Do you have a mentor or are you self educated fully?

General Landlording & Rental Properties
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Do you have a mentor or are you self educated fully?

Cameron Riley
Rental Property Investor · Phila, PA · Member since 2018 · 554 posts · 118 votes

- When you first started out, did you invest in GURUS, Mentors Or Books?

Or all three?

- What helped you GROW?

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Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 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.

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  • Anthony Wick
    Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
    7y

    @Cameron Riley

    I never paid any one person to educate me. You have so many books, BP, REIA meet up groups, Realtors. I started (started again) later in life, so I also had a couple decades of life experience.

    But, I started again by reading many books and about 10,000 articles and blog posts right here on BP. This isn’t 1960, or even 1980. If you can’t find an answer on the internet for free then you aren’t trying.

    2Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y

    For me it was my Dad.. and getting my RE license at 18 and sitting through weekly sales meetings with guys and gals that had been on the front lines selling real estate for decades talk about an incubator..  However this is as it relates to selling real estate.

    I think what most of the BP audience is looking for is how to find property so they can be a landlord.  This is pretty straight forward stuff.. IE buy house fix it rent it.. stay on top of tenant.. all of this knowledge for sure can be gleaned on a site like this were you have thousands of full time owner operators living the dream and willing to share their experiences. 

    Its when you get into more complicated or sophisticated transactions that specific knowledge is needed and we usually get that buy getting licensed .. be it a Mortgage license if you really want to understand that.. Or becoming licensed GC or Developer as in my case.. Or a licensed Broker etc. these allow you to make money by fee based with no risk of having to buy the asset.

    Then there is the after market note business which is highly technical and I think a good mentor/trainer would be wise to have as its simply much more complicated than the dead simple idea of running rentals.. :) 

    @Account Closed I like Mikes definition of a mentor..  If you can find someone that accomplished that will actually spend time with you and take you under their wing that can be a life changing moment..  As for learning about all the different styles of creative financing you can search those on the web..  what is a wrap  whats a sub too  whats a lease option or sandwich lease etc etc..  the key is how do you close those deals.. how do you ask for the order.. and you don't need those skills if your simply buying rentals.. but if your going to do deals where your having to convince others of out of the box or out of the slow lane real estate you need some very good sales and negotiating skills and those can be taught and are worth the money in my mind..  Then you have just the feel good guys.. Like used to love to go see Zig he was great.. And one of my favorites is Dave Del Dotto but maybe thats becasue he owns the winery across from my home in Napa valley and we would drink a little wine and talk about the good ole days..  there is money in guru thats for sure.

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    5Reply
  • Bobby Shell
    Investor · Fort Collins, CO · Member since 2018 · 165 posts · 127 votes
    7y

    @Cameron Riley I have 3-4 buddies who are already in the game and doing deals. We always bounce what we learn off each other.

    Also real estate books and podcasts have been great because it helps you talk the talk and understand conversations among an educated group as you get your deal knowledge up.

    4Reply
  • Daren Miller
    Investor · Wilkes-Barre, PA · Member since 2017 · 19 posts · 16 votes
    7y

    @Cameron Riley Hey Cameron, I’m from PA as well. What areas do you invest in?

    My main source of real estate education at the moment is books/BP/just doing things. However, when it comes to general finance/life advice I have some highly successful individuals I confide in whenever I have questions. I found the most valuable lessons came from simple conversations with people who have much more life experience than I do.

    2Reply
  • Cameron Riley
    OP
    Rental Property Investor · Phila, PA · Member since 2018 · 554 posts · 118 votes
    7y

    @Daren Miller

    Awesome! Let’s connect

    I’m investing currently in the 717 and 570!

    How about you?

    0Reply
  • Brian Ploszay
    Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
    7y

    I've been in this for awhile, so I do not have a mentor.  I wish I had one when I started.

    But all of us should remember that education is an ongoing process.  Continue to learn and improve and this will help you to success.

    2Reply
  • Cameron Riley
    OP
    Rental Property Investor · Phila, PA · Member since 2018 · 554 posts · 118 votes
    7y

    @Bobby Shell

    Recommend some podcasts and YouTube videos if you can!

    Thanks again!!!!

    1Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    7y

    As @Jay Hinrichs said, there is money in guru, so now my new life's goal is to learn how to give good guru.

