Investor · Bellevue, WA · Member since 2016 · 21 posts · 9 votes
I've heard many say that you need a mentor as you are starting out. Have also heard that people pay for these mentors/coaches - which is different than the notion of mentors in other aspects of life.
What have people done? If you do pay for your coach, how does the fee work?
Investor · Cypress, CA · Member since 2015 · 61 posts · 38 votes
9y
I do not recommend mentors over $2,000. I recommend educations but not one to one mentoring. All mentors are people like you and me; they don't have time. To hold them accountable for keep up their promised sessions, they perform much better under small group setting. These mentors normally have their own REI business, many often has broker business as well, and trying to market their education/mentoring business side at the same time trying to mentor you and few others. Does that make any sense in terms of time management?
Investor · Cypress, CA · Member since 2015 · 61 posts · 38 votes
9y
Many courses comes with some kind of mentoring/consultation. Some gives you 60 minutes and others will give 30 days to one year. You should buy those courses. Also, attend local REI Meetup. Attend free seminars and ask whatever the questions you have during the break time. Ask here on BP and other popular RE online communities. Trying get connected to peer to get peer mentoring.
I first recommend buying some popular education. Study it thoroughly. Then come up with few specific questions. I took many courses and most courses have at least one or more brilliant ideas that can generate thousands of $$$$ if not millions. All the courses that costed me $500 or more had brilliant ideas.
Rehabber · Westwood, NJ · Member since 2015 · 388 posts · 136 votes
9y
Hi Kenny,
I have paid for mentors/coaches and it depends on the mentor. For example, when I was learning how to flip I gave half of the profit for my first flip to my mentor in exchange for his advice and counseling. With that deal I paid him $30,000 and I kept $30,000 for myself after the flip was complete. I assure you it felt painful to let that money go, but if it wasn't for him I know for a fact I wouldn't have made $30,000 for myself. Others charge per set amount of time to work with them (i.e. $1500 for a certain number of hours working with them). I believe both options have their place and it depends on what you as an individual is looking to achieve.