Rental Property Investor 路 East Wenatchee, WA 路 Member since 2014 路 10k+ posts 路 16k+ votes
7y
There is a difference between a mentor and a paid coach. No such thing as a national mentor or whatever. Mentors are wise and experienced and help you because they like you. Paid coaches are... yup. Big difference
I ordered two inexpensive courses like Carelton Sheets and Success Quadrant early on. They were worth the small investment. Also a lot of books. Used, borrowed from the library or new. Now I buy books by newer authors I like just to support them and give them away to aspiring new folks.
If brand new again, I'd go with books. Turn off all devices and read. Then apply as you learn.
Investor 路 Baltimore, MD 路 Member since 2008 路 17k+ posts 路 13k+ votes
7y
@Cameron Riley I paid for a year long school. I believe in investing in myself. However I was learning about business and finance before that. I continue to this day to read, listen, go to seminars, and pay a business life coach. So I would say all three.
Today there has been a proliferation of REI coaches and courses. Many are unqualified and some are simply crooks, You would be wise to use caution before putting up good money.
Rental Property Investor 路 Red Bank, NJ 路 Member since 2017 路 1k+ posts 路 1k+ votes
7y
I had a mentor for landlording. It was priceless. The advice provided to me could not have been contained in books or on discussion boards. The closest I have seen is the book Landlording.
Developer 路 Member since 2018 路 9 posts 路 16 votes
7y
@Cameron Riley Mentors! I have a library of real estate books but nothing compares to the experiential knowledge offered by mentors. I have varying levels of mentors from different aspects as well.
Caution: some mentors are strong in certain areas but don鈥檛 have an array of wisdom to share across multiple fields within real estate.
Los Angeles, CA 路 Member since 2018 路 326 posts 路 279 votes
7y
@Cameron Riley it's good to have all three but honestly if you're not willing to do the work or take action it's not worth spending money to have a mentor.
Many of my real estate colleagues think they'll get more business by going/attending certain events done by big wig mentors, however, the real reason they don't get more business is they don't do the necessary work.
Los Angeles, CA 路 Member since 2018 路 326 posts 路 279 votes
7y
@Cameron Riley, no they are very beneficial, however, if you hire one and are paying for one and then you don't do the work or take action they aren't worth the money. If you are willing to do the work, put in the time and take action they can be worth it.
Working with a mentor especially one that is willing to spend the time on you and you willing to spend the time helping them and learning from them makes a mentor well worth it.
Rental Property Investor 路 San Diego, CA 路 Member since 2019 路 12 posts 路 7 votes
7y
@Cameron Riley Right now I am self educated, but I have received some great advice from people who have been in the business for years. Currently looking for a mentor right now!
Read books, got onto property forums and soaked up the free education.
I also piggy backed from a successful investor/developer, taught me the ropes and am still learning. Never stop learning really...
There were no mentors when I started out 25 years ago. I read a book by Robert G. Allen "Nothing Down" which was a college thesis he wrote (he never did any deals that I'm aware of) but the principles worked for me, and Carlton Sheets "No Down Payments". I made my first mil just on those two books and applying myself, actually DOING real estate. I chose to take action, stubbed every toe along the way, made every mistake you can think of and a few mistakes I found on my own, but I kept at it.
Now that there are lots and lots of people who have been doing real estate, I suppose if I was just starting out, I'd use a mentor if I believed he was honest, had integrity, knew what he was doing, showed proof of his performance, still invested in real estate himself, had a hundred or so properties under his belt, bought in the zip codes I wanted to invest in, was buying the types of properties I wanted to own, understood the changing climate of real estate, understood entities and taxes and inheritance issues, understood cash flow, understood asset protection, understood how to find deals "off market" and was savvy, yeah I'd go that route and any amount of money I paid would be inconsequential to the wealth I'd accumulate.
Rental Property Investor 路 East Wenatchee, WA 路 Member since 2014 路 10k+ posts 路 16k+ votes
7y
There is a difference between a mentor and a paid coach. No such thing as a national mentor or whatever. Mentors are wise and experienced and help you because they like you. Paid coaches are... yup. Big difference
I ordered two inexpensive courses like Carelton Sheets and Success Quadrant early on. They were worth the small investment. Also a lot of books. Used, borrowed from the library or new. Now I buy books by newer authors I like just to support them and give them away to aspiring new folks.
If brand new again, I'd go with books. Turn off all devices and read. Then apply as you learn.
Read books, got onto property forums and soaked up the free education.
I also piggy backed from a successful investor/developer, taught me the ropes and am still learning. Never stop learning really...
There were no mentors when I started out 25 years ago. I read a book by Robert G. Allen "Nothing Down" which was a college thesis he wrote (he never did any deals that I'm aware of) but the principles worked for me, and Carlton Sheets "No Down Payments". I made my first mil just on those two books and applying myself, actually DOING real estate. I chose to take action, stubbed every toe along the way, made every mistake you can think of and a few mistakes I found on my own, but I kept at it.
