Should I pay for a one-on-one mentor?

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Should I pay for a one-on-one mentor?

Shawn Moser
Logan, UT · Member since 2018 · 4 posts · 3 votes

Hey fellow BPers, I'm new to BP and to real estate. I had a discussion today with a mentor from the Doug Hopkins real estate program and they have a mentorship program where for one year I will have weekly calls with a coach that will walk me through getting 6-8 deals in that year. I then have access to that mentor after a year whenever I need help. The cost of the program is $12k, which if the help is legit could be made on a single deal. Does anyone have any  experience with this mentorship program or have any advice on whether I should sign up?  Thanks in advance for your response.

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Chris MasonPro Member
Moderator
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
8y
Originally posted by @Shawn Moser:

Thanks for the fast reply Chris. It's not the personal trainer type motivation I need in a mentor, it is a step by step process for how to close my first few deals successfully to gain the confidence to do it myself.

 There's a website called biggerpockets.com that has all the guru stuff for free; you may have heard of it. :P

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  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    8y
    Originally posted by @Shawn Moser:

    Hey fellow BPers, I'm new to BP and to real estate. I had a discussion today with a mentor from the Doug Hopkins real estate program and they have a mentorship program where for one year I will have weekly calls with a coach that will walk me through getting 6-8 deals in that year. I then have access to that mentor after a year whenever I need help. The cost of the program is $12k, which if the help is legit could be made on a single deal. Does anyone have any  experience with this mentorship program or have any advice on whether I should sign up?  Thanks in advance for your response.

     Probably not.

    There is a place for paid coaching if you are unable to self motivate. IE: you COULD be super successful, but ONLY IF you have someone yelling at you and holding you accountable. If you can hold yourself accountable and self-motivate, it's a waste of money. 

    3Reply
  • Shawn Moser
    OP
    Logan, UT · Member since 2018 · 4 posts · 3 votes
    8y

    Thanks for the fast reply Chris. It's not the personal trainer type motivation I need in a mentor, it is a step by step process for how to close my first few deals successfully to gain the confidence to do it myself.

    2Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    8y
    At that cost no you shouldn’t.
    1Reply
  • Pablo Barrientos
    Rental Property Investor · Springfield, NJ · Member since 2018 · 35 posts · 10 votes
    8y

    no way. With 12k that’s a down payment with a fha loan at 3.5% down. After that just brrrr the property. And fund your second deal. So much free info out there. Good luck!

    0Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    8y
    Originally posted by @Shawn Moser:

    Thanks for the fast reply Chris. It's not the personal trainer type motivation I need in a mentor, it is a step by step process for how to close my first few deals successfully to gain the confidence to do it myself.

     There's a website called biggerpockets.com that has all the guru stuff for free; you may have heard of it. :P

    13Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    8y
    Chris Mason that sounds familiar. Think I join it ?
    2Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    8y

    @Shawn Moser

    Absolutely you should pay for a 1-on-1 mentor, with weekly calls, for $12,000. You'll skip all the tedious falling down that beginners who don't pay for mentors go through, avoid all the costly mistakes. You'll beat the learning curve. You'll have someone to fall back on. Because after all, the most valuable thing you have is your time, especially starting out. If I could go back and find a highly competent, well-informed mentor for that amount of money, I'd jump on the opportunity in a heartbeat.

    The most I paid for real estate coaching was $150 and while I haven't totally stepped on my crank yet in the five years since I bought my first investment property, the speed at which I've progressed has not impressed me greatly. But I know enough about myself to know that some people learn best by coaching, some people learn best by researching and experimentation, and some people never learn. I've tried to coach people who really just wanted to fall to their knees, close their eyes, and open their mouths with an anticipatory sigh to let their godlike mentor to stick a silver spoon in there, and that ain't me.

    So whatever you choose, don't expect any coach or any other source of information to have all the answers.

    2Reply
  • Shawn Ward
    Real Estate Investor & Consultant · Los Angeles, CA · Member since 2016 · 620 posts · 386 votes
    8y

    @Shawn Moser I'd say NO. You should be able to find a mentor yourself. Go on here and LinkedIn. Ask 50 people as close to you as possible who do exactly what you want to do. Even if they are remote, its better. People will help you. 

    But, its your money. Some people have to learn the hard way and get burned (not saying this is what will happen), but there are enough resources here to get you a mentor. 

