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.
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
7y
I would also say all three (gurus/coaches, mentors, and books). I saw someone post that they have read 10,000 articles on real estate. I would rather pay 1 person $10,000 to teach me and show me his system of investing successfully rather than read 10,000 articles and then take all of that information and sift through it to figure out what applies to my specific market and how to implement the information successfully.
There is so much information out there, and much of it is very useful, however, I don’t have all the time in the world to search through it all to find out what is useful or not. So I pay someone else to do that for me.
Reading books and listening to podcasts are great secondary ways of reinforcing concepts, but nothing replaces someone who has been where you are who can help you get to where you wants to be. To be the best at something, you have to read from the best, listen to the best, and associate with the best. Reading and listening will only take you so far. Nothing replaces associating.
I wonder where the people who say that they have never paid for any education would be if they had read, listened, and associated with the best. Logic says that, as a group, they would be better off then where they are today.
Wholesaler · Humble, TX · Member since 2013 · 150 posts · 13 votes
7y
I started out on the cheap, listening to books and radio shows but then I joined a mentor group and that really quickly helped elevate my investing career. Fast forward, to date I've spent over $140,000 on mentors and gurus and I have a little over 100 buy and hold properties (a mixture of rentals and owner financed properties), cash flowing $50K per month and approximately $10,000,000 in RE...I'd say go with a good, local guru. More specifically, someone who is in the niche that you want to be in. For me, that was owner financing. I now mostly buy, do NOT rehab, then re-sell on owner financing. I also have a couple of Airbnbs and one commercial property. Also researching the residential assisted living model.
SF- East Bay Area · Member since 2019 · 13 posts · 6 votes
7y
I honestly think you need all three to be truly successful. You can only teach yourself so much. There comes a point where you need someone that has some skin in the game to show you how to invest etc..
Investor · Anchorage, AK · Member since 2016 · 222 posts · 294 votes
7y
@Cameron Riley I am all self educated, using books, podcasts, and this bigger pockets website. I've never had a coach, and none of my personal friends understand what i'm doing. However, I finally found a friend that is really motivated to start investing in RE, and I'm kind of coaching him now lol. It will only make me a better investor to help a friend out :)
Rental Property Investor · Triangle, VA · Member since 2019 · 29 posts · 18 votes
7y
@Cameron Riley It took 2 plumbers not showing up and not answering their phones after the promised times, keeping hysterical tenants calm, begging and pleading with any available plumber to show up, and paying 'emergency rates' to finally fix the problem. In the end it worked out, but Murphy's Law was definitely in full effect.
Investor · Victoria, BC · Member since 2016 · 5 posts · 2 votes
7y
Books, podcasts, blogs, and education are all great. However having a Mentor is 1000% more valuable! They can provide the same education and they push you too! #Investinyourself
Wichita, KS · Member since 2018 · 29 posts · 9 votes
7y
Read tons of books, never used a Guru (They strike me as ego inflated best of luck success stories), used a mentor when I was just starting out, and that helped significantly.
Investor · Branson, MO · Member since 2016 · 101 posts · 146 votes
7y
@Cameron Riley: I grew my portfolio to 60 doors and a full time passive income based on my own gathered knowledge. Then I hired a mentor and was able to triple my portfolio size in three months. I would have hired a mentor when I first started.
Rental Property Investor · Los Angeles, CA · Member since 2018 · 49 posts · 46 votes
7y
I started with a few great mentors, then added books and some business coaching. I still feel the mentors have been the most valuable. In the beginning, I traded my design and drafting skills for mentoring, sometimes I got paid, sometimes I didn't. I find it was the best way I could add value while I hung around and asked questions.
Real Estate Agent · Carlsbad, CA · Member since 2017 · 53 posts · 68 votes
7y
@Cameron Riley Always continue reading books, I also think this is a great place to start before meeting a mentor if you haven’t already. The more you read and learn, the more you will probably gravitate towards specific types of investing. Bigger Pockets podcasts is where I get my list of books that I haven’t heard of.
Once you’ve started reading some books get out there and go to meetups and get acquainted with other investors! Network until you meet experienced investors and mentors!
Don’t waste your money on gurus, that same amount of money could be applied to your investments...
Rental Property Investor · Watervliet, MI · Member since 2018 · 49 posts · 29 votes
7y
@Cameron Riley
All 3, but my mentor is priceless. I would not be where I am now, still a newbie, but acquired 12 doors and 2 commercial spaces in under a year thanks a lot to his advice.
But you still have to put the work in. Walk thru a LOT of doors! Analyze deals often until you know almost at a glance if you found one worth perusing.
Investor · Windsor Mill, MD · Member since 2010 · 29 posts · 11 votes
7y
I got a great education from seminars and clubs. There was value in one organization I joined. I had realtors that would give me, a newbie, access to properties because I was in the Club, I was able to borrow $ easily because I was in the Club. The founder had such an incredible reputation, these professionals gave us access that you would have to network to obtain.
My only advice is that you be very careful on the relationship you build with your coach/mentor. I had a coach who helped me get a small down payment ($22,000) from his father in law to lock down a house, which I paid off in 30 days. But when the coach and I did not see eye to eye on my rehab, (he wanted to make additional $ on paint and supplies, and I bought my own), he started trying to make me fail. I however was very successful and rehabbed a house that sold in less than 30 days. But when I went to closing, I couldn't sell the house without his father-in-law signing off his lein. The Title company offered him some $ to sign off. He took it. So, lessons learned, I would never ever borrow money from a person my coach knows again. I would do everything independent of the coach, including buying supplies.
But I learned so much, and I would do it all again.
Rental Property Investor · Beaverton, OR · Member since 2018 · 88 posts · 155 votes
7y
Short answer - Books, podcasts, and meet-ups.
Long answer - I would argue that I found mentors in each one of those. And the great thing about doing it that way is that 2 out of three of those are free.... We crushed podcasts and meet-ups relentlessly, I would even attend meet-ups in nearby towns just to see what people were investing in in that area. But the great thing about podcasts and books is that those mentors can be referenced over and over. I would read and reread books and listen to podcasts over and over if I felt they applied to my business model.
But all the information and coaching in the world won't help unless you apply it. And thats when the real learning takes place. I was lucky enough, or unlucky (depends how you look at it) to be blessed with the jump first and learn how to parachute on the way down type of attitude. By product of the military maybe. I read books and listened to mentors but I didn't really learn anything until we purchased our first property.
Its all been done before and there is plenty of free information and or guides on how to do it. Best of luck Cameron.
Rental Property Investor · Ontario, CA · Member since 2018 · 58 posts · 25 votes
7y
@Cameron Riley I currently read books, and listen to podcasts but I have attended Real Estate investing classes in the past and I strongly believe in mentors both in business and life coaches that can help keep you focused on your goals and hold you accountable.
If you are looking for a mentor you can find them by relationship building. For instance, my really good friend’s Dad invests in Real Estate. We started talking to him at her birthday party and let him know we are interested in investing in RE and he offered to teach my husband and invited us to a class that he is giving.
Recommend some podcasts and YouTube videos if you can!
Thanks again!!!!
BP obviously :)
Lifetime of Cash Flow Through Real Estate - rod klief (podcast)
Tax Free Wealth - book by tom wheelwright
cash flow quadrant - Robert Kiyosaki
I also loved David Greene's book on how to invest in real estate out of state! He talks about how to manage people and teams. I think it is great because you learn how to manage everything even if local.