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.
Big Sky, MT · Member since 2009 · 1 post · 0 votes
16y
Great info, thanks! So my question is, how do you get the leads of people who are 60-90 days late on their mortgages in your particular area? That would be a huge help! Thanks!
Great info, thanks! So my question is, how do you get the leads of people who are 60-90 days late on their mortgages in your particular area? That would be a huge help! Thanks!
I am a newbie, too. But, if you look around, there are list providers that sell the leads. Listsource and MelissaData comes to mind. Try search function here, you will find people's suggestion.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
16y
Originally posted by Johan Eriksson:
Great info, thanks! So my question is, how do you get the leads of people who are 60-90 days late on their mortgages in your particular area? That would be a huge help! Thanks!
You find the BP thread that is already discussing that topic!
Real Estate Broker · San Diego, CA · Member since 2009 · 119 posts · 54 votes
16y
Get your real estate license and start working with investors. You'll get paid better than bird dogging and learn WAY more than you will ever learn otherwise.
I will say it is a TON of work mentoring. I have 2 full time interns who are working with me this summer who are just completing their final year at sdsu.
It is very rewarding for me but an unbelievable amount of work trying to show them everything I do and why. Everything takes 3 times as long.
The only thing I am asking from them is to write down everything I am showing them so I can review and make sure they understand what I M trying to get across to them. Also I want them to write it down to help the next interns.
In addition I am having them post on my blog what they are learning. It's interesting to see how there view of the business is changing.
They say the biggest revelation is how hectic the business is and the incredible work ethic it takes to succeed.