    2Reply
  • Tony WooldridgePro Member
    Rental Property Investor · Walla Walla, WA · Member since 2016 · 480 posts · 346 votes
    7y

    @Cameron Riley, I use BP as my personal MENTOR, it is always there no matter what time to answer a question, it keeps my chin up when I get discouraged (and you will get discouraged, but NEVER give up, keep on keeping on!) it helps me educate myself when I don't know the answer! It is a wonderful MENTOR. Here is wishing you nothing but GR8 success in your 2019 REI ventures!

    4Reply
  • Stephanie MedellinBusiness Member
    Mortgage Broker · CA · Member since 2014 · 1k+ posts · 644 votes
    7y

    Lots of books!  Best way to get a general understanding of real estate and investing.

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  • Mark Sewell
    Investor · Houston, TX · Member since 2017 · 1k+ posts · 871 votes
    7y
    Originally posted by @Jim K.:

    As @Jay Hinrichs said, there is money in guru, so now my new life's goal is to learn how to give good guru.

    Jeez, I just about spit out my coffee... this needs to be on a tee-shirt.

    3Reply
  • Brian Hout
    Flipper/Rehabber · Tempe, AZ · Member since 2016 · 71 posts · 14 votes
    7y

    @Cameron Riley I got started with a no name mentor. Seeing him do a deal a few times was worth more than any class. A mentor is someone that you want to emulate. You can identify a good mentor by looking at what they do not just what they say. If they are not doing what they are teaching, then I would be suspect of what they teach. If what they do produces the result I want, then I would want to learn how to do what they do.

    2Reply
  • Mark Dolfini
    Specialist · Lafayette, IN · Member since 2018 · 24 posts · 29 votes
    7y

    As a real estate coach, I think it's important for me to point out that I TOO, have coaches that help me.   I am not in the camp of "Yeah, YOU need a coach, but I don't".  Quite the contrary.  I spend a great deal of money each month for people to help me think through things faster, watch my blind spots, and hold me accountable.  You can self-prescribe information all day long (personally, I read about one book per week) but when it comes to activity, I really think a mentor / coach can get you where you want to go much faster.  I also feel this is especially important in the area of real estate, where it is incredibly easy to get distracted by the latest "shiny object" that happens to cross your path.   

    1Reply
  • Cameron Riley
    OP
    Rental Property Investor · Phila, PA · Member since 2018 · 554 posts · 118 votes
    7y

    @Mark Dolfini

    Where do you find these quality mentors

    0Reply
  • Mark Dolfini
    Specialist · Lafayette, IN · Member since 2018 · 24 posts · 29 votes
    7y

    @Cameron Riley 

    I would love to say there is an easy answer to that question, unfortunately there's not.  I really believe you have to first understand the mentors / coaches will serve different purposes for you at different times.  

    For me, the best results have always been from someone that I have paid, because honestly, if I was paying that person I was not about to show up unprepared for our sessions nor waste their time.  I've coached too many people for free, giving them really good direction, and they ended up doing zero with it.  I think it's important that you have some skin in the game, just to put that out there.  

    I also think it's important that you seek a mentor / coach that understands YOUR Vision for the future.  For example, you might want to get into note investing, but the guy / gal you're working with has only done wholesaling or buy-and-holds.  Everything should be driven by your Vision, including the people you bring into your circle. 

    Finally, see what you it is you can expect.  Some of these people are gifted as gurus, meaning they will teach you their system, but do very little in terms of holding you accountable to your activity (or inactivity) towards your Vision for the future.  A coach / mentor serves a different purpose.  Just make sure you know what they are bringing to the table. 

    As for where to find these people? Your local REIA often brings in speakers that are there to offer their services. Take your time when hiring one, make sure they understand your Vision, and get a sense if this is a person you can work with while they are there visiting.

    I hope this helps.  

    3Reply
  • Adam Adams
    Podcaster & Multi-Family Apartment Investor · Denver, CO · Member since 2016 · 273 posts · 138 votes
    7y

    @Cameron Riley

    I noticed you didn’t mention mastermind groups which were, by far, the most instrumental for my business to be where it is. Although I paid for a couple gurus/mentors it wasn’t them told me to start a podcast or host my own real estate conferences. I got these ideas from mastermind groups with high dollar ticket prices. 10 times better than any guru.

