$1000 for a coach on finding motivated sellers?

Investor · Houston, TX · Member since 2019 · 274 posts · 61 votes

I met a guy online that seems very ethical, so I reached out to him.

I scheduled a skype meeting with him even though he's local to work around our schedules.

After a generally good conversation, he offered to work with me, but asked for either $1000 for 6 sessions or $2200 for 6 months of 2 sessions a month.

I'm saving for the initial costs to do Fha loan, house hack. Any amount of money will definitely delay when I can get into my house hack. However, if he can hold hands with me through getting at least one or two deals, wholesales or wraps, it would be worth it.

I'm not considering a guru type mentor, but does anyone think it would be foolish to pay for this?

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Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes

I wouldn't, because #1: you said $1k would delay your plans, and #2: you just want one or two deals, you aren't trying to set up a business.

I would instead concentrate on stalking REO sites, sheriffs auctions, and your local wholesalers (even though I gripe about them all the time)... and get a realtor to set you up with MLS emails. Plus tell anyone you meet at local meetups (are you going to those?) that will listen that you are looking for whatever you are looking for. Plus you can send your own postcards or whatever for about that price.

Finding a deal doesn't really take mentoring, but it does take personal connections and a bit of hard work.

Honestly I think 99% of the "find motivated sellers" stuff is just to get newbies to shell out big money for SEO, mailers, "ringless voicemail" (aaaaaa hate!), mentorships/training, etc etc.. I dont know about your market, but my area is completely saturated with these goobers all harassing every old person and landlord to sell for pennies on the dollar. (and old person landlords seem to get hit twice as hard it seems!)

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Specialist · San Antonio, TX · Member since 2012 · 865 posts · 351 votes
6y
Originally posted by @Pete Storseth:
@Joel S.
Where was I talking "big game" when I have newbie written all over me? Hehe

Your reply is received & the term “big game”on my part was probably over kill. Regards:)

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Pete Storseth
OP
Investor · Houston, TX · Member since 2019 · 274 posts · 61 votes
6y
@Joel S.
Bottom line, dont pay for what you can get for free, seek out real mentors, and dont spend money before analyzing the deal. Just like real estate, if the numbers make sense, consider it. If they dont, run away.
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Pete Storseth
OP
Investor · Houston, TX · Member since 2019 · 274 posts · 61 votes
6y
@Siobhan Kelly-Roberts
Thanks, I'd love that
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Jonathan Rivera
New to Real Estate · Union City, NJ · Member since 2020 · 35 posts · 15 votes
6y
@Pete Storseth
Don’t feel pressured into a sales pitch. First of all, no mentor is going to sneak attack you that way. I have a coaching cert from John Maxwell. If I was seeking a client I would advertise, not find an unsuspecting victim. You don’t know who he is really or what his experience truly is. A mentorship relationship is built on trust and time. His math is not all there either. Usually you get a discount for more commitment, not a jack up of $200. Be careful.
That being said here’s some free coaching. Go on YouTube and type mediation music and sit there and breathe. If you don’t have 5 mins, then I suggest taking 30mins. Realize you’re in a rush to get a deal and have someone hold your hand through it. I don’t blame you, but take your time to get the proper education so that you don’t need someone to hold your hand. If you took a month, two, three to save $$$, read, podcast, YouTube, ask questions, run analysis and connect with different people here, you’ll be in a much better position than you are now.
This is such a place to grow, learn and make those connections. So come in, take your coat off and stay for a while. I can see a lot of people here helped steer you in the right direction. They all did it to help save you from well what I feel like is plain stranger danger! Lol investing some time into learning this stuff and it will save you headaches down the road. Also I changed my mind, I’ll take an upvote for my services here and let that be a lesson to ya! XD
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Patrick McGrath
Rental Property Investor · Westminster, MD · Member since 2014 · 165 posts · 221 votes
6y
@Pete Storseth
I think you can find all you need here on BP for free. There are tons of podcast with great info and the forums have more information than you could consume.
Save your money, be persisant in looking for deals and when the right one come along you can jump on it.
Hope this helps. Good luck
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Russell CazeaultPro Member
Contractor · Osterville, MA · Member since 2018 · 41 posts · 30 votes
6y
@Pete Storseth
Sometimes having someone like that to hold you accountable and keep you moving forward can be a worthwhile investment.
Why not make a counter offer that is based on results and not time based.
$ XXX for every property that he helps you move forward on.
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Tommy Daggett
New to Real Estate · San Diego, CA · Member since 2019 · 48 posts · 23 votes
6y
Hey @Pete Storseth i am pretty new to Real Estate myself. A little less than 6 months in and i have found a wealth of information through listening to the Bigger Pockets Podcast. Just last night I was listening to a creative investor who did 18 deals in 18 months and he was talking about how he generates his own leads. It was a pretty great podcast and i am definitely doing my homework on it. Just my opinion, you can find a lot of information through books, podcasts, and the forums. Hopefully this helps. Good luck.
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Rob Greenawalt
Dillsburg, PA · Member since 2016 · 20 posts · 7 votes
6y
From someone who's shelled out a lot more than that for mentors, I'd suggest trying to learn from Bigger Pockets, local RE investment clubs, etc. While there's some good information with big money education, I personally think there are wiser and cheaper ways to learn.
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Pete Storseth
OP
Investor · Houston, TX · Member since 2019 · 274 posts · 61 votes
6y
@Tommy Daggett
I'm all over those podcasts.
Which episode is that one? I'll make sure to add it to my queue
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Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
6y
Originally posted by @Mark Sewell:
Hmmm. Assignments are legal in Texas. There is a line for it right in the HUD.

Taking this at face value (because I don't invest in TX and don't know their laws) part of what makes a contract a legally binding agreement is consideration, a fancy legal way to say money. If you don't give consideration (which is admittedly ambiguous) then you don't have a contract. And courts look very unfavorably on $10 or $100 earnest money. That isn't consideration, that's pocket change.
Another thing courts consider is your ability to close. If you get a property under contract and intend to assign, that falls through and you then purchase the property yourself, everything is fine.
HOWEVER
Most wholesalers do not have the ability to close, therefore making them NOT a party to the contract, since they have no way to close the contract.
So yes, the contracts may be assignable, but states are cracking down on wholesaling and are specifically calling it brokering without a license when you do not have the ability to close the deal.
[email protected]Podcast Guest on Show #261
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Tommy Daggett
New to Real Estate · San Diego, CA · Member since 2019 · 48 posts · 23 votes
6y

@Pete Storseth 18 houses in the first 18 months with Paul Thompson Podcast 283
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