Freedom Mentor
WA · Member since 2013 · 13 posts · 7 votes
Hey Everyone,
I have an opportunity to become a student for a Real Estate Investing company and I'm not sure yet if I should buy into it. The program is called Freedom Mentor and the main coach is Phil Pustejovsky. Ive read his book and it was highly motivating so I dont doubt his credentials. I'm just wondering if anyone else in the BP community has gone through THIS program. I would to hear all the good and all the bad. Any input is appreciated. Thank you.
Don’t join Freedom Mentor unless you have cash reserves. It takes a minimum of $5,000 to join the program. And with that you get a binder with DVDs in it, along with a couple other manuals to guide you through the program. You also have access to coaching calls, videos and even some personalized coaching calls (depending on the amount you first invest). So, the tools are there for you to be successful in the program. IF YOU GET THE LEAD$.
The leads are the HUGE ingredient in making this complicated recipe of making money work. Freedom Mentor does assist with you trying to avoid the potholes out there with their various steps you should take. However, all the instruction, encouragement and where-with-all doesn’t mean anything unless you have leads for potential sellers. And let me stress the word potential. There are MANY other companies and individuals out there fighting for the 1-2% (Phil’s numbers, not mine) of the potential sellers that will fit the criteria for Freedom Mentor’s program to work.
And with the initial investment, you will be given advice or direction on how to obtain leads, but Freedom Mentor will not drop one penny to get those leads for you. This is the genius part of their plan. They can’t lose. If you shell out hundreds or thousands of dollars every month for leads and nothing comes from it, the only person who is out is YOU. Not Phil or his company. You have to spend even more of your money to hunt for those few precious leads out there. And they are few and far between.
I didn’t shell out the money every month for the leads because my finances were tight and just getting the $5K for the initial investment was two months of income for me. Little did I know that one caveat (the leads) of the program is the main thing to make it all work. You can build a great car, but it doesn’t run without the gas. You can’t start it without the keys. And the leads are just that. The KEY. Unfortunately, it’s going to cost you even more to get those. Which is why I said in the beginning, to make sure that you have cash reserves if you want to make this program work.
Phil didn’t have to have cash on hand to get his first deals done. However, you are going to have to have plenty of it. No person living in their truck (like Phil was) would be able to be helped by Freedom Mentor today. Why? Because unlike Phil’s mentor, he won’t be a mentor to you unless you pay up. And that is not only in the form of your large initial investment, but also the monies you are going to need to obtain leads and the many other small expenses that add up to get a deal done.
Freedom Mentor isn’t a scam or necessarily a rip-off, even though I lost quite a bit of money listening to Caleb Jenkins (the recruiter) and Phil. However, I wanted to let you know that there are MANY moving parts in this machine and MANY things have to line up and work out just right for a deal to finally get done. If you want to take that gamble, then that is up to you.
For those who are looking to work with Christians and thinking that this is a Christian program. It isn’t. Jesus said in Matthew 22:39 that the second greatest commandment is “You shall love your neighbor as yourself.” I emailed Caleb Jenkins a couple months after joining the program to see if I could get my money back. After seeing the videos and listening to a few calls, I knew this wasn’t going to work with me because I didn’t have the funds for the leads and the $200/month to stay in the program. Caleb never got back to me. He was more than willing to talk with me before I signed up, but once I signed up, then I guess he didn’t have the time to contact me back.
And speaking of no contact. You’re not allowed to talk with others in the Freedom Mentor program except at corporate functions. After being in the program for a couple months, I was wanting to get some things figured out. I thought what better way to do that, than talk to those who have already done it. I asked my coach if there were meet-ups or support groups for those in the program to bounce ideas off of and give each other support. I was told that Phil doesn’t want people talking to each other in the program. What?! I had never been a part of an organization that didn’t encourage participants to be there for each other….until now.
