Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
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?
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"
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
13y
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?
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
Originally posted by Jon Klaus:
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?
Hey Jon Klaus,
Absolutely. I'm VERY picky when it comes to commitments like this, and would expect that both sides (mentor and mentee) would do quite a bit of due diligence before making a commitment.
Personally, I'd want to know that anyone I was working with was committed and invested in succeeding...I'm not looking to waste my time or theirs...
Real Estate Broker · Gibsonia, PA · Member since 2013 · 828 posts · 260 votes
13y
that is a very neat idea! what a great community BP is. I am not seasoned enough and my strategy is the slow, hold/buy, build equity version. so I highly doubt I fit the bill anyways.
I haven't made any $$ in real estate yet, but sold enough to buy primary home, and build up equity and collect cash flow, not to live/eat on, but finance next project
Glen Allen, VA · Member since 2013 · 134 posts · 23 votes
13y
Wow you guys are fantastic. I am speechless at the level of generosity in this forum. Thank you all for being so wonderful to us newbies. I will make sure, that one day when I'm a pro, to do the same.
Rental Property Investor · Atlanta, GA · Member since 2012 · 256 posts · 64 votes
13y
I am in Gwinnett County and would very much appreciate a mentorship like this. Since it seems it will involve the rehab/flip aspect of REI, I would like to know the the level of capital, hours per week to commit, and level of RE education needed to even participate as to take full advantage of this. I have many free hours per week and marketing funds available, but have been learning only from forums and books. Great stuff!!
Milwaukee, WI · Member since 2012 · 39 posts · 5 votes
13y
I'm new to the real estate field myself, and I definitely think that this is a great idea!!! I know I'd be interested in a mentor if I could find one on here in the Milwaukee, WI area.
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
13y
Kay Mays@Kay Mays I am in the Milwaukee, WI area. Maybe we could talk sometime? I have been doing this since 2008 and my primary strategy is buy-and-hold, but two heads are always better than one.
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
13y
And here I thought I was still a "newbie". Well, I will always consider myself having something to learn, because once you think you know it all, start ignoring all there is out there yet to learn.
I certainly don't advocate taking out unsecured loans to everyone. Just in these particular situations, the numbers made sense.
New to Real Estate · Newburyport, MA · Member since 2011 · 31 posts · 14 votes
13y
This is a very cool idea, and I think the possibilities are endless. I would love to play a part on the "Mentee" side if there are any willing Mentors in the Boston area.
I think, at the very least, it would create a lot of good conversation for BP.
Investor · NW Indiana · Member since 2012 · 833 posts · 197 votes
13y
J Scott, this, like everyone has mentioned, is very generous idea. I know this is in the early stages, but just wanted to add to see if any pros that do subject to would be interested in mentoring. I know you said RE investing in general, but I have seen many fix and flip investors willing, which it great and something I'd definitely want to learn. Anyways, just wanted to put that out there. Thanks!
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
13y
Great idea J Scott! I really look forward to seeing how this progresses. This already shows that BP is full of members who are willing to help others...and it goes beyond responding to inquiries in forums and writing blog posts.
Real Estate Investor · Waunakee, WI · Member since 2012 · 7 posts · 0 votes
13y
I live in Waunakee (near Madison) but I am primarily investing in Milwaukee right now as well. All buy-hold now but are looking to get our first rehab under contract in the next few weeks. I would also be interested in the "mentee" side of this so that in a few years I can be on the "mentor" side of the equation.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
Originally posted by James Vermillion:
Great idea J Scott! I really look forward to seeing how this progresses. This already shows that BP is full of members who are willing to help others...and it goes beyond responding to inquiries in forums and writing blog posts.
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
13y
Originally posted by J Scott:
Originally posted by James Vermillion:
Great idea J Scott! I really look forward to seeing how this progresses. This already shows that BP is full of members who are willing to help others...and it goes beyond responding to inquiries in forums and writing blog posts.
James Vermillion -
I will assume that means you're in as well... ;-)
I could use some mentoring! Where do I get my application? :)
Real Estate Investor · Lafayette, CA · Member since 2010 · 179 posts · 71 votes
13y
J Scott, Karen M.,
@Michael Galloway and Brandon Foken looks like you two might be a good match!
I spoke with Brandon this morning... , in addition, several others have been emailing as well... i think this might work better for me as a group, (taking several newbies at the same time) i need to find out everyone's strengths, weaknesses, and come up with a game plan, depending on J's competition ;)
Wholesaler · San Francisco, CA · Member since 2012 · 259 posts · 147 votes
13y
Karen M.: Michael Galloway was gracious enough to talk to me on the phone today for almost an hour and a half! Tons of great information and I filled up an entire page worth of notes during our chat. We'll be meeting up on Friday as well to talk further and look at some of his current projects. My first of many Bigger Pocket success stories! My thanks again to Michael for taking time to speak with me and for J. Scott creating this thread. Brilliant!
Investor · Randallstown, MD · Member since 2010 · 185 posts · 57 votes
13y
What an awesome idea, J. Scott! Like many others, I am very interested in being mentored, if someone is willing and in the Baltimore, MD area. Last year, hubby and I did our first flip, where we lost a lot of money, and ever since, I've been very nervous about jumping back in there. If anyone's in the Baltimore area, and would like a Mentee. Please reach out!!
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
It looks like we have lots of folks who are ready to be mentored, but only a few who want to take on the challenge...who else wants to join on the mentoring side?
Btw, I've gotten a whole bunch of PMs and emails already about mentoring in Atlanta -- I'm not ignoring anyone, but I'm finishing up a big project this week, and probably won't be able to start responding until next week.
I through this thread up on a whim, and wasn't prepared for all the response...give me a couple days! :)