To spend $3,600 dollars on coaching?

Developer · Orange County, CA · Member since 2019 · 80 posts · 53 votes

I have been asked to become a student of an investor who retired off of his rental income in 10 years. it is a 6 month coaching program but is going to cost me $3600. can i get some advice? thoughts?

I currently do not own any rentals

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John Thedford

Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes

What are you getting for the money? I suspect you can learn everything they offer by reading BP and some good books.

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Joseph Walsh
Rental Property Investor · Chicago, IL · Member since 2016 · 14 posts · 4 votes
7y
@Shane Elias-Calles Hey Shane, it is obviously your choice at the end of the day and depends on your read of the guy (how genuine he seems and if there is true value in that price tag). Me personally, I would not do it. My business partner and I started 3 years ago and we have a 5 unit, 3 unit, and 2 unit each one cashflowing very nicely. We also have done 3 flips (2 profitable, 1 break even). We are now putting together a smaller syndicated deal. We had little to no knowledge when we started, it all was all from self education, mostly on sites like BiggerPockets. There were definitely lessons along the way from the School of Hardknocks, but I don't necessarily regret that, it taught us a lot. I am certain you can self learn... That being said, a mentor likely can expedite and help you avoid some common pitfalls along the way!
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Ola Dantis
Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
7y
Originally posted by @Todd Rasmussen:
@Ola Dantis

The statement not to be confrontational followed by rhetorical questions hardly seems non confrontational. Additionally, I think focusing on the average and not the outliers of the entire coaching mentorship services subset of real estate would yield far better advice for Shane in this particular thread.

The majority of the coaching/mentoring that I've been pitched were going to charge a fee to capitalize their own business on the reduced margins they will offer the end investor and I've been to plenty of events where the "great buys" were less than half of the returns I was able to find right down the street, just not flipped by the right contractor or not listed by the right agent.

This is why I believe coaching and mentorship services that are worth the money are the exception and not the rule.
@Shane Elias-Calles Proceed with caution and ask the questions you are hoping to have answered here first. My phone and email are both on my profile and there is far more experience than I have just as willing to help you succeed right here.

We both know that there are many many people who are the majority earning passive income from real estate in this country. Using the two outlier examples was solely for familiarity purposes.

Where some newer REI investors get it wrong is thinking that A COACH/MENTOR = MAGICIAN.
Obviously, REI is a long long game (or forever even) and anyone can get knowledge (paid or not), but never apply it. (just like so many with a degree from a university that they don't currently use in their day job).
Undoubtedly, one can go back and forth on this matter, but I'll finish with Shilol Lundahl's comment above: "In my opinion, the top performers have mentors and coaches".
2 Reply
Brian BoydPro Member
USA · Member since 2019 · 305 posts · 536 votes
7y
@Shane Elias-Calles that’s a negative ghost rider, the pattern is full. Nothing he knows is a secret. You will learn more from these forums than anything he will charge you for. Your money is better spent on a deal, not a person.
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Matthew Couto
Realtor · Concord, NH · Member since 2017 · 48 posts · 30 votes
7y
@Shane Elias-Calles everything I've learned was either threw BP, Youtube or Podcasts. No way would I pay someone to mentor me. Go to a few meetups maybe join your local REI and you will learn all the same stuff! You will even find a mentor there for the price of a cup of coffee! I've never met a real estate investor who didn't like to work with a newbie! Meet everyone at the REI's and see who you click with!
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David Nino
Rental Property Investor · Moline, IL · Member since 2018 · 39 posts · 27 votes
7y
@Shane Elias-Calles. Use the $3600 for down payment on first rental. You will learn way more going through your first deal on your own.
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Scott DeVore
Member since 2018 · 13 posts · 11 votes
7y
save the cash, find a market that has properties for sale under $50k and find someone willing to offer Seller financing, use that $3,600 and credit cards to do the renovation, refi and take out equity and repeat to start building your portfolio... well over a decade a go I spent a few thousand on some RE investor training and realized soon after I should've just started buying stuff and renovating them, I didn't need to pay for training as most of the info is free, fortunately I had capital to both spend on education/training and to buy/rehab a property so it didn't set me back to much but I can now say from experience to someone new that it's not worth it to drop that type of cash to learn how to be an investor when it can be found for free
0 Reply
Alex Jones
Rental Property Investor · Rochester, NY · Member since 2013 · 162 posts · 127 votes
7y
@Shane Elias-Calles definitely not worth the fee and should be use toward closing costs for your investment property.
Alex
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Paige Smith
Rental Property Investor · St. Louis · Member since 2019 · 16 posts · 15 votes
7y
When my husband and I were getting started in real estate we paid for a fairly expensive mentoring program (the amount was equal to what we spent on the down payment on our first rental property). It came with life-time access to the coaching program, but we only used it for the first year. In the end, I think it was worth it because it created an accountability system. It helped us to write a business plan and we met weekly with mentors who helped us reach our goals.
Since then, we’ve purchased other online training courses. The actual information gained in these courses is never as valuable as the catalyst to action they provide.
1 Reply
Jennifer Gligoric
Specialist · Member since 2019 · 137 posts · 125 votes
7y
It depends on the coach. With any mentor or coach you need to do your due diligence. I would ask for a copy of the mentor contract, read the fine print on what he states he will provide, and then spend the time & money to research him. Does he have a payment plan, is there a guarantee - what exactly are you getting? The first screening I'd do would be to make sure he has this all written out. Most professionals will understand that they need things in writing to protect themselves as well as set the customer's expectations.
Look up with the Secretary of State the entity he lists in the contract, any DBA's and the name that you are going to be giving your money to, and make sure his business is up-to-date (If he's incorporated). There are numerous places (Intellius, Instant Checkmate, Dun & Bradstreet) you can pay nominal fees to do background checks. For $3600 - I wouldn't spend over $100 in background checks because you can probably get most questions answered by researching his social media / LinkedIn and reaching out directly to anyone who comments on his posts or references he publicly lists. The social media checking is time-consuming but free and can answer a lot of questions - or hand you a ton of red flags.

