If you are starting out, DO NOT pay for mentorship

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If you are starting out, DO NOT pay for mentorship

Twana RasoulBusiness Member
Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes

It is pretty amazing to find just how many people are offering "mentorship" for 10s of thousands of dollars to newbies who want to get into real estate.  What is more amazing is the amount of people actually buying these programs that can't even afford it.  All the information is free on the internet.  Paying such a large sum of money to a "mentor" starting out most likely means you are lazy and you are not willing to put in the effort/work.  There are so many opportunities for you to learn online absolutely free and/or work free for others while learning in exchange.  Reach out to members in your local community or on BP and provide them some sort of value and in return you can learn from them.  

If you are really having a tough time and need some more guidance I would gladly meet up with anyone in the San Diego Area for about 20 mins over coffee.  This offer will be for anyone that reaches out and sends me a private message this month (Feb 2019) only.  I specialize in buy/holds locally as well as OOS and have done close to a dozen deals thus far.   I don't sell anything and I get absolutely nothing out of this.  I work a W-2 in the local construction industry during the week.

Happy Learning & Investing !

Twana Rasoul

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Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
7y

You know what you know, and you don't know what you don't know.

It amazes me that people won't think twice about paying for a college education, taught by professional teachers, as opposed to professionals at what they are teaching, and yet are offended when asked to pay for education for handling millions of dollars, and their future, and legal issues, etc...specific to REI, taught by teachers that are pros at what they are teaching.

Not all teachers/mentors are right for everyone, or are worth what they are paid, but I bet there are nowhere near as many people that would want their money back from college, that would expect their money back from a REI Mentor.

Yes, I mentor, and charge.  The main reason I charge is to make sure that my students are serious.  My time is valuable, and I don't want to waste it on someone "kicking tires".

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  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y

    @Twana Rasoul

    I would tend to agree with your stance on mentors . There’s a lot of shysters out there taking advantage of new investors too scared to take action . However I do think there is a place though for some of them . For some folks they simply have to have a lot of skin in the game to forge ahead and putting all that money up might just be what they need to get off the sidelines and into the game . Some people need to have their hand held through the uncertainty of what they don’t understand . I think for those more timid people a mentorship might be just what they need

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  • Account Closed
    Santa Clara, CA · Member since 2018 · 100 posts · 71 votes
    7y

    @Twana Rasoul

    Like with anything education needs to be a well researched and wise investment. There is just way too much info on the internet, a good mentor can shave off years of learning curve. I have had mentors (not in RE) but in some other areas of my career and all the Ah Ha moments I got thru' mentors was worth the weight in gold! 

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  • Lee RipmaPro Member
    Rental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
    7y

    @Twana Rasoul

    You bring up a very interesting point and are offering something valuable to others for free. I never got any education, I taught myself and made mistakes along the way (total money spent was $129 on Michael Blank's syndicated deal analyzer and a pro BP membership to use the calculators). I never know if paid mentorship would have been worth it, since I never had any. 

    In my opinion, people who are successful would have been successful if they had mentorship or not. Perhaps the mentorship saved them time and that made it worth it. People who are successful have drive. They are willing to put in the long hours to master something. I can still remember struggling through teaching myself to underwrite a commercial property and not knowing what an ARV was. Two years ago I did not know a single thing about rehab and now I can cost out a complete rehab quickly and manage it from start to finish. How did I do that? I TRIED. I worked hard to learn and I learned from my mistakes. Nothing is as real as going through it yourself, and I like to learn by doing. So many people helped me along the way and I try to give back to people when I can. I've had people offer to pay me to help them and I've turned it down. I'd rather help them for free and not spend a ton of time doing it.

    From all my time and effort I now have a small portfolio of rental properties and am the asset manager for a multifamily investor in LA, who I learn so much from. He pays me because I have skills that I worked hard to develop. 

    I think the sad reality of many of these mentorship programs is that the people who are signing up for them are not willing to put in the hard work, paid or not! So I'm not sure if it's the mentorship programs that are the problem or the people who are unwilling to work for something! 