    1Reply
  • Eric Carr
    Real Estate Broker · Los Angeles, CA · Member since 2017 · 658 posts · 293 votes
    7y

    I read books and learned by doing. Mentors are priceless, books and knowledge on forums and the internet are almost free. As far as gurus, just trust your gut and don't over pay. I've never paid anyone, we all know there are a lot of cons out there promising a lot and charging proportional amounts

    1Reply
  • Kelvin Tam
    Real Estate Agent · Malaysia · Member since 2015 · 56 posts · 22 votes
    7y

    @Cameron Riley i would say books 1st, then like-minded network like this bigger pockets. They do share lots of knowledge

    2Reply
  • Mark Collard
    Investor · Las Vegas, NV · Member since 2014 · 31 posts · 38 votes
    7y

    @Cameron Riley - it starts by seeking them out, NOT by telling people you are looking for one, cause they are everywhere, but simply being strategic about where you go, how you interact and asking people that are doing/having/producing what you want, and they generally can give you strong referrals.        

    @Mark Dolfini - well said, on many accounts, most importantly though, the idea of making sure you are being coached while coaching.   Very full of wisdom.  

    0Reply
  • Ronnie Fielder
    Rental Property Investor · Triangle, VA · Member since 2019 · 29 posts · 18 votes
    7y

    @Cameron Riley Up to this point I have been self educated. Whenever I really want to learn something, I become so fixated on it.  I read all the time (books, articles, blogs, etc).  Another thing some would say I'm fairly good at is keeping my ear to the ground. I try to be aware of as much as possible. Throughout the years I've quietly added tools to my toolbox from others successes and failures. Last but not least, I make it a point to learn from my own experiences. Today I had to figure out how to get a plumbing issue fixed from 4,000 miles away on Super Bowl Sunday. The problem was solved, but not without pain. I definitely learned a few lessons for the future.

    1Reply
  • Colby Dwayne Wood
    Centralia, IL · Member since 2016 · 4 posts · 1 vote
    7y

    @Cameron Riley

    My suggestion. Before you spend any money on books or gurus. Go to meetup.com or you can find them on BP. Go to at least 1 REI meet up their mostly cost efficient lots of knowledge and opportunities.

    1Reply
  • Cameron Riley
    OP
    Rental Property Investor · Phila, PA · Member since 2018 · 554 posts · 118 votes
    7y

    @Ronnie Fielder

    Hey! How did you fix the problem?

    0Reply
  • Isaiah Williams
    Rental Property Investor · Columbus, OH · Member since 2018 · 97 posts · 66 votes
    7y

    @Cameron Riley

    I've never really done gurus, closest I got to was the Than Merrill Workshops but I never went on to the actual Fortune Builders mastery class. However, I do believe that if I had joined (along with the heavy $25k price tag!) i would have learned quite a bit from it.

    That being said, I believe that gurus are a typically overpriced, but very beneficial, way to learn. But they are one of many different methods to learning, and not necessarily the best.

    I find there is no education than experience, but preparing yourself through self education like books or forums most definitely have their place of importance.

    Having a mentor can be EXTREMELY helpful, especially when you are beginning. I myself was able to find a more experienced business partner to team up with, but he also mentors me in quite a few of my endeavors.

    However, at the end of the day, every person is different. Just because one way worked for someone else or even every one else, does not mean that it will work for you necessarily. So long as you are doing SOMETHING and not remaining stagnant, youre progressing. THAT is what's most important in my opinion.

    0Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    7y

    When I first started I had people that were generous with their information in helping but I would not say they were my full on 'mentor'.  You don't need one to make it.

    0Reply
  • Levi T.Pro Member
    Rental Property Investor · Tucson AZ / Nice FR / Washington DC · Member since 2016 · 1k+ posts · 1k+ votes
    7y

    It is the conversations that educate us, innovate us, and make us. 

    You need to be willing to push yourself to climb, learn, and question norms.

    You need to have limitless curiosity, and drive. 

    You need to have conversations with others, and yourself, always.

    I have no formal education, or mentors. I’m on my 5th multimillion dollar business. I’ve sold each of them to some of America’s best known brands, simply by getting out of bed each morning and asking, now what.

    Good luck!

    2Reply
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