Now that there are lots and lots of people who have been doing real estate, I suppose if I was just starting out, I'd use a mentor if I believed he was honest, had integrity, knew what he was doing, showed proof of his performance, still invested in real estate himself, had a hundred or so properties under his belt, bought in the zip codes I wanted to invest in, was buying the types of properties I wanted to own, understood the changing climate of real estate, understood entities and taxes and inheritance issues, understood cash flow, understood asset protection, understood how to find deals "off market" and was savvy, yeah I'd go that route and any amount of money I paid would be inconsequential to the wealth I'd accumulate.
Rental Property Investor 路 Ithaca, NY 路 Member since 2015 路 1k+ posts 路 1k+ votes
7y
@Cameron Riley I got licensed, then I took investment and management classes through the National Association of Realtors. Now, I still take classes but I implement what I learn on my investment properties.
I'm trying to teach my older brother the trade and this has greatly increased my knowledge. (Because he asks so many questions...) Sometimes, the student teaches the teacher.
Gurus are great but I like going to networking events more. You can find a lot of old timer investors who would gladly share their knowledge...for free.
Investor 路 Greer, SC 路 Member since 2014 路 13k+ posts 路 17k+ votes
7y
Self educated. I started out with books and the internet. I don't think BP existed back when I started. BP is an awesome resource. There are plenty of discussions that cover a wide array of topics over and over again.
I also joined my local Real estate club. It has training and great networking.
Specialist 路 Davenport, IA 路 Member since 2018 路 2 posts 路 3 votes
7y
@Cameron Riley I have 2 mentors and books. My father owns about 20 units and I started out as shadowing him then later on managed one of his apartment buildings I live in now. My 2nd mentor is a real estate agent, I am an unlicensed assistant for now and will soon be licensed this March once I turn 21. I read a good hand full of books in the past year when I started February of 2018. Sell It Like Serhant, Crushing It, Shoe Dog, Millionaire Real Estate Investor/Agent, How Successful People Think, etc.
Investor 路 Houston, TX 路 Member since 2017 路 1k+ posts 路 871 votes
7y
Right new guys like us are out there, digging away, using a regular shovel. We learn as we earn, and we get better at operating said shovel. But while we are doing this, we wonder... man, why don't I go buy an excavator? This is the mentor that Mike M has described.
So now you got an excavator, and man, you can dig now like nobody's business -- at least for a time.
But you need a job that is big enough to really put it to work. And that takes a lot of fuel. And you need the insurance, and an operator, and a license... and.... so on. So you realize that it is a matter of scale. Is what I am doing now enough opportunity to really justify the cost? Maybe you should have first gotten another buddy with a shovel to help you, while you were scaling and growing.
I will get the excavator when it makes sense. For now there are enough resources available here, and from other investor buddies that I run with, who serve as templates for me to pattern my 'digging activities' after.
Another point is that there are a lot of paid mentors out there, in the form of attorneys, title professionals, inspectors and hard money lenders, that will help you out with your deals. Their cost is minimal and you know what you get. Local HM lenders in particular are often overlooked, but their advice is also worth listening to and very specific to your question/project at hand. If you look at them only as expensive money, you are missing the 'free consulting' aspect of their services.
Handyman 路 Pittsburgh, PA 路 Member since 2018 路 5k+ posts 路 13k+ votes
7y
Everything I learned was from paying McRib International Seminars $50K on my credit cards to remove the scales from my eyes. Their paid Diamonds and Platinum level personal coaching sessions changed my life. I was lost in the darkness but now I am found, I was blind but now I see. And I got it all back on the first deal. Now I soar on wings of eagles and the stars are my destination.
Real Estate Broker 路 Bay Area 路 Member since 2018 路 1k+ posts 路 3k+ votes
7y
Self-educated and learned from books and watching people succeed and fail. Never had a direct mentor but learned from people from afar. I had the best teachers the school of hard knocks. I think today it is much easier to learn and accelerate your timeline with the BG and Youtube. Tons of information right in front of you for free. The problem is that there can be analysis paralysis because of content overload and a lot of misinformation. I think having a paid coach that is the real deal who can cut your learning curve in half is worth it. Time is money.
Being in the real estate industry helped my growth. I had no choice but to sink or swim. This is not a requirement to succeed as a RE investor it did, however, allow me to master evaluating properties.
Real Estate Broker 路 Chicago, IL 路 Member since 2019 路 23 posts 路 10 votes
7y
@Cameron Riley I'm reading on Bigger Pockets everyday learning. I'm in the process of my first BRRRR but I'm still looking and searching for a great mentor.