as possible (go to REI clubs, meetups, etc.)

(5) Develop your real estate investment strategy and find a mentor who has had a great amount of success implementing this strategy (he is a millionaire).

(6) When you feel ready emotionally, take action!

This will be the cheapest education.  All you need is available at the library, Amazon, BP, or your local real estate investor group.

Best of luck!

-jon.

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