Is it just me, or has the number of mentor/coach/guru threads pick up tenfold over the past month or so? Anyway, there are clearly a lot of people who are just starting out and are looking for help to get started. I've been pretty vocal about the fact that -- while there is nothing wrong with paying for a coach -- there are other, less costly avenues that can be just as, or more, fruitful for budding investors. I've mentored a few other up-and-coming investors in the past (75% success ratio), but with the new family, I haven't had much time the past year or two. I'm thinking I might be ready again over the next few months... I wanted to find out if any of the more seasoned investors here on BP may be interested in putting together a little "competition," where a bunch of us each takes on one new mentoring student for a few months and coaches them through a deal. We could even share mentoring tips, educational materials, etc. to make it easier for each of us and our students. Perhaps even a larger group mentoring session on a monthly basis by phone or Skype, in addition to the local 1:1 coaching. Any BP folks interested in potentially joining me in taking on a new student in 2013?

J, I think this is a great idea that has the potential to do much good. I'd be interested, but I'd want to qualify my student so it wouldn't be a waste of time for the both of us. I have very little free time now, so I'd want us to have a high chance of success to justify the effort, just like an investment (which is what this is). I'm concerned that people will sign up who won't put in the effort and follow through. Have you thought about minimum standards for both mentors and and mentees? And as Jerry mentioned, some skin in the game, for both parties?

Dude, if you think anyone here hates you, you need to work on your self esteem... I think we're a lot alike, so if people hate you, that would mean they probably hate me too. And I'm way to conceited to think that's a possibility... :)

Kenneth E. - I can't speak for others, but in my opinion, there's a big difference between: 1. I want you to give me money to teach you how to do this; and 2. I want you to have some vested interest in the process and the ability to fund your own deals before I offer my services to you for FREE. For #1, the mentor/coach is looking to profit. For #2, the mentor is just looking to ensure that he is not wasting his time. These seem very different to me...am I wrong about that?

J. Scott I want mentoring. I'll trade postcards.

Randy F. sounds like you just want to be the tor-mentor ... :)

As I mentioned above, I've done a lot of corporate mentoring, and what I've learned is that being a good mentor is a lot more about being available, being patient and knowing how to direct the mentee to the information he needs. It's less about having a great resume and tons of experience. I mentored my first person when I was about 3 years out of college -- I felt like an idiot who wasn't qualified to teach anything, but my mentor at the time (who still is my mentor, actually) insisted that I do it. I think my mentee learned a lot; I'm positive I learned a lot more. It was a win/win. The biggest thing I learned (and what I think my mentor wanted to teach me) is that giving back isn't something you do only after you make it; giving back is something you do always. There is always someone who knows less than you about something, so there's always an opportunity to be helping others while you're helping yourself. That's why I try to give back...not because I'm nice, but because I'm a selfish a**hole who is just trying to improve my skills... ;-) You're a teacher, so I'm quite certain that you realize that it requires more knowledge to teach something than to just do that same thing. That's why mentoring is so valuable -- it requires you to learn in order to be successful. Personally, if I were going to pay a coach to learn real estate, I'd want everything you mention above (again, part of the reason most coaches are worthless in my opinion, as most don't fit that criteria). But, if someone is to volunteer their time and energy to help me, my only criteria are that that they know at least a little more than I do and that they are willing to help me figure out how to succeed even if they have to learn along the way as well. I have people tell me all the time how valuable my blog has been to their learning curve in real estate. If you think about it, I started writing my blog months before I made my first investment and the first several years of my blog pretty much just discussed my mistakes and my learning from my mistakes. I had very little knowledge, but the information I provided was (and still is) valuable to people because I had a little more than knowledge than they have and the information I provided helped them learn though the process with me. Personally, I think I would have made a better real estate mentor 3 years ago than I would today, as several years ago I had a much fresher understanding of how little I knew. Today, some basic things seem so obvious that I forget that the basic things probably aren't as basic as I think they are. I'm nowhere near meeting your criteria above, and I have a feeling that by the time I get there, I'll probably be a much worse mentor, as I'll have lost a lot of the empathy for brand new investors. I guess that's my long way of saying that, in my opinion, there should be absolutely no criteria for someone being a mentor. With that is a disclaimer to all mentees that you should never trust your mentor (or coach/teacher) blindly. Just my $.02...

I could use some mentoring! Where do I get my application? :)

Who Wants To Be A Mentor?

Ned CareyPro Member

Moderator

Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes

13y

J Scott what a cool idea. I am not sure I have the time to commit right now but I like the idea. Were you thinking working closely with someone local or long distance via phone/e-mail?

