Real Estate Investor · Houston, TX · Member since 2009 · 45 posts · 3 votes
So I met with a possible mentor today to help me with the wholesaling process. He said he'd walk me through my deals and pretty much show me the ropes. He also said he's introduce me to a few title companies, realtors and other key people that could help me along the way. He had to different payment plans one where I Pay $999.00 upfront and then 99.00/month. On this one I would keep 100% on my deals. The other is $499 unfront and 99/month. This one is a 50/50 split. I could stop whenever I feel like I don't need him anymore.
What are your opions? Is this about right for a mentor?
Investor · Diamond Bar, CA · Member since 2009 · 446 posts · 233 votes
16y
There really is no need to pay for a mentor. What a "racket" You pay me to give me leads. Wow! We all should be so lucky.
If the guy is making money from your leads you should not have to pay him for them.
Soft credit leads are a little harder to come by because you have to look a little to find services offering them - but notice of default and notice of sale leads are available from every foreclosure tracking service on the net. Bigger Pockets has a list of them and I am certain if you sign up at least a referral commission will go to Bigger Pockets as they very much deserve.
But please look at the posters who said $0 down and $0 per month for a mentor. That's the price - and most will give you free leads or direction on how to get the leads - certainly without paying the mentor.
Remember - a mentor IS NOT doing you a favor. The plan is to MAKE MONEY off of you. Make no mistake. If they charge you for the mentoring it is because they do not expect you to make them money any other way, i.e., they expect you to not become successful.
This is no doubt why Guru's charge money - they know that 99% of the buyers will never actually put down the effort to succeed.
When I mentor I will work with someone forever helping them to understand etc - but eventually if they never actually implement anything - then they become a friend - not someone I am mentoring. We talk - and I offer - but they decide what to do.
Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
17y
How about $0 upfront, $0 a month, and you keep 100% of the profits?
I mean, seriously, what is there to wholesaling? Find a good deal; put it under contract; then either assign the contract to an investor or buy it and sell it to an investor. That's all there is.
Since I just gave you the "SECRET", please send me $199 and $49 a month and you can keep all the profit for yourself!!!
Real Estate Investor · Houston, TX · Member since 2009 · 45 posts · 3 votes
17y
So, my new mentor contacted me on Friday after we met....and he is willing to train me for free. He said that he was really impressed with me and proposed a deal. Basically I would be working the leads that he receives from his scouts...I would be doing the research on the property for him and creating a lead sheet so that he could just go through the list and make the calls. I would get a percentage of what he closes on for the month and free training. This is exactly what I've been looking for!! Such a sweet deal!!
Real Estate Investor · Charlotte, NC · Member since 2008 · 368 posts · 42 votes
17y
FOR FREE, but now you are going to be working HIS LEADS. Wholesaling is very easy and not complicated, but to work for someone else that is what most are doing now a days and they hate it. You are going to make him rich and you get NOTHING or PEANUTS.
Send me a couple of your deals and I will work them for you and then after you get one of them you can pay me what you feel my advice was worth.
Real Estate Investor · Chandler, AZ · Member since 2009 · 12 posts · 1 vote
17y
Just out of curiousity, you guys don't think working for someone for a while is a good, risk-free way to learn the business?
Is there anything OP would learn by working for his mentor that he would not have learnt on his own?
Real Estate Investor · Houston, TX · Member since 2009 · 45 posts · 3 votes
17y
Anna M..Good Question.
That's exactly how I see it...A risk-free way to learn. I read many threads that say a mentor is good to have in the beginning...I get to learn the business from someone who's already good at it. He's in my area and I make some money as I learn. Yes, I'm sure I could make more money doing the deals myself..but first I need to learn. That's just me..I like to know what I'm doing before I do it.
Real Estate Investor · ten mile, TN · Member since 2009 · 1k+ posts · 374 votes
17y
Anna and Winifred: There is nothing wrong with a montor! The problem comes in when the mentor charges up front fees like the OP posted.
Basically they are guru's selling a "secret" that is available for free on the webb and here.
A TRUE mentor will take you on as sort of an employee with a non-compete contract for XXX amount of time and HE pays you during that period. Your pay could be percentage based (commission) upon deals or straight pay. All this while he teaches you what he does.
