Oakland, CA · Member since 2015 · 109 posts · 41 votes
Hey all,
I've been investing on my own for a while and trying to break into the multifamily and apartment space. I'm in a mastermind that has people with good knowledge and I'm educating myself as much as I can, but I am still lacking some direction and the 1:1 coaching that I think I need.
I'd love to hear from people who have found success with mentors and who that was and what they paid for it? I've been quoted $7,500 for 6 months with one call and unlimited emails a month which seems insanely high to me.
@Shiloh Lundahl, I can hear your opinion, but don't align with it. It is the same reason, as an LP, I would not invest with someone that is running their syndication as a side business.
And from a coaching perspective, I am specifically speaking to people that market their coaching programs. Marketing takes time and resources. If I am marketing coaching, it is not a side business. It is my business. In theory, every dollar I am spending marketing my coaching is a dollar a need to make coaching. The time I spend coaching is time I am not being active in the business that I am telling you I can teach to. And, if my coach needs capital from coaching to keep their deals supported and make a living, than I, as a client and student, wouldn't want to learn from that person, because they are not as successful as they are telling me they are.
I continue to stand by my unpopular (for BiggerPockets) opinion that if you want to be successful in a real way as a real estate professional, your best bet is to find a job in the industry. Work for a syndicator or REIT or investment group. You will learn more, faster and from someone that is scaling to the level you want to be, while being paid versus paying for that education.
@Barry Ruby, it sounds as though you are the exception. Many of the guru's/coaches/etc are syndicators starting out with typically no track record, and maybe learning or knew that the first several years of being a real estate operator with outside investors, specifically, are very lean, often too lean to really pay your bills. It is just like starting any other business.
I have no issues with people helping teach others; that is literally what my professors in college were paid to do. And you effectively retired from development to teach others. My qualms always come from those that have only invested in real estate for a couple years, but marketing themselves as a person that knows enough to teach others.
Mentorship is very challenging, as I had noted. You want someone that has real experience, ideally before the Financial Crisis. You want someone that knows current market conditions and has advice to help navigate them. And I want someone that is actually available to help, versus "buy my masterclass" with no ability to talk to the person directly.
Hi Evan, Thank you for your thoughtful and (I think) accurate response. I am conducting a ground-up development Program based on 1:1 time with me and only me. The Program is designed for each Mentee to select a real site to use to learn the language and metrics of CRE along with workbooks and tools that I have created to function and teach simultaneously.
The end goal is to empower the mentee to understand how to select and underwrite a site for its highest and best use, how to properly secure it under a purchase contract, and move it through the Pre-Development process to get to a shovel-ready deal.
The course includes my support for 1 year to ensure that the mentee has all they need to successfully apply what they learned and go on to do projects of their own with confidence.