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  • Christine Mulkins
    Rental Property Investor · Medford, OR · Member since 2017 · 94 posts · 115 votes
    7y

    My husband and I went the route of learning as we go, starting with a few single family homes and scaling up to multi family. You can pay thousands of dollars to learn from the “Best” but nothing is better than just doing it and learning it that way. We started off with reading Rich Dad and then bought our first investment to get it going. Where there is a will, there’s a way. I think it’s terrible that some of these “mentors” charge so much. My best advice is to get in there and just do it. Make it happen. 

    My husband and I are up to 14 units and about to close on a 12-plex. I’d be interested in talking with a mentor now only to see what other ways we may be able to find capital or to get in on interesting deals and learn about sydications. Other than that, I’m not afraid to scale and go big. Confidence comes from getting a few properties under your belt. 

    Happy to answer questions of anyone new to real estate investing who’s looking for some guidance on how to analyze a deal, etc or who needs a few encouraging words from someone who knew nothing from the start. 

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  • Twana RasoulBusiness Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    @Braden C. That is a great story Braden, thanks for sharing.  Happy to hear of successful mentorships.  I'm sure there was great benefit to first starting off and putting in work with what you had available to you.  Once you turned to the pros you probably had a great sense in what you were looking for and if the mentor was right for you.   Glad to hear of the success, Congrats!

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  • Twana RasoulBusiness Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    Hi @Dennis M. you make great points.  I agree there is a place for them.  I'm mostly against these $20k-$50k mentorships for those starting out with no money and no clue what to look for in a mentor.

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  • Twana RasoulBusiness Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    Hi @Account Closed I'm a strong believers in mentors but against newbies blindly spending 10s of thousands into a mentorship program and being taken advantage of.  Even for a great mentor, someone with no job and no money putting themselves in debt to learn is beyond silly.  Why not go work for free for the top investor/broker/agent/etc in your market and learn that way first.  

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  • Rigan Rai
    Member since 2018 · 1 post · 0 votes
    7y

    @Twana Rasoul

    Hi! I don’t live in San Diego but would it be possible to do something on a phone call?

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  • Twana RasoulBusiness Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    Hi @Lee Ripma I appreciate your perspective.  I'm a big believer in learning by doing.  I agree it is a two way problem.  Most do not want to put in the amount of hard work and patience needed to succeed and I guess some of these programs just exploit that.  Those that have the will and drive to become successful will be, with or without anyone if they have it in them.  

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  • Jp KilduffPro Member
    Wholesaler · Brevard Co. Florida · Member since 2016 · 395 posts · 76 votes
    7y

    @Twana Rasoul awesome advice! 20 minutes of your time and everyone should be good to go 👌🏻

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  • Twana RasoulBusiness Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    Thanks for sharing @Christine Mulkins. That is how I learned and am still learning and always will be.  It makes sense that you are now looking into a mentor, you will have a pretty good idea what to look for in a mentor, someone who is legit and is not trying to swindle you.  I'm open to mentorship myself at this point but when I was starting off I'm sure I could have been easily tricked into some high $$ program that I wouldn't have been able to know if it was the right program for me.  Best of luck getting to the next level and beyond.  

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  • Twana RasoulBusiness Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    @Rigan Rai Hi there.  no worries...send me a PM we'll set something up

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  • Twana RasoulBusiness Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    @Jp Kilduff almost, not quite.  I do always appreciate some good sarcasm :) if there were more people with good intentions and just practicing kindness and gratitude the world would be a better place.  Would be great if there were more people willing to help me a few years ago just from the kindness of their heart and not expecting anything in return. I don't want to be just talk, I want to offer some of my time and hey if it adds zero value, it also cost $0.  

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  • Frank Wong
    Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
    7y
    Originally posted by @Twana Rasoul:

    Hi @Frank Wong I appreciate your perspective.  I've recently seen first hand 20 year olds with no job and no money be suckered into paying 10s of thousands into a mentorship program to kick their career off in real estate.  Aside from the "mentors" luring these guys and gals in there with promises of making a lot of money in a short time, these students to me are trying to get out of actually working hard and being patience and think these programs are a short cut for hard work and patience.   

