Who Wants To Be A Mentor?

Starting Out 107 Replies

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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?

Medium lishproplogoJ Scott, Lish Properties, LLC | [email protected] | http://www.123flip.com

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?

Medium crab1 copyNed Carey, Crab Properties LLC | http://baltimorerealestateinvestingblog.com/

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 :-)

Dean Letfus, Memphisinvestment.com | 901 264 8674 | http://memphisinvestment.com/

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

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.

Medium tmg  1 Karen Margrave, The Margrave Group #00636992 | [email protected] | 949‑933‑3955 | http://www.themargravegroup.com

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... :)

Medium lishproplogoJ Scott, Lish Properties, LLC | [email protected] | http://www.123flip.com

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.

Medium lishproplogoJ Scott, Lish Properties, LLC | [email protected] | http://www.123flip.com

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!

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

@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!

Medium tmg  1 Karen Margrave, The Margrave Group #00636992 | [email protected] | 949‑933‑3955 | http://www.themargravegroup.com

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

Medium logo 03Ben Leybovich, JustAskBenWhy.com | [email protected] | 1.888.508.9643 | http://www.JustAskBenWhy.com | Podcast Guest on Show #61

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

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?

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.

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

Brentwood - northern california,

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

Medium memphis invest logo 2015Chris Clothier, Memphis Invest, GP | 901‑751‑7191 | http://www.memphisinvest.com

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 pea**** 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"

Medium mlaw logo v1Jerry Puckett, New Refined Images LLC | [email protected] | (214) 699‑7565 | http://www.marketlikeawholesaler.com

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?!?

Medium fbprofileJoshua Dorkin, BiggerPockets | http://www.biggerpockets.com

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

Medium be logoWill Barnard, Barnard Enterprises, Inc. | http://www.barnardenterprises.com

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

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.

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.

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.

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!

Medium lishproplogoJ Scott, Lish Properties, LLC | [email protected] | http://www.123flip.com