@Mitch Messer That was a great distinction mentoring and coaching. I have provided both. I mentored a 19-year-old friend of the family. And I provide some coaching to some investors that I work with for a fee (I call it affordable real estate coaching). I have also paid for coaching and I have found a few real estate mentors that I have learned a lot from about investing and about life.
This is what I have learned from by both receiving and providing coaching and mentorship.
Coaching is a service that is usually paid for. There is an expectation on both sides. It is usually structured and there is often a contract that outlines expectations and the extent of the services that will be provided. The coach has the responsibility to teach and the student may or may not complete the assignments.
Mentorship comes out of the relationship that is built between someone who is more experienced and someone who is less experienced. There is usually not a contract and it is usually not structured. Lessons are mostly learned through observations and conversations. The mentee carries the majority of the responsibility to learn.
The 19-year-old that I mentored was not ready to be mentored. I gave him complete access to me for 3 months and shared with him as much as I could about changing one’s mindset to a mindset of success. I tried to help him understand the difference between trading time for golden eggs and learning how to raise and breed geese that lay golden eggs. He had a hard time seeing the value of raising the geese and he just wanted the golden eggs and he didn’t have as good of an experience as I wanted him to have.
I have also coached people though acquiring single family properties for under market value and setting them up on lease options or as rentals. I have charged $5000 to $6000 to do that. The investors who have paid for coaching from me have all shown appreciation for being able to acquire properties under market value.
In my opinion, it is often harder to find a mentor than a coach. People who are willing to pay for coaching are usually ready to learn because they have put up money to learn there are many people who will teach you how to invest in real estate for a fee. Whereas with mentors, it is often harder to find someone who will take you under their wing and spend time with you to help you learn through the association over a long period of time without a specified end date.