    At the end of the day, the best learning will be: 1) unpaid mentor 2) JUMPING INTO A DEAL

    All the best!

    sjw

    0Reply
  • Nicole A.Pro Member
    Rental Property Investor · Baltimore County Maryland and Tampa Florida · Member since 2013 · 2k+ posts · 2k+ votes
    8y

    As everyone else has said, NO, don't do it. You could use that $12K to put down on your first rental property! This stuff isn't rocket science. It's fairly basic math and not forgetting to factor in ALL costs (not just principle, interest, insurance, and taxes). Learn here on this site for pretty much free.

    0Reply
  • Derrick E.
    Investor · The Creek, WV · Member since 2014 · 890 posts · 1k+ votes
    8y

    HECK NO....but, if you are determined to getting a coach please DM me. You can call me once per week for that kind of money.

    Seriously though. Don't waste your money on this kind of stuff. There are all kinds of people on this site who would be happy to answer your questions for free. If you have $12k lying around to spend on a mentor then lets just flip this thread around right now.

    Why are you not looking at deals in your area? As someone else said thats a good chunk of money to put down for an FHA loan.

    2Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    8y

    @Derrick E. you could buy a house cash for that sort of cheddar 

    2Reply
  • George Pauley
    Chandler, AZ · Member since 2017 · 174 posts · 269 votes
    8y

    I was looking for a "mentor" for years.  I eventually figured out that no one knows every aspect of real-estate investing.  In addition, individual investors have different goals, resources (time, money, etc.), risk comfort levels, etc.  IMO, these two things make finding a mentor that's "just right" for a given person almost impossible.

    Talk to many people, read, listen etc.  I think eventually you can find a path that works for you.

    2Reply
  • Derrick E.
    Investor · The Creek, WV · Member since 2014 · 890 posts · 1k+ votes
    8y
    Originally posted by @Caleb Heimsoth:

    @Derrick E. you could buy a house cash for that sort of cheddar 

    Exactly what I was thinking haha

    1Reply
  • Damon Tyler
    Real Estate Agent · Mendon, MA · Member since 2017 · 36 posts · 8 votes
    8y
    I believe in the value of coaches, mentoring, accountability, and life long education. You can absolutely learn from others experience and systems, however, there are many paths and someone else’s system may not work or be right for you. I don’t believe this would be a good investment for you. First - I would encourage you to only take advice from those who have gone before - who have actually done it and ARE STILL doing it (preferably) ~ there are many many such people here that will mentor you for free (people you could not afford to pay for their time). So ask your questions here. Second~ even with a coach if you don’t take action you will not succeed. Begin to take action. My opinion Once you are doing both those things above consistently for some time then re-evaluate. Learn the fundamentals and options here on BP - for free. People say “If people are not willing to pay for it then they wont value it” - which is true But what if - all the knowledge and info is there - for free - but people still won’t do it? Go make a $10k mistake
    0Reply
  • Bola A.
    Rental Property Investor · Houston, TX · Member since 2014 · 146 posts · 35 votes
    8y
    With this kind of seriousness and focus, use that 12k to start building your portfolio. Nothing is new under the saw, it is all a Google away. Good luck.
    0Reply
  • Albert Ng
    Rental Property Investor · San Jose, CA · Member since 2015 · 401 posts · 221 votes
    8y
    No. It’s just common sense. You can’t afford the real successful investor / mentors. And the one that is offered fo you is probably better at coaching / talking than at investing. There are a few mentors here who offer advises as a mean of given back, and it’s free. Other than those, take whatever they told you at those seminars with a grain of salt.
    1Reply
  • Monica Breckenridge
    Rental Property Investor · Colorado Springs, CO · Member since 2010 · 476 posts · 305 votes
    8y
    I had two different real estate coaches locally and never paid that much money. I don’t like the phone call type mentoring. I liked the classroom style. You can probably find a local investment club/mentor program that is much cheaper.
    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    Depends on who Is doing the training.. if its 12k for a big outfit.. and your weekly calls are with a 21 yo kid reading a script on boiler room in Provo.. then no..

    If its a real live honest to goodness person who has actually done it and enjoys talking and teaching it can be fruitful.

    See what your dealing with.

    remember BP  is a DIY website so your not going to get much love from folks on this site or encouragement to hire trainers..

    Personally if its just how to do a transaction that is what your after just get a real estate license its much cheaper and then go through the training some of the big shops have.. their training is usually free while you have your license hung there.. and you will be rubbing shoulders with people that are actually doing deals.. not people sitting in a cube reading from a script..