Seeing Freedom Mentor for what it was made me decide to leave. There are obviously people who have made money with the program. However, the percentage of those who paid thousands of dollars to get into the program and actually made their investment back or got ahead will never be known. It’s kind of like other real estate programs out there. Yes, some people have made money. However, they may be few and far between. Of course, what we always see are the “winners”. And if Freedom Mentor dominates the search engines with ads and gets you only seeing all the people who were made rich, then of course you’d be a fool not to join. Right? Unfortunately, there are those looking for a break and decide to take a chance with something without knowing all that goes into it. And you won’t know the whole story until you shell out the money to find out what’s behind the door. Hence, the reason why I wrote this.
Thanks Dev,
I have been researching the program a lot and Phil as well and so far I like what I have been finding.
Erica, Im new to this real estate investing but ive watched several videos on you tube about Phil and he seems very knowledgeable on everything. Did I read somewhere that he gets 50 percent of your profit for using him as a mentor? Like I said i'm new to all this and this might be what all the mentors are doing but just wanted to see if you were aware of this? Everyone wants a piece of the pie so it seems and I suppose if you want the knowledge they have then it has to come at a price or else learn the hard way like a lot of them did.
Yes you are correct, they partner with you so can fund the deal which makes them motivated to get deals closed because they are making a profit when you make a profit. I still have questions for the salesman who calls me, but I know the shared profits is until a certain $$ is reached. 50% of something is sounding a whole lot better than making 100% of nothing, which is the only reason why im entertaining the idea.. the last seminar I went to asked us for over $45,000 each.. UP FRONT! ...no way!
$45,000 ????!!!!!! OMG!! I really hope no one fell for that deal/scam! Im surprised everyone just didn't walk out of the seminar. I had a bad experience with a few of *************'s salesmen several years ago. They called me about 8 pm one evening and wanted me to fork over $4200.00 with my credit card. Sure thing buddy!!! Let me get Mr Visa right over here! lol. Anyway, long story short, after refusing to order their mentorship program this guy/salesman started raising his voice and telling me I would never be a successful real estate investor. Amazingly over the next few weeks two other salesmen from the company called and offered discounted prices for the mentorship and even apologized for the first salesmans behavior. But...I still said no! I hope you have better luck than I did. By the way, I am wanting to try some wholesaling to start my real estate venture. Spent a couple hundred dollars for a wholesaling course and just got it in the mail today. I know what I will be doing this weekend!
A few people did, I really hope they made the most of it and got their monies worth, but I guess I'll never know. I had a similar experience.. one of the 'mentors' called me after the seminar and said "I know you can't afford the $45,000+ package but I want to invite you to an investors meeting where you can network with hundreds of investors.. you cannot buy into this it is invitation only" he kept saying, " Now, a lot of people can get a high credit line through discover, call them and see what they can do for you and I will get you your invitation for only $8,000!" .... Huh? I thought you said you can't buy your way into it? now its $8,000 and I'm in? .... CLICK!
I found a great site for wholesalers toget started.. she posts video clips of her responses to her viewers questions. I have found that its answered a few of mine.. the website is flipthiswholesaler.net
Good Luck with your future investments!
Yes she does have good videos
Erica,
I am also new, And looking to do this small time while I am in the area I am in. But if I can not mentor with some one side by side, or have a direct number or email that I know they them selves answer I would not split 50/50 with any body.
In 2005 I bought into a program for 3,200 I think. The team was ok but not in the state I was living in. I learned a lot on how to set up a deal, and how to find a deal. But not how to close a deal, by the time the phone call was returned the deal had moved on.
Take it from some one who is nothing if not honest. Stay here on BP for six months. Ask any question you want, search the site for just about anything, mostly it will have been discussed already.
And if your still feeling the need to pay for a mentor then go for it. But I am telling you a local REI group is completely less expensive and more clued into your area.
In closing From a business Perspective only. I can not justify giving some one 50% of my paycheck for answering my questions when BP does it for free.
I am sure he is good and all. But if I fund the deal. say 8,000 down, hold the property say even three months @400 =1200 and what've else may arise. I am out 9,200 and for a low end first deal profit of 10,000. to split that 5,000 may not leave me feeling all that good with all that work and time and tying my money up.