     Hi Twana,

    That is the stuff I am against.   Especially if you know they have to put everything on cards to make it work. 

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  • Brian Ploszay
    Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
    7y

    I basically agree with @Twana Rasoul.   At the very least, be careful about mentoring programs.  I also question some of the gurus and real estate self promoters.  Shouldn't they be spending their time doing their own deals if real estate is so great?  What's their angle?   

    Some people do enjoy sharing their experiences and wisdom.  Twana is also right that much of the knowledge can be found on the internet. And I'll also add books.

    I do believe in coaching though for people of intermediate experience.

    1Reply
  • Wesley I.
    Investor · San Diego, CA · Member since 2019 · 286 posts · 135 votes
    7y

    @Twana Rasoul

    @Dan Heuschele

    I’m a beginner in San Diego and would like to learn from people who have done deals. I would love to talk to you guys if you are open to share your experiences. I can provide coffee if interested.

    Speaking of gurus, I registered for a seminar this friday and am already expecting a sales pitch for a two day seminar and then more. Im still thinking about whether I should show up or not.

    Thanks

    0Reply
  • Matthew Rembish
    Flipper/Rehabber · Toms River, NJ · Member since 2014 · 378 posts · 154 votes
    7y

    Absolutely agree. There’s so much info out there that there’s no point to paying so much for a mentorship program, besides the motivational aspect. Between books, BP, and google, there’s nothing you can’t learn yourself. The only thing stopping you IS YOU.

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  • Twana RasoulBusiness Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    @Wesley I. Would be happy to meet up for coffee feel free to shoot me a PM.  @Dan H. is a wealth of knowledge and a seasoned investor in the local San Diego market.

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  • Charles Carillo
    Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
    7y

    There is a ton of "buzz" around real estate investing and syndication specifically over the last few years and seasoned investors are cashing in on their experience, which is fine but a number of these programs are most beneficial for investors with some experience. Finding a local investor to partner with while learning online is a great way to start. As you are getting into more complicated transactions, a mentor with experience in these deals will be required. 

    1Reply
  • Aaron Hunt
    All Over, USA · Member since 2017 · 689 posts · 756 votes
    7y

    @Twana Rasoul

    “A FOOL AND HIS MONEY ARE SOON PARTED” was created by BP talking about mentors robbing newbie investors.

    Can’t help but up vote this. You don’t need mentors...and for sure as hell not paid mentors. That’s as bogus as college to me (and I have a doctorate).

    You need the ability to read, think critically, run basic math, and have logical reasoning all at a high school level in order to get into this game and to stay in.

    I not only have coached others for free (those friends and family I personally know and won’t ruin my reputation) I have given them my ENTIRE system on a silver platter aka access to my agent, lender, plumber, electrician, flooring company, handyman, and even set them up with my very selective property management company. I have no problem sharing the wealth. Plenty of it to go around.

    This is unless you’re trying to learn about a niche market. Most mentors won’t show you sh*t. They act like what they’re doing is a rare secret, and that it’s hard to crack or do. Bogus.

    Quit wasting your money. Everyone out here on BP striving for $100/door/month...and we’re giving mentors and gurus multiples of thousands just to learn whats freely available on BP if you just spend time some searching and trying to understand.

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    7y
    Originally posted by @Dan H.:
    Originally posted by @Twana Rasoul:

    @Dan H. Thanks for chiming in.  

    I'm all for education but I'm seeing first hand people in San Diego taking advantage of newbies trying to start in Real Estate with $0 to their name and they are fooling them into opening lines of credit to pay for their class.  Education is great but does someone with no money to their name and potentially in debt need to be taking a $20k course to learn Real Estate?  Part of it is these "mentors" preying on these individuals and the other large part is people not being honest with themselves and being suckered into getting rich quick or financially independent quickly.  Very few are truly willing to put in the level of hard work needed to succeed along with the patience.  I would venture to say that an extremely small number of mentees actually put in the work and at minimum make their money back let alone be successful.  