Also, lLet the coach know you are going to do this and then gauge how open is he to providing information to you and how reasonable is the information you received compared to the investment he's asking. Obviously, anyone is going to bristle if you demand a cavity search over $3600.00. However, reasonable requests for a break down of services they'll provide and what they won't provide, references and testimonials is not asking too much. Neither is asking "OK well I'm going to do some research and also check out your company. Is there anything you want to tell me before I get started?"

I'm a huge advocate of coaches & mentors and believe that people deserve to get paid a fair compensation for trading their time / expertise. Sometimes it's worth it, sometimes it's not - and with just a little due diligence on your part taking control then you can feel a lot more comfortable with whatever decision you make.
3 Reply
Bob Prisco
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
7y
@Shane Elias-Calles save you money, Its simple , run the numbers, buy it, rent it , Refi, and do it again. Its not rocket science . Learn from someone doing deals, then apply what you learn,
Good Luck
1 Reply
Monjur Quayyum
Canyon Country, CA · Member since 2017 · 11 posts · 9 votes
7y
Just use BP as your coach.
Connect to people who you can call & talk, text, email. Honestly, BP is your better and latest coach! Once you learn how to use this as your main resource, BP will help you, even after; you have million dollar's sitting in your bank account.
I am not saying your 3600.00 coach isn't good or worth it. I don't know the guy or his company. All I am saying you can get the same information here for free. Why not learn here and use the 3600.00 to buy your 1st rental or 1st investment as a private lender etc.
Good Luck!
0 Reply
Michael BartleyPro Member
Real Estate Agent · Radcliff, KY · Member since 2015 · 24 posts · 10 votes
7y
@Shane Elias-Calles
The real question above all this is....”what’s your learning style”? Everyone gave good info either side of the equation but it really boils down to how you learn and can apply what’s learned. Folks can watch a podcast and make things happen while some would be confused by that yet find a book to be best. Others like to see it in action versus the two former.
$3,600 can be an investment or a learning experience of what not to do. Or even what not to do with him....it’s too many variables.
All that said, I’m sorry to tell you all but there’s no one right answer on this for him based on y’all individual experience. what works for you may not work for him.
2 Reply
Jimmy O'Connor
Real Estate Agent · Philadelphia, PA · Member since 2018 · 428 posts · 484 votes
7y
@Shane Elias-Calles Don't pay for a mentor. Offer someone who is more experienced something of value to them and put in sweat equity as your payment. You want to develop a personal relationship with your mentors, not just a transactional one.
0 Reply
James Murphey
Waipahu, HI · Member since 2018 · 121 posts · 81 votes
7y
@Shane Elias-Calles It is a tough call. $3600 for 6 months is reasonable, but I tend to agree with most people on here. There is a wealth of information on this website. Especially, in the books. I would make sure I have read several of the books first then if I you still feel the need to pay for coaching then make the jump. Books I would read first are: The Book on Real Estate Investing,Building Wealth One House At A Time, and Retire Early with Real Estate. Hope this helps
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Duane Glover
Developer · Central, NJ · Member since 2019 · 15 posts · 3 votes
7y
I wouldn't even think about spending $3600 to join someones coaching thing regardless if you have it or not if your just starting out, you are still able to learn and educate yourself in many different ways but it shouldn't cost you x amount of money just to get coached by 1 person, if you search around and connect with other people in your area or even on Biggerpockets without having to spend all your money for a 6 month coaching program you wont feel like you wasted your time and money trying to learn some gurus program for 6 months or feel lost in what you want to do in Real Estate.
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Kanav Sahani
Member since 2019 · 16 posts · 1 vote
7y
@Shane Elias-Calles i suggest watching graham stephen and meet kevin on youtube and then reconsider the course. Meet kevins course will probs be better imo but wstch the youtube videos first
0 Reply
James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
7y
Originally posted by @Shane Elias-Calles:
I have been asked to become a student of an investor who retired off of his rental income in 10 years. it is a 6 month coaching program but is going to cost me $3600. can i get some advice? thoughts?

