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.
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
Flipper/Rehabber · Pittsburgh, PA · Member since 2016 · 121 posts · 60 votes
8y
@Shawn Moser Partner. Best of both world you get to put your money to work on an actual deal and you have someone else who is just as vested as your are in your project. You get to learn and should make a little money while your at it. I am focused on fixing and flipping and have learned soo much from just going through the process from start to finish. Trust me when i say real estate is about living it, because no amount of knowledge is going to prepare you for the things that will come with investing. Example when you have to spend a Sat. cleaning out the neighbors basement from a ton of dust that was created when we demo our rowhouse and giving them a bottle of wine as an apology. Start networking and you find out the people who are doing deals and are willing to help. Good Luck!
Investor · Fall River, MA · Member since 2017 · 1 post · 0 votes
8y
I like what Monica has mentioned, find a local investment club and look in the education section as well as listen to podcasts and watch webinars on BP.
Cincinnati, OH · Member since 2013 · 1k+ posts · 1k+ votes
8y
If you're starting out, you should go to REIAs and look for mentors there. Heck, you can even find some here on BP. I don't think you should pay for a mentor until you've done at least one real estate investment (wholesale, flip or buy and hold). At that point, you're not just interested, but you're an actual investor and can better weigh the value of hiring a mentor.
But as you figure out what you like and want to do and more importantly, what you need help with, that's when you should consider paying for a coach or a mentor. A lot of people want to invest and never pull the trigger and it would be even worse if you paid for mentoring and STILL never pulled the trigger.
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
8y
It is a gamble. Some investors will be really good to learn from and others will be awful. I know both kinds that offer mentoring. You don't need a mentor to make it .
Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
8y
Some investors will take a junior investor and coach him. Like everything the willing motivated person will benefit from it by doing...... Majority will not.
Everett, WA · Member since 2018 · 32 posts · 8 votes
8y
That 12k would be much better spent investing in a property. You can find mentors for free if you network with local investors. I just found one this weekend and she actually came to me through a mutual contact. When considering a mentor ask yourself what you can do to be of value to that mentor. People will find you if you can bring them value.
Lender · Orlando, FL · Member since 2017 · 18 posts · 12 votes
8y
I’m also in the knowledge stage and have found it helpful working with people I already know that are involved in reí. Offering free labor on their renovations or offering to be a free weekend assistant in exchange for hearing their stories and what worked and didn’t work. It’s really exciting and there is no comparison from work experience to paying to have someone talk at you
Investor · Chattanooga, TN · Member since 2016 · 146 posts · 108 votes
8y
Everyone learns differently and needs a different levels of motivation and guidance to be successful. Education and help from a mentor can go a long to help you be successful but it wont be a magic solution that will give you 6-8 great deals in a year. If that is the case sure I will pay $12K if they could guarantee me 6-8 great deals. But they can't because they wont be doing any of the finding for you. You will still have to do all the work and you will have to find the deals. But hey if you really want a mentor I would be happy to mentor you for $10K :). And you can call me all you want.
Rental Property Investor · Cincinnati, OH · Member since 2017 · 58 posts · 48 votes
8y
Shawn Moser I would say it depends how valuable that $12,000 is to you. More specifically, how quickly can you make it back? If you are a high earner with the ability to save it back up quickly I would say sure. Looking at it from this point of view, perhaps the opportunity cost of spending that $12,000 and not being able to get into a deal for awhile is too high. That’s for you to consider and decide though. Good luck!
I didn't read through all the comments before commenting so apologies if I'm echoing others.
I think it can be worth it. A good mentor should have connections and experience that speeds up the learning curve. Typically, I would say to only go with one for larger deals because I think that you can learn how to wholesale or flip a house without paying for help.
Thank you everyone for the feedback and thoughtful advice. I decided not to go with the mentor based on different aspects you all pointed out. After reading the responses I called the company back and asked if they would allow me to pay $1k/month or all earnings from the first properties to ensure they had the incentive to really help me and they only want the full $12k up front. I also asked if I could go out with the coach when they are going to work on one of their properties since I live in the area of their company and again, the answer was no. Personally I think investing $12k into a good education is worth it IF it is GOOD education with a great hands-on mentor. I will continue to learn from this group, read books, and work toward my first property. Thanks again for taking the time to respond.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
8y
@Shawn Moser Results will always depend on you and your ability to take action. The important thing is to stay motivated. Unfortunately, no one can make you do anything. You have to go out there and do it yourself. In the first year, I wouldn't set your goals too high. You need to focus on learning your market and doing your first deal. The experience you get from that will help you to see if and how you should continue. Good luck!