    Like many things there are various different levels of quality to the various RE education programs.  However, to group all RE education offerings as not being worth the cost is were I take exception.  In addition, there are few things that I think are more worthy of going into debt than educating yourself in an area that you plan on using that knowledge to generate income.

    If you are indicating some RE education is crap, that is true.  If you are indicating some RE education is not worth the cost, that is true.  However, if you are indicating that there is no RE education worth the cost to anyone, that is certainly false.

    The challenge is finding a RE education that matches the students' needs at a fair cost. 

    My criteria:

    • Must be taught by experts.  The teachers should be practicing what they teach.
    • Should have processes in place that can be leveraged by the students.
    • Should come with network for life.  You pay for the coarse you should be able to make contacts that will benefit the student forever, not just for the length of the class.
    • Should be priced fairly.  The providers of the course should be making money off what they teach, not by what they charge to teach. 

    If a RE course could meet each or my criteria then I would not be adverse to a new RE investor taking on a small amount of debt to learn what can save them time and money (i.e. reduced mistakes).

     This is exactly the way I always wanted it when I was using them...and looking for more knowledge (which I still am).  For that reason, this is also exactly the way I set up my Mentorship Program.  I've always been willing to pay for my education, in any and every way, based on the merits of what I'm looking for and paying for.  I've found some to be expensive, but what's funny is this.  I've learnt from something from every one of them...even the ones I wouldn't necessarily recommend to others.

    There's only one thing that has no limits in life, and also only one thing that should NEVER be taken in moderation...knowledge.  You can never have too much.

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    7y
    Originally posted by @Aaron Hunt:

    @Twana Rasoul

    “A FOOL AND HIS MONEY ARE SOON PARTED” was created by BP talking about mentors robbing newbie investors.

    Can’t help but up vote this. You don’t need mentors...and for sure as hell not paid mentors. That’s as bogus as college to me (and I have a doctorate).

    You need the ability to read, think critically, run basic math, and have logical reasoning all at a high school level in order to get into this game and to stay in.

    I not only have coached others for free (those friends and family I personally know and won’t ruin my reputation) I have given them my ENTIRE system on a silver platter aka access to my agent, lender, plumber, electrician, flooring company, handyman, and even set them up with my very selective property management company. I have no problem sharing the wealth. Plenty of it to go around.

    This is unless you’re trying to learn about a niche market. Most mentors won’t show you sh*t. They act like what they’re doing is a rare secret, and that it’s hard to crack or do. Bogus.

    Quit wasting your money. Everyone out here on BP striving for $100/door/month...and we’re giving mentors and gurus multiples of thousands just to learn whats freely available on BP if you just spend time some searching and trying to understand.

     "Everyone out here on BP is striving for $100/door/month..."

    Not everyone.  I wouldn't get out of bed for less than $400/month...and I get it too.  Want to know how I am able to do this?  Guess?

    You're right when you say it's easy to figure out how to do something...anything, really, just using the WWW for free.  Trouble is, I like many others, aren't satisfied with just learning how to do something.

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    7y
    Originally posted by @Matthew Rembish:

    Absolutely agree. There’s so much info out there that there’s no point to paying so much for a mentorship program, besides the motivational aspect. Between books, BP, and google, there’s nothing you can’t learn yourself. The only thing stopping you IS YOU.

     Gathering information, isn't the same thing as gaining knowledge.

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  • Twana RasoulBusiness Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    @Matthew Rembish Exactly!

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  • Twana RasoulBusiness Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    Hi @Aaron Hunt thanks for the input.  Most don't want to put in the work and are looking for loopholes to get to wealth quicker and a lot of mentors understand this and that is why they sell their services promising ways that investors can quickly make lots of $$$ with no money.  Everywhere you look these days there is someone or some program that is trying to get rich by selling their "get wealthy in real estate" program for ungodly amounts of money.  

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