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"
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
13y
I agree, I feel at this point that I don't know enough to be a mentor, but I have been doing this for almost 5 years. So I do have a little bit of a head start over someone who is at year zero. So I would be willing to share what I know, and in exchange perhaps learn some new things myself along the way.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
Originally posted by Michael Quarles:
Just posing a viewpoint that gets conversation going. Even in the light of people hating me.
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... :)
Real Estate Investor · Sioux Falls, SD · Member since 2013 · 415 posts · 84 votes
13y
Reading through these threads make me think of a new reality show. lol What better than these amazing people that have done well and are willing to help others out and show them the ropes.
I would think it would be pretty sweet to see J Scott Will Barnard Rich Weese James Vermillion to mention a few to going through and pretty much compete and show us newbies different ways to closing a single deal from start to finish, whether it may be a buy and hold, a wholesale, a flip or even develop property.
Real Estate Investor · Lafayette, CA · Member since 2010 · 179 posts · 71 votes
13y
Originally posted by Michael Quarles:
The reality is that most will fail. Not because they want to or can't accomplish the task but because the reality of real estate investing will present itself.
This great business is more about desire and will than knowledge. Heck I bet most of J's list never had a mentor.
As for the constant ridicule of mentors who charge. Why. Who expects anything for free? And if you do you're certainly in the wrong business.
Well Stated.
This is what separates the the people who DO and the people who DON'T. (WILL/DESIRE)
Education/Knowledge is great, and i encourage everyone to continue to educated themselves. (Here on BP is a great resource) A coach/mentor, can only show you the ropes, and keep you motivated, we can not give you our passion, our desire, our will to succeed. That part comes from within.
The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will.
Vince Lombardi - on my office wall.
I hope that all the coaches/mentors can help their students find that desire within to succeed.
PS i never had a mentor, that's part of the reason i want to volunteer. However, I keep pondering Michael's comments. "most of J's list never had a mentor" He is probably right. Are we helping Newbies or our we becoming more of a crutch?- this statement made to create discussion, it's my contrariness.
Real Estate Professional · Salt Lake City, UT · Member since 2010 · 608 posts · 163 votes
13y
I know if anyone asked me I would jump at the chance to be mentored buy an expert marketing guy that cant spel. Just sayin.
I really wonder if some of the new people really understand what an incredible opportunity they may have here. I cant imagine anyone getting an opportunity like this and not putting every thing else on hold and putting in the hours. I agree 100% with Michael Quarles that it is mostly about the willingness to do the hard work.
New Orleans, LA · Member since 2013 · 16 posts · 1 vote
13y
I can see the desire for a mentor... i have it myself, but from reading some of the post I can tell that even mentors can't help you sometimes. It is a matter of getting out their, taking calculated risk, and making your own way. The truly great investor on this site seem to pave the way, per-say, and push through the failure and grow from them. As a newbie I would love to say that I'm not terrified by the mountain that seem to loom in front of me as a 19 yr old college student who is currently fighting to pay down federal loans that are accruing, but what I can see from re-reading this forum is getting a mentor is important for success. The most important is to BUILD upon what your mentor advises and persevere through falling flat on your face.
Thanks for your posts... P.S. I loving picking peoples brains on their success... so this website is awesome for me and any newbie fresh on the scene.
Rehabber · Albuquerque, NM - New Mexico · Member since 2011 · 283 posts · 38 votes
13y
Originally posted by Michael Galloway:
Are we helping Newbies or our we becoming more of a crutch?- this statement made to create discussion, it's my contrariness.
I don't see how you could be a crutch? If you did perhaps that would fall on the mentor's side for being too compensating. I know when Will tells me to do something, I go out and do it right away. I'm not sure how he could become a crutch. Currently I'm at a point where I feel great about going and looking at houses on my own. Along with analysis, although I like to keep him updated. I've put out a couple offers so I have taken the leap, but never gotten one offer accepted yet...
And just a minor point to everyone here talking about how you can't get a person to put in the "hard work". It's only work if you don't like it. I personally like, it doesn't seem like work. It feels like fun currently. I anticipate it to become more fun once I get to actually work on a house! And then having the pride of your completed work, I'd be showing it off to my family personally. And when I do get an offer accepted I am going to pretty much drop everything I'm doing at the time, which is just school and a very part time job. I'm going to have that buzz of adrenaline when I get an offer accepted. It excites me every time I think of it!
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
I would have to agree with the selfish, a-whole, conceited person J is :)- (no need to thank me for the compliments J). :) in regards to mentor qualifications. I know I would not qualify under those parameters and doubt most others could either.
I think this is a wonderful idea and I look forward to being a part of it. What excites me most is that I have a feeling that the qualifications for mentees will be good enough to make this training a success and that working together with several mentors will make us mentors better for the mentees and for ourselves. Like J stated, just because you are in a mentor capacity does not mean you know it all, in fact, we learn new things and new ideas every day, THAT is what assists us in our success.
DISCLAIMER: Above first sentence is a joke reiterating what J called himself, I am in no way name calling or attacking him, I consider him a friend. Just in case my joke goes over someone's head!
Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
13y
Originally posted by Will Barnard:
Like J stated, just because you are in a mentor capacity does not mean you know it all, in fact, we learn new things and new ideas every day, THAT is what assists us in our success.
Will, I totally agree. I only coach Lease Option Assignments, Sandwich Lease Options, and Private Loans from Self-Directed IRAs. I am not someone's "answer man" to all questions.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
Originally posted by Brian Gibbons:
Will, I totally agree. I only coach Lease Option Assignments, Sandwich Lease Options, and Private Loans from Self-Directed IRAs. I am not someone's "answer man" to all questions.
Hey Brian,
If you're willing to do some free mentoring, just let me know what area you're in and I'll add you to the list...
Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
13y
Originally posted by J Scott:
Originally posted by Brian Gibbons:
Will, I totally agree. I only coach Lease Option Assignments, Sandwich Lease Options, and Private Loans from Self-Directed IRAs. I am not someone's "answer man" to all questions.
Hey Brian,
If you're willing to do some free mentoring, just let me know what area you're in and I'll add you to the list...
Hi J,
I PMed you on a Colleague Request, but I'll answer here too.
I will Mentor anyone in:
-Lease Option Assignments (LOAs)
-Sandwich Lease Options
-Getting Private 1st Mortgage Lender with Self-Directed IRAs
The mentoring student can be in any state.
I reserve the right to restrict the geographic area or type of value of houses (no ARMS btw) in LOAs.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
Hey folks,
Just a quick follow-up...
I have the info from most of the mentors and I'll be putting together a plan over the next week on how to move forward, and will be working with the mentors to ensure that they're getting out of this process what they need as well.
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
13y
For ALL of you mentors, what a great idea! I know there are people daily on BP looking for such help. For the few interested in development, I've been able to email back and forth and give them whatever help I could that would help them along. Though it's hard when someone is across the country, sometimes Google Earth does wonders in checking out a parcel and the neighborhood (as long as it's a recent picture)
Gaithersburg, MD · Member since 2013 · 90 posts · 9 votes
13y
I'm very late to all the responses, but I'm definitely up for being mentored. If anyone in the Washington, DC market is up for being a mentor definitely send me a note. I'm ready get going and learn the business.