I currently do not own any rentals

Nothing really secret about the rental business. That said there is a lot to learn. Everything you need to learn is out there for free here on bigger pockets, on YouTube and all over the web really. So it's really on you and how you like to learn. If you want it all wrapped up neatly and delivered to you personally with the ability to directly engage someone then $3,600 seems like a bargin. If you are fine with putting in the hours and absorbing all the info on your own it's all out there so no money needs to be spent.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Brian Boyd:
@Shane Elias-Calles that’s a negative ghost rider, the pattern is full. Nothing he knows is a secret. You will learn more from these forums than anything he will charge you for. Your money is better spent on a deal, not a person.
Clever response.. I think one thing i would want to know is what frequency does the mentor engage with you for 3600 over 6 months ?
I know what my time is worth so just curious is this once a month for 30 minutes is it weekly is it on demand is there a limit..
if you have unlimited access and he actually engages you in a timely manner then that's probably a really good deal as long as what he has to say is up to date and relevant in todays market.. you don't want someone telling you what worked for him 8 to 10 years ago.
markets were at a once in a lifetime low .. not going to see that again.. too many owners and investors paid cash or were properly capitalized to create the massive foreclosure mess we saw in the GFC.

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Andres Sandino
Rental Property Investor · Miami, FL · Member since 2019 · 5 posts · 1 vote
7y
@Shane Elias-Calles
Dude totally not worth it you seem young and speak english all of that information is online and in books now u DO have to put in the work and read like crazy dont take the shortcut and spend bread on something u can learn by simply reading if you want i can give you the list of essential real estate books. I spent 997$ on a 3 day bootcamp real estate class by ************* dude waste of money its all a sales scam dm me if u have any more questions
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Junior Soares
Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
7y
If you're asking for an opinion, I personally would rather take the $3,600.00 and save it for when you're ready to invest it.
There is an abundance of self learning you can do here on bigger pockets and tons of books that will teach you probably everything this coaching program offers. If not, as you know, you can simply ask a question here on BP and you will be fed with knowledge and many different opinions and strategies from both small and big time players in the game.
Best of luck,
Junior
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Dante G.
Member since 2019 · 12 posts · 2 votes
7y
I am new to the group as my wife and I are exploring RE investing to meet long term goals so I hope you dont mind my butting in. I have been in business for many years, having been self employed and employed by many of the top 500 firms so I consider myself pretty adept at sniffing out cow chips and I can confidently say this has the scent of the north 40. I think that another user said that the dollar amount and the content or sales pitch sounded similar to others they have seen and in an era where people repackage garbage and sell it as if it were gold I think this is nothing more than a ruse to sell you bags full of banna peels. If the person is serious about their ability to provide you with the skills and knowledge to execute deals then they should be able to do it on spec. So, make a deal, tell him you would be happy to pay the fee once you have seen his words in action and have verified you are getting what you paid for. Dont fall for the satisfaction guarantee, if he is honest there should be no issue. Also is what he is offering really worth the $$? As others have said, investing a bit of time in reading and asking questions in this type of format may be better spent then the $$ and time spent on this guy with possibility of having your wallet a few quid lighter and a few points added to your BP readings. I have always found that the best advice comes from good people with good intentions asking for no more than than respect and reciprocity in return.
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Andy Schoch
Member since 2019 · 3 posts · 0 votes
7y
@Shane Elias-Calles I'm normally a skeptical person, but how is the person's claim documented - and is the income from the properties - or the coaching? Also, I am careful with who I allow to speak into my life and career. Is this a person who had good character? This is money that could go toward your first deal, so just some food for thought.
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Kevin Rhoden
Real Estate Agent · Yonkers, NY · Member since 2018 · 37 posts · 28 votes
7y
@Shane Elias-Calles I say put $3600 into marketing.
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Alexander Ball
Reston, VA · Member since 2017 · 67 posts · 68 votes
7y
If I ever retire off of rental income there is no way I’d coach someone for $3,600. Not nearly enough money for the time and effort lol.
1 Reply
James Galla
Attorney · Akron, OH · Member since 2016 · 535 posts · 389 votes
7y
Unless they're an accountant or a lawyer, you're probably wasting your money. You ought to just spend your time reading on BiggerPockets or getting information from some free medium (for instance, a free online real estate university course). Even if they are an accountant or lawyer, that money isn't well spent unless they are providing services relevant to their expertise.
Good luck.
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