Then you go out on your own and do. You would still be able to contact your mentor for advice for a situation that you find that was not covered if you maintain your relationship. Your mentor will also find you referring deals to him that you cant or choose not to do.
Wholesaler · Amarillo, TX · Member since 2008 · 1k+ posts · 659 votes
17y
If you are a new investor and you can work for an experienced investor for FREE, I would do it. The knowledge and experience is priceless. I've spent a lot of time and money figuring out how to make money in this business and if I could have worked for someone for 6 months who could have taught me the basics of what I know now, I would be years ahead of where I'm at and hundreds of thousands of dollars stronger in my net worth.
What Mike and Douglas are overlooking is that every part of this business is simple and easy once you've done it long enough, but so is everything in the world. If I've done it long enough, designing ion-propulsion systems for space craft is a piece of cake, but UNTIL I've done it long enough its NOT easy and its NOT simple. They are speaking from the perspective of an experienced investor and frankly I don't think what they're saying is accurate.
Its like an adult looking at a 9 month old baby crawling around and saying what's wrong with you? Get up on your feet and walk around.
Either way, IF the investor is truly an experienced investor then I would say it sounds like a good opportunity for you. So you're working for someone else for awhile, so what? So you can get the knowledge and experience while you are making money with no risk? Hello? Sounds like a no-brainer to me.
Specialist · Jacksonville, FL · Member since 2008 · 140 posts · 14 votes
17y
Even if you had to work for free for someone to learn your desired field I think its still a good deal. Especially if that someone is an expert! I think that's called Internship!
Real Estate Investor · Hartwell, GA · Member since 2008 · 35 posts · 6 votes
17y
I will mentor anyone for free! How about that? Push my paperwork and run my ads and I will help you with your deals. If you are real good, I will help you with funding on your deals and help you make some money. Atlanta area only.
Real Estate Consultant · Lakewood, CO · Member since 2009 · 69 posts · 23 votes
16y
See I totally agree that to wholesale is really not that hard. Most people just getting into the business make it harder then what it really needs to be. If I were you I would go to a good lead provider mine get me 500 leads of people that are 60-90 days late on there mortgage for $200.00 now I cant do 500 leads myself so I sell 300 of them for YEP $200.00 and take my 200 for FREE. Run the comps on the property and see who has this thing called "EQUITY" I know some of you that have been doing this awhile might remember when people had that! :) Or you can simply write offers on Bank Owned properties or any properties that are below market. This is a numbers game the more offers you write the more deals you will get. Close them with Hard Money if you want to flip them. (Bet your mentor was still going to charge you for using his source) I have over 200 Hard Money Lenders if you need them. And sell it yourself. Or if you want to do a A to B B to C Transaction use a Transactional Funder I have 3 of them. Its really not that hard.
Real Estate Investor · Queens, NY · Member since 2009 · 3 posts · 0 votes
16y
Originally posted by Damon McCarty:
i just paid for Robert Kiosaki's wholesale class and it took a large chunk out o my wallet...any thoughts???
Damon, i just read your post that you bought his wholesale class. I tried to get the mentor package inclulding 8 advanced trainings with a partner but they backed out. so i was just curious how you find the wholesale class and did you get the mentor program?
Honolulu, HI · Member since 2009 · 12 posts · 0 votes
16y
Originally posted by Lou Compere:
Originally posted by Damon McCarty:
i just paid for Robert Kiosaki's wholesale class and it took a large chunk out o my wallet...any thoughts???
Damon, i just read your post that you bought his wholesale class. I tried to get the mentor package inclulding 8 advanced trainings with a partner but they backed out. so i was just curious how you find the wholesale class and did you get the mentor program?
hey Lou -
no didnt get the mentor. i didnt have the cash myself and couldnt find some one to partner with.
the class i did get will be happening in January, will let you know.
And Mr I - waaay too late to get the money back have to go with it and make the best.