    I have been to two of the Utah based fulfillment companies the mentors are in a cube with free Mountain dew and ho ho's  LOL.. and they pound the phones and read from scripts.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    3Reply
  • Damon Tyler
    Real Estate Agent · Mendon, MA · Member since 2017 · 36 posts · 8 votes
    8y
    Also - checkout BP podcast episode 170
    0Reply
  • Account Closed
    Investor · Portsmouth, NH · Member since 2016 · 75 posts · 33 votes
    8y
    I fall in the “No” camp. Again and again I find new coaching and mentoring programs for large sums of money from people who used to do all sorts of deals. They’ve stopped because it’s no longer shooting fish in a barrel and they think their next best source of income is providing information to newbies. I think it’s a gimmick. Experience, hard work, failing, reading / podcasting, and staying up to date is all you need.
    1Reply
  • Kate J.
    Rental Property Investor · Austin, TX · Member since 2016 · 294 posts · 104 votes
    8y

    I am impressed every time I hear about coaching in real estate. Spending one year and 12k on something completely trivial, no recommendation from me. There is basically nothing to learn. In general, you either fall into the category of people with money who invest or you satellite them as wholesaler or real estate agent. Spend your money on getting the license first, it will be enormous help in both cases. 12k can be downpayment for a rental that can start cashflow. Learn location, connect with lender, buy cheap, ask biggerpockets. Basically that's it.

    1Reply
  • Jake K.
    Baltimore, MD · Member since 2017 · 199 posts · 56 votes
    8y

    I am sort of in the same boat..I feel like I need a mentor and I think what the OP is saying is that he doesn't need the motivation, he needs someone to help him with NOT going on the million ways a Real Estate deal can go wrong. In other words he doesnt want to lose his shirt because of inexperience, but someone to advise on the nitty gritty details on completing a deal successfully.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Jake K.:

    I am sort of in the same boat..I feel like I need a mentor and I think what the OP is saying is that he doesn't need the motivation, he needs someone to help him with NOT going on the million ways a Real Estate deal can go wrong. In other words he doesnt want to lose his shirt because of inexperience, but someone to advise on the nitty gritty details on completing a deal successfully.

    this is what you learn simply by getting your real estate license and hanging around guys like me at the office with 40 plus years experience.. whats a mentor going to do for you.. you can read all this stuff anywhere but your still sitting home talking to yourself and your computer.. get in the club go mingle in the club of people doing deals.  wholesalers don't have a club they may do some meetups.. but its dog eat dog for them. 

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    2Reply
  • Cara Lonsdale
    Realtor and Investor · Scottsdale, AZ · Member since 2017 · 1k+ posts · 1k+ votes
    8y

    Oh Please NO!  Save your $12K for a deal worth investing in.  

    First, decide what area of RE investing you want to focus on first. Many here will tell you to do anything that makes sense, but I would caution you to start with one niche and get good at it before exploring other niches. Once you have a strong knowledge of 1 area, it helps build to the next. Many find that the BRRRR strategy is a good start. Find a good rental, do any rehab, refi if necessary, then repeat. This provides a good cash flow base that allows you to try other, potentially more risky investments like flipping. But decide FIRST where you want to start.

    Then, soak up all the info you can about the niche you chose.  There is SO much info here on BP.  Watch videos, read blogs and forums JUST of your niche.  Learn the things that are important about what it is you want to do.  There should be PLENTY of step by step tutorials here.

    After you have a good basis of knowledge, seek out an investor friendly Realtor. Have them start sending you properties that need fix up (works for BRRRR or flipping). Go down to wherever they hold trustee sales in your area and network with the wholesalers and flippers down there. Get on their lists. Start sifting through some of the properties they send you and do your analysis on them. Don't be lazy and trust THEIR analysis. Do your own! If you don't have a good analyzer, there are many published on the BP site.

    Then jump in and do a deal.  Put that $12K to good use.

    6Reply
  • Patrick I.
    St Cloud, MN · Member since 2017 · 80 posts · 29 votes
    8y
    Shawn, i think every one before me said it all. I don't know what kind of properties you are looking to buy, but I will still say NO. July 2017 was the month I started looking in real estate investing. May 2018 I am gettin ready to close on my first property. My mentors were biggerpockets.com, google.com, my realtor and a lot of books. Good Luck.
    2Reply
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