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Dean Letfus

Specialist · Memphis, TN · Member since 2012 · 1k+ posts · 1k+ votes

13y

I get asked almost daily to train people in Memphis and I am not even an American :-). I thin it is better for people to find a wholesaler in their city and start finding for them instead of wasting money on mentoring, especially right now in this market.

If you can fog a mirror you can make money over here :-)

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Anthony Dennis

Investor · Houston, TX · Member since 2013 · 33 posts · 7 votes

13y

What an awesome gesture @J Scott. I know I need a mentor. lol

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Karen MargraveBusiness Member

Moderator

Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes

13y

J ScottI agree with you that there are a lot of new threads on the subjects of mentoring and gurus. Our projects are new construction, so mentoring wholesalers, or rehabbers doesn't fit in with our business.

However; I have several different people through BP that I correspond with wanting to learn about development/construction, and also real estate agents needing help on various subjects.

I actually did my first blog the other day on development, to try to give people an idea of what our process is, etc., and will be doing another one this week.

I know you always have great input on BP J and I'm sure newbies would be thrilled to have you mentor them. I hope some of the other members jump in and take you up on the competition, maybe @ Will Barnard, it would be fun for all of us to follow! Good luck.

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J ScottPro Member

Moderator

OP

Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes

13y

Originally posted by Dean Letfus:

I thin it is better for people to find a wholesaler in their city and start finding for them instead of wasting money on mentoring, especially right now in this market.

I don't know much about wholesaling, so I'd have to stick to teaching about rehabbing...

And I'm talking about mentoring (no fees involved!), so hopefully we wouldn't be a waste of anyone's money... :)

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J ScottPro Member

Moderator

OP

Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes

13y

Originally posted by Ned Carey:

J Scott what a cool idea. I am not sure I have the time to commit right now but I like the idea. Were you thinking working closely with someone local or long distance via phone/e-mail?

I'm not sure I'd be able to mentor long distance very effectively...so (for me, at least), it would be someone local. The 4 other people I've mentored were all within 30 minutes driving distance to my projects.

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Brandon Foken

Wholesaler · San Francisco, CA · Member since 2012 · 259 posts · 147 votes

13y

Very cool idea, J Scott! I've never been to Georgia, but now wish I was close by. I, too, have noticed an uptick in the number of threads asking for a mentor - I almost didn't click this one because I've seen so many the last few weeks/months.

I'm looking for a mentor in the Bay Area, but trying to follow the advice I've heard from you, Will and others on these forums: add value to the relationship. So, with that in mind I'm trying to get a house under contract first before approaching people about a prospective mentorship focused on rehabbing and value analysis. The hope is to collect knowledge instead of an assignment fee. In order to accomplish this goal, I've already sent out ~950 pieces of direct mail. While response from the first mailer hasn't been great, I'm changing some things up and looking forward to getting out #2 here in two weeks.

Again, great idea and I hope someone from the Bay Area wants to join in!

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Diana Brickett

Real Estate Investor · New Albany, IN · Member since 2013 · 5 posts · 6 votes

13y

Hey all,

Being a 'newbie' I just want to say that it's so refreshing to hear that a lot of you seasoned investors want to help others learn as much as possible. There are always going to be people who want 25K (not mentioning any names) to show you the way. :/ I have learned soo much in the last few weeks, I would have been kicking myself if I paid all that money and found this site a day later!

Anyhow, thank you all so much! Great thread J!

-Diana

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Karen MargraveBusiness Member

Moderator

Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes

13y

Diana Brickett Welcome to BP! For every niche in real estate investing, BP has a wealth of information... and if by some chance it's not already here, someone here will know it. Everybody, no matter how experienced finds useful information here!

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Ben Leybovich

Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes

13y

J Scott You might be onto something…tell me more.

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Chukwudi Motanya

Investor · Lithonia, GA · Member since 2012 · 231 posts · 43 votes

13y

I'd be very interested in being mentored if this takes off the ground. Although My plan will be to purchase my 1st property this summer

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Michael Galloway

Real Estate Investor · Lafayette, CA · Member since 2010 · 179 posts · 71 votes

13y

J Scott, i would love to mentor someone. This sounds like a great idea. Anyone in the San Francisco Bay Area ready to learn?

Any specifics? no money? no credit?

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Sydnie E.

CA · Member since 2012 · 42 posts · 4 votes

13y

J,I appreciate your post and willingness to offer your time to some of less experienced investors. If only you were local :( I would love to find a mentor in the LA area or surrounding cities. Most PML's want you to have 3-5 deals under your belt before they work with you, which is hard to do with no hands on experience. I hope that more will be willing to offer their services. Great idea! Thank you for recognizing the need in this industry.

