Investor · Villa Rica, GA · Member since 2015 · 146 posts · 30 votes
With a lot of people being experts and gurus in the commercial real estate industry what are some qualities to look for when searching out a mentor. I understand that some education you have to pay for but with all the free info out there now what is a benefit of paying a person to teach you.
Specialist · Plainville, CT · Member since 2015 · 478 posts · 389 votes
8y
@Dennis Johnson- I've paid for various guru courses and coaching programs and here's the benefits that I've experienced:
Specialized knowledge from people that have achieved a status that I aspire to be at (as opposed to taking all types of info from random people on the internet). When you're talking to your coach on a regular basis, you can drill down and get real specific for example on a deal that you're working on, etc. When I am in the process of buying a multimillion dollar deal, I would rather not leave that up to chance that someone in a forum, on YouTube, or on a podcast is going to thoroughly answer my questions and help me solve my problems (no offense BP... lol). That said...
You get hand-holding and piece of mind.
Some gurus will sponsor a deal for you (if it makes sense for them) and more than likely, offer to buy your deal from you. No more worrying about what to do with a deal if you find one. I believe that is why many people become "gurus" in the first place- so they can do more deals and have a second business model all along the way.
Accountability partner- sometimes you need someone to light a fire under your butt to take action, so you do what you need to do.
I'm probably forgetting some things and not doing the gurus justice... lol... but I would say the personalized support and the hand-holding are the biggest benefits.
Specialist · Plainville, CT · Member since 2015 · 478 posts · 389 votes
8y
@Dennis Johnson- I've paid for various guru courses and coaching programs and here's the benefits that I've experienced:
Specialized knowledge from people that have achieved a status that I aspire to be at (as opposed to taking all types of info from random people on the internet). When you're talking to your coach on a regular basis, you can drill down and get real specific for example on a deal that you're working on, etc. When I am in the process of buying a multimillion dollar deal, I would rather not leave that up to chance that someone in a forum, on YouTube, or on a podcast is going to thoroughly answer my questions and help me solve my problems (no offense BP... lol). That said...
You get hand-holding and piece of mind.
Some gurus will sponsor a deal for you (if it makes sense for them) and more than likely, offer to buy your deal from you. No more worrying about what to do with a deal if you find one. I believe that is why many people become "gurus" in the first place- so they can do more deals and have a second business model all along the way.
Accountability partner- sometimes you need someone to light a fire under your butt to take action, so you do what you need to do.
I'm probably forgetting some things and not doing the gurus justice... lol... but I would say the personalized support and the hand-holding are the biggest benefits.
Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
8y
@Dennis Johnson to add to what @Chris Tracy said, which was spot on, his first point - you never have to feel guilty by hitting them with 21 questions, that's what you're paying them for! Also a great mentor is a great source for real estate contacts. They should have a team of people they can refer you to for whatever it is you need.
Investor · Villa Rica, GA · Member since 2015 · 146 posts · 30 votes
8y
@Chris Tracy and @Grant Rothenburger I think both of you have stated some very good info and I appreciate it, with that being said can there be a dollar amount put on it or what would be a starting point, I am looking and I have one or two in mind but as a working person have to stay within reason until I can get that first deal done.
Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
8y
@Dennis Johnson I can't confidently or accurately answer that because they can vary so much. Some are $20k up front and $x per month after. Some are just $X per month. If you're considering a mentor I would try to not think about how much money they charge, do pros and cons of a few that you like (excluding $ amount), pick your favorite based on the value they bring, then factor in the money. I've never hired a mentor, but I for sure will within the next 2 years and I'll probably do what I just said. @Chris Tracy Probably has a better answer than that since he's hired mentors before.
Specialist · Dallas, TX · Member since 2015 · 20 posts · 37 votes
8y
Ive has many mentors. Here is what I look for:
Is the mentor actually doing what you want to do? Can they prove it?
Does the mentor have successful students doing what you want to do? Can they prove it?
Does the mentor provide a support system of service providers and potential investors or do they only offer coaching and education?
Does the mentor provide everything they have or is there a Constant upsell?
Brad
I would look for a mentor who is actually still performing in the industry, closing deals and has a program that is online.
Free is free, you can only go so deep with free. That one piece of advice or info can be a game changer. I think it's all about being part of a community of like minded individuals that makes real estate investors successful.
Property Manager · Minneapolis, MN · Member since 2014 · 380 posts · 167 votes
8y
I have been lucky to work with some of the best of the best in our market. It definitely isn't easy, but sometimes the best mentor is the hardest client/owner/employer to work with. In my opinion get your back to the wall with the highest level owner possible. You will gain respect, contacts you would never have access to and a behind the curtain view that no paid guru will offer.
No offense, but if someone brings a paying "student" into my business I will be nice and helpful, but will never have the same respect for someone that is actually 110%, back the wall result driven with a proven track record.
Investor · Villa Rica, GA · Member since 2015 · 146 posts · 30 votes
8y
@Michael Tempel that is great info thats who I am looking for people that are doing the business still I have had some great and infomative conversations with very helpfull people. @Gino Barbaro your very correct free is free but still location for that someone to contact when you step past free info to real world solutions. @Brad Sumrok thanks for the feed back.
Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
8y
@Dennis Johnson In addition to the great advice from @Gino Barbaro, @Chris Tracy, and @Brad Sumrok, I'd say ask for references of the mentor/coach students. Speak with past and current students! Ask them questions based on what's important to YOU, and make sure that the mentor's strategy resonates with you.
May be bringing this up from the dead here but I'm sure i'm not alone here.
If I may poke further on mentor/coaching. From what you have seen in here and may have seen, are you paying for mentorship or is it a work for someone successful and learn from there? It seems to be all the rage to have 20~ year old gurus giving coaching after they have become "successful" and offering "cheap" coaching classes. Don't know when that became a thing in all businesses (crypto seems to have the leading kid coaches) but i'm curious if you have input on paying/learning and how you approached mentorship.