Learn While You Earn Mentoring Should Be The New Normal!
There is no question that having a mentor by your side as you begin your real estate career or strive to take your existing real estate business to the next level is the way to go. As a mentor/coach I had a decision to make when I began to take on students and it would affect my income so I had to give it very careful thought. In the end I believe I made the right decision for both my students and for myself.
I’m a product of mentoring having had mentors help shape my career and it saved me costly mistakes as well as cut my learning curve down to a minimum. I’m not going to tell you the cost in dollars but it was sizable and some of my real estate coaches were worth every penny and some shouldn’t even be in the education business at all. One thing they all had in common was the way they charged for their services. Now I’m not complaining that they charged a fee because I do too, just the way it was collected. From my experience the vast majority of mentors out there collect fees up front for services not yet rendered. If those services are sub-par the student is the one to suffer both out of pocket and from a case of improper training.
I had a young man call me the other day and to make a long story short he was pretty frustrated with his coach. He has paid the mentor to teach him how to wholesale ugly houses and had put a house under contract but was receiving no help getting it flipped. It made no sense to me why his mentor would not follow through so I took a few minutes and told him how to proceed. My point is that his coach got away with it and that ain’t right!
To avoid this type of thing I came up with the Learn While You Earn Mentoring Programs which to my mind holds both student and mentor accountable for their actions. My students and I agree to joint venture deals together and we split the profits. No large up front fee that they have to max their credit card out over and a virtual guarantee that I have to perform. If I don’t stick with them through the deal from beginning to end I don’t get my fee. If they don’t hang in there they don’t get their profit. It’s called win-win.
Although I will mentor in traditional wholesaling my specialty is the Pretty House business specifically Lease Options and I’ve been doing them for 23 years now. If you would like to Learn While You Earn check out my 2:03 minute animated video that will give you the details at https://youtu.be/QGEhbNniTDE