I've found this guy on Youtube and I really like the content. He has a mentor ship program I just applied for where he takes half the profit from your first deal. I'm not a big fan of giving up my hard earned money but he supposedly coaches people through the deal which to me sounds like reducing the risk of blowing the whole deal altogether significantly which may potentially be worth it. I need some reviews about this program or advice on what you think because I am hardly willing to pay half of MY first deal for nothing.
What do you guys think of this whole situation? Are there better alternatives? I'm going to grind it out no matter who is going to coach me through deals but why not give up half a deal to get started months earlier in which time I'd be able to earn more money than I would have otherwise?
Thank you guys
@Cody Evans if you know so much go do your own deal and quit trying to throw people who you reached out to under the bus.
You are 22 and the reason you sought out a mentor is you intuitively know there are gaps in your knowledge.
Are you bringing any capital to the deal or is Phil backing you in exchange for you bringing him an opportunity so you can learn and share the profit?
What wealth of experience and knowledge do you bring to the deal?
lt IS more important to learn what you don't know and it is not about maximizing profits at the beginning of your career.
What you learn from Phil or any other mentor will be extremely valuable down the road.
Be humble, heed your mentor/s advice, grind it out, use your skills in mathematics to evaulate deals deals better than most, and succeed massively.
I think I've been misunderstood, text is misleading. I really like Phil and his videos so far which is why I am considering his offer if he even accepts my application to his site. I have to disagree that what I learn from a mentor is always going to be valuable. What if the mentor is a sham and I just drank the Kool-Aid? I want to make sure this would be a good deal or if it is ridiculous and should just do my own deal since I tend to over-complicate simple things. If anything I am advertising for him.
When starting a discussion, it’s important to be clear on title. I learned the hard way :)...
I read your post here’s my .02
The price seems too steep for me. I get it, someone starting out wants to avoid making mistakes and figures by getting a service like this will eliminate or minimize mistakes ..
Im still starting out..I didn’t spend a dime on coaching when I purchase my first investment property, I probably spend a few hundred dollars on books and audio books about real estate and before purchasing I spend hours online doing research on deciding where to invest because my local market is too expensive.
Talking to other investors when starting out all that I met didn’t spend money in coaching services.
Im sure there are investors who did I just haven’t met them yet..
Don’t be so afraid in making mistakes, embrace your mistakes and learn from them when they happen because they will and learn from other who made mistakes.
I already had to get rid of my first Property Manager in my short career and on w a new one now I know exactly what qualities I need from a Pm and if this PM doesn’t work out I’ll look for a 3rd...
I suggest going to meet ups and talking w other investors, if my time permits I might be going to my first one next week.
It’s ok to feel like you don’t know what you’re at first, with time that feeling will go away.
Confidence will come with experience..
I still consider myself a newbie w a little bit of experience, my confidence is growing and I’m now considering moving to a new market time will tell.
Plan your exit strategy, having a good exit strategy in place helps me pull the triggers on deals..
Good luck ...
@Cody Evans I don’t think That half of the deal is a lot if you can’t do the deal by yourself
B) I would simply ask him for a couple of references a.k.a. people that he coached before.
BTW I also used to watch him when I was new, his information is actually pretty good
@Cody Evans hopefully people who have worked with Phil chime in to allay your concerns and help you with vetting process.
The title of your post is a bit misleading.
Good luck and I agree with @Raul Rapalo don't be afraid to make mistakes, however there is plenty of information on BP to increase your odds of success.
@Cody Evans , Phil is clever, I'll give him that. In his own blog here on BP, on the subject of "Choosing a Real Estate Mentor", he tells this story:
Quote: "What some local "mentors" will do is act like they are going to teach a newbie the ropes, but what they really do is simply teach them just enough to be able to find deals for themselves. Here's why. Every creative investor is always looking for more motivated seller leads as inexpensively as possible. Certain lead generation techniques require time and energy, such as driving neighborhoods looking for vacant houses or FSBO signs. Since the mentor doesn't have the time to do it himself, and rather than hire an employee, they get a local newbie to do all that running around for them in exchange for "showing them the ropes." I did that when I first got started. It was a huge waste of time because that guy ended up not paying me on some of the deals I brought him, stole money from me on a deal we did "together" and stole $150,000 from a friend of mine, The guy turned out to be a total crook. He had no intention of teaching me anything with substance except how to run around and do work for him for free".
When he puts up sob stories like that, doesn't it make you want to run into his his arms and say: "please, protect me from the scum out there"?
Whereas, I see elsewhere on BP that his program costs you half of your first $500k profit!
[That's besides a hefty upfront fee to him, to get things rolling!]
I'm only referencing (available on request) what others have have written here on BP.
Don't shoot the messenger, but the the short answer to your title question is: Yes. My 2c...
Guru's are gurus are gurus how is he going to help you he probably has 100's of students do you really think PHil is going to pick up the phone and walk you through.. it.. fly out to Solano county and go to your appointment with you..
No your going to get with the back end fulfillment department that is a boiler room with a bunch of kids reading from scrips.. ask me how i know.. I know because I have been to these operations.
At the end of the day this is a belly to belly business you and the ( seller in your case)... no one is going to be there to hold your hand.. and what you say in those split seconds are going to make it or break it for you.
its why mentoring for a top end real estate agent that will actually let you go on Sits with them and spend time with them is far more productive than most of these guru's types...
Remember they make money on you guys that pay them and never do anything which is 90% or more of the people that engage him.
these wholesaling type programs are so location specific... you can go to Detroit and wholesale houses in your first 3 hours there... were you and I live.. its very very tough.. there simply is not the inventory.
you may notice the wholesale crowd that boast of success is almost always in areas of the country that are old mid west rust belt cities were there are literally thousands of targets for you to work...
But hey if its free and he will help you and he only gets paid if you guys have a successful closing.. then I guess what is there to lose right..
If your going to take your seed money and think your going to buy into success.. well that you have to think about.
to do this business you need mad sales skills.. If I was you I would go sell cars for 6 months to hone your closing skills before wasting money gas and time when you really don't have any skills. ( assuming you don't have sales and closing skills)
Thank you guys so much. I realize the issue with the title but it looks like I cant change it, I'll make sure to double check my title before I just send it out.