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Sydnie E.

CA · Member since 2012 · 42 posts · 4 votes

13y

Michael , your location indicates Brentwood, California or are you in the Bay Area?

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Michael Galloway

Real Estate Investor · Lafayette, CA · Member since 2010 · 179 posts · 71 votes

13y

Brentwood - northern california,

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Chris ClothierBusiness Member

Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes

13y

Originally posted by J Scott:

Perhaps even a larger group mentoring session on a monthly basis by phone or Skype, in addition to the local 1:1 coaching.

Any BP folks interested in potentially joining me in taking on a new student in 2013?

J - Let's catch up when you can. I like the idea and want to bounce a little variation off of you tying it back to BP.

The sharing and collaborating between everyone may end up being the best part of your idea so everyone else can see it as well. I'd be up for hearing more and figuring out how to make a little "competition" come to fruition.

Chris

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Jerry PuckettPro Member

Wholesaler · Fort Worth, TX · Member since 2010 · 1k+ posts · 1k+ votes

13y

Oh yes, very interested. I coached 4 newbies through their first wholesale deal last year, and I'd like to double that this year. I haven't charged for the coaching per se, I only charged for the marketing (which they would need to do anyway, and I needed at least a little skin in the game to avoid time wasters) and then coached them step by step on how to use it. Only 1 was local, the others were scattered from Denver to Florida.

I would be completely open to a group that shares tips and educational materials...and in effect (I think) would help me reach more people. I'm also down with the competition angle. One of my students netted 34k off their very first wholesale deal, and I've been strutting around like a peacock ever since.

Great idea Jason, I'd love to be a part of it. (I'd @mention you, but can't on my phone. Maybe you have your name in your keyword alerts... " J. Scott"

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Joshua D.Pro Member

BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes

13y

Wait . . . a real-life experienced and successful investor offering to mentor and he's not charging tens of thousands of dollars or your first born. That can't be right?!?

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Will BarnardPro Member

Moderator

Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes

13y

Interesting idea, especially the collaboration between mentors and making this somewhat public for all to see. I would be down if and when I had the extra time. Swamped right now, but perhaps possible with help from other mentors. Love the idea J

Podcast Guest on Show #130

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David Gellner

Seattle, WA · Member since 2012 · 51 posts · 9 votes

13y

J Scott,Great Idea! I'm very interested to see if this takes off! I sure hope so!

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Dell Schlabach

Investor · Canton-Akron, OH · Member since 2012 · 917 posts · 477 votes

13y

Count me in, if someone within an hour drive wants to learn the rehab business, or if someone wants to move to canton area for a six week cycle to learn how to buy rehab and sell a profitable project and learn the business, for free.

I would be glad to help someone out.

I have mentored three people, they all made good money on the deals I helped them with, two of the three went on to do numerous successfull rehab deals.

We are just starting two more crews, so I would not be able to start mentoring until the first of April.

But I am game for the mentoring and competition.

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Cody S.

Springdale, AR · Member since 2013 · 1 post · 0 votes

13y

You're opening a very big door by offering. It's great to see a thread like this, and that several are willing to help.

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Chris Nwoke

Marietta, GA · Member since 2012 · 13 posts · 0 votes

13y

I like this idea. It's refreshing to see actual professionals offering help as opposed to the countless gurus pushing programs for the standard $97 and up that is nothing more than 50 pages of the same information available online. I can almost say with complete certainty that these same gurus have only done maybe one or two deals and discovered that it's more profitable to sell courses and take on students willing to split half of their deals while doing all the work (I speak from experience).

I'm someone who's had mild (emphasis on mild) success in wholesaling. But I'm open to learning about all aspects of real estate investing. Rehabbing, rental property ownership, commercial property, etc. If any of you are in the Cobb County/Metro Atlanta area, I'm more than willing and open to learning how to be successful from the ground up.

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J ScottPro Member

Moderator

OP

Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes

13y

First, thanks for everyone who has responded!

Michael Galloway, Jerry Puckett, Chris Clothier, Ben Leybovich, Will Barnard and others who would consider offering their time, I'll reach out to you over the next couple weeks and see what we can put together.

Chris - I'll give you a shout so we can chat...

Anyone else interested in volunteering some time/energy...throw your hat in the ring and let's see what we can do!

Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)

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Tracey Williams

Investor · Columbus , OH · Member since 2010 · 311 posts · 51 votes

13y

Thanks J for willing to volunteer your time to help others. This is a great idea and I am sure a lot of us will benefit from it.
Am interested in learning from a mentor in Columbus Ohio.
Tracey.

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