Honolulu, HI · Member since 2009 · 12 posts · 0 votes
16y
Originally posted by Rob Huxman:
See I totally agree that to wholesale is really not that hard. Most people just getting into the business make it harder then what it really needs to be. If I were you I would go to a good lead provider mine get me 500 leads of people that are 60-90 days late on there mortgage for $200.00 now I cant do 500 leads myself so I sell 300 of them for YEP $200.00 and take my 200 for FREE. Run the comps on the property and see who has this thing called "EQUITY" I know some of you that have been doing this awhile might remember when people had that! :) Or you can simply write offers on Bank Owned properties or any properties that are below market. This is a numbers game the more offers you write the more deals you will get. Close them with Hard Money if you want to flip them. (Bet your mentor was still going to charge you for using his source) I have over 200 Hard Money Lenders if you need them. And sell it yourself. Or if you want to do a A to B B to C Transaction use a Transactional Funder I have 3 of them. Its really not that hard.
when you say "lead provider" do you mean a realtor that you work with or some other source?
Real Estate Consultant · Lakewood, CO · Member since 2009 · 69 posts · 23 votes
16y
Its another source! This is someone that soft pulls credit for Mortgage leads and we get the leads 60-90 days late on there mortgage. They cost ya yet there worth it.
Real Estate Investor · Frisco, TX, TX · Member since 2010 · 388 posts · 138 votes
16y
Finding a mentor in any investment is one of the most important steps in investing. I have my mentors that I bounce ideas from before going into any deals or transactions.
However, a mentor that wants to charge is not really a mentor, you might consider him a consultant, but definately not a mentor. I would also ask where his allegiance (SP) was, to your success or to his 99/month? Most successfull people in any field are too busy to offer a service like this, but not too busy to help mentor the right person.
Real Estate Investor · CA · Member since 2010 · 12 posts · 0 votes
16y
Originally posted by Rob Huxman:
See I totally agree that to wholesale is really not that hard. Most people just getting into the business make it harder then what it really needs to be. If I were you I would go to a good lead provider mine get me 500 leads of people that are 60-90 days late on there mortgage for $200.00 now I cant do 500 leads myself so I sell 300 of them for YEP $200.00 and take my 200 for FREE. Run the comps on the property and see who has this thing called "EQUITY" I know some of you that have been doing this awhile might remember when people had that! :) Or you can simply write offers on Bank Owned properties or any properties that are below market. This is a numbers game the more offers you write the more deals you will get. Close them with Hard Money if you want to flip them. (Bet your mentor was still going to charge you for using his source) I have over 200 Hard Money Lenders if you need them. And sell it yourself. Or if you want to do a A to B B to C Transaction use a Transactional Funder I have 3 of them. Its really not that hard.
Hi Rob, I'm new to wholesaling and investing but am ready to hit the ground running. Where could I find a resource like the one you say provides you with the lead list of 500? What area do you work?
Investor · Diamond Bar, CA · Member since 2009 · 446 posts · 233 votes
16y
There really is no need to pay for a mentor. What a "racket" You pay me to give me leads. Wow! We all should be so lucky.
If the guy is making money from your leads you should not have to pay him for them.
Soft credit leads are a little harder to come by because you have to look a little to find services offering them - but notice of default and notice of sale leads are available from every foreclosure tracking service on the net. Bigger Pockets has a list of them and I am certain if you sign up at least a referral commission will go to Bigger Pockets as they very much deserve.
But please look at the posters who said $0 down and $0 per month for a mentor. That's the price - and most will give you free leads or direction on how to get the leads - certainly without paying the mentor.
Remember - a mentor IS NOT doing you a favor. The plan is to MAKE MONEY off of you. Make no mistake. If they charge you for the mentoring it is because they do not expect you to make them money any other way, i.e., they expect you to not become successful.
This is no doubt why Guru's charge money - they know that 99% of the buyers will never actually put down the effort to succeed.
When I mentor I will work with someone forever helping them to understand etc - but eventually if they never actually implement anything - then they become a friend - not someone I am mentoring. We talk - and I offer - but they decide what to do.
Real Estate Investor · Phoenix, AZ · Member since 2008 · 12 posts · 0 votes
16y
I'm a somewhat new Investor in the Memphis TN area. I've done 3 deals and about to close my 4th all are assignments. I've never had a mentor, but I would love to have some kind of go to guy or gal... Any good info is awesome. Please request/add me.