Should you pay for a mentor starting out?

Question

Hello,When you investors started out, how many of you used a mentor?How did you establish that relationship? Paid for their program they were selling at an REI club meeting? Split a deal?Did you feel it was worth it?Thanks in advance

Guy Gimenez · Answer

@Daren Judd

A mentor who doesn't charge for his or her time is likely to provide you just what you paid them. Don't be penny-wise and pound foolish.

You can take the next two years studying on BP or other sites and still lose money on deals or you can build relationships with active investors in your area and split the profits with, in the mentor's favor of course. Your first few deals will net you little because you bring little to the equation, but this is the cost of education.

David Thompson · Answer

Daren,

I think it definitely depends on several things.  One, how new are you to REI?  I was new to large MF investing not so long ago, but I knew I was ready to hire a coach when the time came.  I was in a position to spend full time on it as I had left my job 3 months earlier.  I also had experiences w/SFR and small MF rental properties, had read extensively on the topics, had been a BP member for a few years and took advantage of these forums, podcasts, etc.  I had attended local MF meetup groups to see what folks were doing.  Only then did I hire a coach.  So, I had the time to not only learn but to implement what I was learning and that decision to hire a coach was the best decision I've made to date to accelerate my growth in this niche.  Not just any MF coach either, I wanted someone who was actively doing big deals, who I could work with 1x1 and was flexible in how I worked with him and how I could set my own goals, not just one "club way" of doing it.

I would sum it up as:  how passionate are you ? how much time do you have to give since you are going to spend money on it ?  have you learned enough about the area you want coaching in to know this is where you want to invest time and money?  I would also step back from any seminar you attend and let the emotions settle down a bit, put some thought into it before you rush in and sign up for something.   For me, I knew when I read my coach's offering and then met him in person, that I was ready.  There was no doubt.  I think if you have doubt, then you are not ready.  Read some more, talk to more people, attend some local not paid / non advertised meetup groups and ask a lot of questions.  Once you've come to the conclusion that this is the path, I think you will know that.  I certainly did.  They say when the student is ready the teacher appears and that was certainly the case for me.  I did not have to really search for it.  One day the email was there, I read it, did not really hesitate other than wanted to ensure this coach was the right fit for me, then I hired him.  Best decision and money spent.  My return on my investment is literally 100x.

Jeff Filali · Answer

Invest the money into marketing for yourself instead and your money will go a lot further.  Most other legitimate REI's are always willing to help beginners and understand that in this business its all about building a network of relationships.  Just reach out with any questions.  BP is your best source for finding more experienced REI's willing to answer any questions fast or reach out to REI's who market in DFW area.  I market there myself and help others all the time.  Have several Wholesalers in the area that I work with on deals.  Good luck!!

Account Closed · Answer

This forum is your mentor, you will learn more here reading posts than any other single paid program in my opinion.

Eric Calabrese · Answer

a little late, I would never pay for a mentor. Would I cut a mentor in if they found me an amazing deal ?

ABSOLUTELY

I will be successful on my own merrit because passion drives me.

That being said I would love a mentor but only if said mentor is doing it out of interest in me more than anything

James Braun · Answer

Join a local REIA

Joel S. · Answer

everyone is different, at different times. The answer is you definently need a mentor however,  that mentor does not always have to be a paid mentor or program. It can be a deal your are trying to structure, a partner taking you for a ride, a seller you bump in or your own brain brainstorming. However  you learn allot from teachers, evenmore from your peers, and the most you will learn is by teaching  other and by practice

Should you pay for a mentor starting out?

Most Popular Reply