Investor · United States · Member since 2020 · 202 posts · 284 votes
I'm considering joining a short term rental development mentorship/ mastermind (i.e., building, not buying STRs) that helps students through the process of picking a market, finding land, navigating zoning & permits, and working w/ an architect/ GC to complete the project. I've never developed real estate, and see the value in having someone to guide me who has done it before so I can avoid unnecessary mistakes. I know I can learn the "theory" for free on the internet, but the one-on-one coaching with an actual human when I'm running into real issues along the way is what I'm after.
I'm noticing a lot of these "mentorship" businesses pop up (many led by Youtube gurus), and am concerned about signing up for something that focuses more on marketing/ new student acquisition/ standardized teaching than actually providing the specific, one-on-one coaching I'm after. What questions do I need to ask to make sure the group I'm joining is actually going to provide me with value that justifies the price they charge?
Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
3y
I find it difficult that someone can put together a program that goes through city permits for every municipality in the country.
Wouldn't it be a better experience just to work under a developer? That's what I did and learned way more than I could possibly imagine. Plus I developed connections with great vendors.
For example, if you don't have the experience, ask a developer where you could help them in exchange for education. Maybe it is bookkeeping or running errands.
I agree with John, be skeptical.
If you really want to join one of those programs, I would ask the following:
-Show me a track record of properties that they personally own.
-Ask how they are able to teach navigating through various cities.
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
3y
Depends on the costs and how experienced they are.
I would do extensive checks on the people providing this and read as many reviews as possible.
Still I'd be skeptical of someone charging big money for this training. I'd also want a money back guarantee in writing and put this on a credit card so you have an additional level of protection.
I'd prefer to find a mentor that you could help in exchange for some guidance instead of paying some guru that has a teaching business.
Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
3y
I find it difficult that someone can put together a program that goes through city permits for every municipality in the country.
Wouldn't it be a better experience just to work under a developer? That's what I did and learned way more than I could possibly imagine. Plus I developed connections with great vendors.
For example, if you don't have the experience, ask a developer where you could help them in exchange for education. Maybe it is bookkeeping or running errands.
I agree with John, be skeptical.
If you really want to join one of those programs, I would ask the following:
-Show me a track record of properties that they personally own.
-Ask how they are able to teach navigating through various cities.
Investor · Charlottesville Virginia · Member since 2021 · 348 posts · 346 votes
3y
Hello Sean, this is a tricky question to answer. Mastermind groups can be very worth it or very not worth it. I think you need to take inventory and recognize what is keeping you from action on your real estate goals and how you can address the things holding you back. If the things holding you back are ones that can be solved by the mastermind group then it may be worth it. For instance, a group that costs $10,000 a year will be paid for if you successfully complete one development deal as a result of joining that group, however that is not a guaranteed outcome. It sounds like you are after one on one coaching. I have heard of some masterminds that you only get one one on one call a month. You should ask how much 1-1 time per week or month you will get and assess whether that fits your needs. The connections that you make with the other mastermind students and the people running it can also be very valuable.
I will also say that I would not recommend development as a place to start. I see that you have been doing rental arbitrage. It would probably be a more effective use of your skills to do some STRs that you own but if you really want to get into development go for it.
A lot of these types of programs tend to be extremely expensive (thousands or even tens of thousands)...Although I'd definitely recommend surrounding yourself with as many experienced mentors as possible, I'd be pretty hesitant to spend large sums--especially not before the coach/mentor had proven that they were providing assistance that was worth whatever you were paying...
Real Estate Agent · Smoky Mountains, TN · Member since 2022 · 1k+ posts · 984 votes
3y
I would ask questions related to the experience of the key individual. How many development deals has he done in the past? Were there cost overruns, deals that didn’t get over the finish line, etc.
@Leo R. the one I'm looking at now is Kai Andrew's "Land Hacker" program. Looks like it's about $2000 per year.
I don't know anything about this particular program, but $2k per year probably isn't enough to break the bank for most people...but, I'd also wonder how good the service can be for $2k per year, and I'm wondering what that $2k gets you? ...Personally, I'd probably want to be able to do a trial period for less money before shelling out $2k for something like that...
As others have mentioned--be skeptical, and do a lot of your own research before committing...
There are people out there who can mentor you in exchange for value that you bring to them (such as finding them deals, etc.)--sometimes this can result in pretty great partnerships. When I was first starting out, my agent (who has a ton of REI experience) was my main mentor--I wasn't paying him directly, but I was buying houses with him regularly--which made it worth his time to talk with me far more than he would with a typical client...after years of working together, we've mutually benefitted and learned a lot from each other, and these days we often have multi-hour long conversations about REI that are really useful to both of us...
Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
3y
Hey @Sean Bramble - I have a love/hate relationship with the online gurus, masterminds, and coaching classes that charge absurd amounts for a seat in an online class.
On one hand they're a great way for newbies to get into the game and feel like they're learning a lot, they will definitely teach you things. On the other hand, it makes no sense to spend $5k+ on an online course that you could just learn yourself by putting yourself out there more often. The courses are just the information you would have learned, but organized in a more class-room like environment.
Depends on if you value it enough to take the courses.
What I've found most helpful is to just attend a couple of local RE networking events and ask people: "hey, I'm trying to do XYZ, do you know anyone or can you help?"
