Can anyone recommend mentorship programs?

Question

Has anyone paid what I would call substantial money to join a mentorship program and if so was it worth it? What mentorship would you recommend? My husband and I are wanting to branch out in our real estate journey and try an area we don't have a lot of experience in like Subject to and Wholesaling. We feel like we need some hand holding to get started in this area. We have around 10 properties. Most of them were MLS listings or just crossed our path.

David Dachtera · Answer

@Margie Butts,

I don't actually recommend mentorship programs. IMO, you're better off taking some education.

"But, David, we have 10 properties already, we're experienced. Why do we need education?"

You'll learn what you've been doing well along with what you could be doing better, as well as costly mistakes you should avoid, even if you've already been making them.

A community of fellow students usually comes with the education - people with whom you can network and benefit from their experience. That's in company with your instructors with whom you will likely have personal contact. The education I'm connected with has around 29 instructors, as opposed to the one or the few you may have in a mentorship program.

My $0.02 ...

Alecia Loveless · Answer

@Margie Butts I have done 3 for a total of $18,000. The first was Hugh Jones Inner Circle. $8000. Total waste of time. The second was a women’s group which I can’t recall the name of but about 6 weeks in they ended up just disappearing and I could no longer get in touch with either of my two contacts and their websites came down and basically my year long program just stole my $7,000.

Now I’m in Brandon Turners A Better Life Tribe $3000 and I’ve been having technical difficulties from the beginning in August which maybe they have fixed. I will find out next week. The rest of it is working, I just haven’t been able to join with my group except the first week which is the point of the whole thing.

I think you can get what you need from the BP podcasts and forums for free. I’ve learned my lesson about signing up for supposed mentorship’s.

Joel Bongco · Answer

Aloha @Margie Butts

There are many mentorship programs out there and they all teach you the basics:

Buy and Hold: This is a long-term investment strategy where investors purchase properties and hold them for an extended period. The primary source of income is rental revenue, and the long-term goal often involves capital appreciation of the property. This approach is suitable for those looking to generate steady income and benefit from potential property value increases over time.

Fix and Flip: Investors buy undervalued properties, typically in need of repair, and renovate them to sell at a higher price. This strategy requires a good understanding of real estate markets, renovation costs, and an ability to manage or oversee property improvements. The goal is to complete the renovation and sale process quickly to minimize holding costs and maximize profit.

Wholesaling: Real estate wholesalers contract a home with a seller and then find an interested party to buy it. The wholesaler sells the contract to a buyer, earning money on the contract assigned to the buyer. This strategy is often viewed as a short-term tactic that doesn't require significant capital, but it requires excellent marketing and negotiation skills.

Real Estate Investment Trusts (REITs): REITs are companies that own, operate, or finance income-producing real estate across a range of property sectors. Investors can buy shares in these companies, making it a way to invest in real estate without having to own, operate, or finance properties directly.

Multi-family real estate investing: involves purchasing residential properties that contain more  than one housing unit, such as duplexes, triplexes, apartment buildings, or townhouses. This type of investment is often considered for its potential to generate steady rental income and  scale up an investment portfolio.

Commercial Real Estate: Investing in commercial properties (like office buildings, retail spaces,      warehouses, etc.) often yields higher returns than residential properties. However, it typically          requires more significant capital and expertise in commercial real estate markets.

Vacation Rentals: Short-term rental properties, like those listed on Airbnb, can provide higher rental income than traditional long-term leases. However, they require active management, marketing skills, and an understanding of the tourism and hospitality industry

Real Estate Crowdfunding: This is a way to invest in real estate through online platforms that pool money from multiple investors to fund projects. This approach allows investors to invest smaller amounts of money in larger projects, diversifying their investment across different types of properties and geographical areas.

Lease Options: The investor rents a property with an option to buy it in the future at a predetermined price. This strategy can be beneficial in a rising market or if the investor needs time to arrange financing.

Subject To: describes a method of purchasing property where the buyer takes over the existing mortgage payments without formally assuming the loan.  This method can be particularly advantageous for both buyers and sellers under certain circumstances.

Mentorship programs can be as low as $5K to north of $50K.  You can get a lot of information here on BiggerPockets along with the support from the BP community without having to pay the big dollars.  If you do explore joining a mentorship program,  here are some key questions for the mentor:

1. Do you have experience in my local market? (on and off market leads/deals)

2. Do you have a community of practitioners for support, or is it just you? A community of support in the local market is critical.

3. Is the mentor willing to JV with you and have you on the HUD1 with OPM and not just be their bird/dog with a referral fee?

4. Is the mentor willing to door knock homeowners with you?

Please DM me if you have any more questions.  Good luck!

Mahalo!

Can anyone recommend mentorship programs?

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