And that question usually will lead you down the rabbit hole you need to fall into :)
Real Estate Investor and Instructor · Gilbert, AZ · Member since 2010 · 303 posts · 332 votes
3y
My two main criteria for investing in mentoring/coaching:
1. Is the mentor/coach getting results in their own business?
2. Is the mentor/coach getting results for others?
It should be easy to produce these results (i.e. video testimonials, screen shots). I don't really care about the price of the coaching/program, I only care that it works.
Think about it like this...if you invest 2K in this coaching but it sucks and you don't see any ROI after 12 months is that better than investing 30K in coaching and getting a 5x return on your investment in a year?
Lender · Austin, TX · Member since 2022 · 223 posts · 244 votes
3y
As a plethora of others have mentioned, be weary / skeptical when it comes to these courses. Ensure that you are not getting cookie cutter information that is widely available and easily accessible online. From what I have heard, the bulk of the value in mentorship programs come from the 1 on 1 time spent with the mentor. With this in mind, make sure the person you are going to pay to mentor you has experience in what they are teaching, and what you are paying for. Otherwise they are much more of a consultant, and not a true mentor IMO.
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
3y
Hey @Sean Bramble, I echo what the others have said here. Have you attended your local REI club? There might be folks there that will provide what you are looking for, for nothing or allow you to investigate their process.
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
3y
@Sean Bramble there are a lot of newer investors or small time investors on BiggerPockets that are cheap and don’t value paid for coaching. All of the really successful people I know value coaching and education and they are willing to pay for it like @Marty Boardman mentioned.
Easily put, find out if the person who sells coaching has legitimate success and if their coaching students have legitimate success. If that is the case, pay the fee and do the work.
Rental Property Investor · Detroit, MI · Member since 2018 · 380 posts · 244 votes
3y
Me and @Eric Friday (Monopoly Bros) joined David Toupin’s discord/community called the Real Estate Lab for investing in multi family was one of the best self investments we made. The community of people who ACTUALLY buy apartments and do deals is the real value. As well as the relationships we built, learning, and just overall experience.
Me and @Eric Friday (Monopoly Bros) joined David Toupin’s discord/community called the Real Estate Lab for investing in multi family was one of the best self investments we made. The community of people who ACTUALLY buy apartments and do deals is the real value. As well as the relationships we built, learning, and just overall experience.
@Jamiel Strickland - interesting. It seems that given the digital nature and scalability of these mentorships (and inherently low teacher to student ratios) the value - if it is actually there - would have to be in the community itself. If people are actually doing the work, then you essentially gain a community of mentors. So in a sense, the quality of the mentorship is a function of who is in it in the first place. Would you say that is true? How has the community you are in helped you?
I've done several and have learned from each of them, but not all are created equal.
A lot of information you can find on your own, but a mentorship can speed up the process.
My subto mentorship is by far the best value of sunny mentorship I've ever been in. And it's not even close.
@Adrian Miller thanks for weighing in! Could you compare and contrast Pace's mentorship to some of the other less valuable ones you've been a part of? What's the difference?
Real Estate Agent · Seattle, WA · Member since 2017 · 150 posts · 80 votes
3y
I was pretty hesitant to join mentorships and pulled the trigger and joined one few months ago. I don't regret it at all. A few questions I would ask before I join though...
1. How experienced is this person?
2. How much 1on1 time do you get with this person? Often times you pay for a mentorship and you really only get pre-recorded videos of them teaching what they know. I would avoid these ones, you can get the same content on Youtube.
3. Do they have great testimonials? Reach out to their previous students and personally ask them if their program was worth it. You'd be surprised with the feedback you hear from others that have gone through the program before.
I agree there is value in being taught by people who know more than you do. And I would promote coaching in some areas of life. I just think that Real Estate is not that hard and that the $10k would make a nice down payment. I know a lot of successful folks and none of them invested in coaching - for Real Estate.
Now paying $1000 or $500 is a different matter, I just hate to see these people just starting out get ripped off.
This is just my opinion though, so take it for what that's worth.... :-)
Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes
3y
Masterminds are a group coaching model, not one on one. If you're being told you get one on one coaching, you should drill down deep in your agreement to confirm, how much time is one on one, how often is the one on one coaching, etc. You should also vet any guru who is charging for this service. Get a list of their development projects, each project's numbers, each project's success post-build, etc. Very few students will do their due diligence and those that do often find the guru has little to offer in the way of a track record. I had one on one coaching years ago and found it very valuable so the expense was not an issue.
I've done several and have learned from each of them, but not all are created equal.
A lot of information you can find on your own, but a mentorship can speed up the process.
My subto mentorship is by far the best value of sunny mentorship I've ever been in. And it's not even close.
@Adrian Miller thanks for weighing in! Could you compare and contrast Pace's mentorship to some of the other less valuable ones you've been a part of? What's the difference?
Hey sorry for the delay.
Yea Pace's mentorship is very community-orientated and Pace care's a lot. He's always investing back into his students. Just last week he paid for us to go to a Grant Cardone workshop. And the amount of information and training that he provides is overwhelming. It's very hands-on. And he's created a market where by his students can do deals with one another. It's pretty awesome. If you want to join here's a referral code. Just enter my name in section 4 and you'll get a discount. https://subto.typeform.com/darren.