Just my opinion. I am very new, But please check all your options. this is a honest post by some one who bought a mentor. And a few years later I have nothing to show for it. Been on bp for 3 or 4 months and Already a partner in my local area on a small deal.
I am not knocking Phil. I do not know him or his product, And wish him and his team the best of all luck.
Thanks for the honesty Billy,
I've had a few days to think about whether or not to partake in the program & I'm really leaning toward not doing it. I'd rather partner with someone from my area who knows the ropes vs someone out of state.
Hi Erica, I'm also new to this game, been researching, received a free video course (53 lectures) and free e-copy of Phil Pustejovsky's book "How to Be a Real Estate Investor". I am learning what I can from it, but not planning on having a long distance mentor. Another person I value for information and training is Eric Medamar. I bought a course from him for $47, very comprehensive, and he is available for coaching, either by email or phone. Seems like a down to earth straight up guy. He also has much free material to download. You seem to have enough common sense to not fall into one of these "guru" traps. Keep in mind that their primary business is selling information, courses, and coaching, NOT real estate investing. If they were really doing such a great job investing in real estate, they wouldn't have the time or the inclination to mentor you, much less the humdreds or thousands of others who sign up for their programs.
Good Luck!
BTW thanks for the tip on flipthiswholesaler.net
In my estimation, BiggerPockets along with memberhip in one or two real estate investment groups is all a person needs - you are sure to find a local mentor through one of these resources.
Take care
Hello Erica, yes I am new to this as well, but I have read a lot of opinions about Phils biz with Freedom Mentors. All remarks that I have read have been great, but what I have learned over the years (in general) that it all depends on you. What do you really want out of this whole ordeal and how can it benefit you. The no guts, no glory...no pain, no gain...the greatest risk of all is no risk taken. Many people deep inside themselves are destined for greatness, no matter the cost because the burning passion is greater. In order to grow and develop within a productive society, one must succumb to a new paradigm. As for cost of a product or any product is a matter of perspective. If you can afford it, do it. If not, then learn some things on this forum and read you some books and keep learning and keep your mind on the mark. I've always heard that the worst thing about potential (which I believe we all have) is unused potential. I say we need to mess up, fall down and get right back up to make us stronger and wiser on how we approach things. Personally, I strongly believe in the 50% of some thing is better than 100% of nothing. We all need mentors, no matter how good we are at our craft. Never allow money to be an issue in preventing you to flourish especially if you can afford it...money come and go, it's a tool to provide or buy a service. The value may come from listening, reading or understanding the information, but the execution on the deliverance of what was learn't is where one gains the invaluable experience coupled with the right mentor for it is indispensable. I don't know any mentors that will accept me right now so I can grow and develop...of course there is always the school of hard knox, but that can be very emotional and depressing and an expensive experience should one decide to quit. A true mentor tells you what you need to hear not what you want to hear. I am not promoting Phil biz, but simply trying to put things into perspective for I know no one who has made it big by themselves just from books and forum-not that its impossible just highly improbable. I hope I shed some light in your endeavor and wish you the very best on your journey.
By the way Erica, I read somewhere that he gets 50% of your first half million! You will be supporting his family for quite some time. Especially if you are just going to wholesale for a while. I'm just wondering what some of those people are doing who contracted with him and have learned the ropes after several deals, with the help of locals too, and are now wanting to get out of the contract so they can reap the full rewards. I'm sure Phil has a "buy out" clause in the contract. 25k, wink wink:)
Learn all you can on here. Ask questions. And like others suggested, find someone local to help you(REIA meetings). I'm still trying to soak in as much as I can. My interest is only part time since I do work full time and then some so it will take a lot of work and a little luck to find some motivated sellers to sell me their home for 30-40 cents on the dollar.
Hi All,
Had my first interview with Phil's team and about to do the 2nd one. Getting a lot of good info on here and other sites. I do like his style and the videos I've seen are very insightful, seems real and light on the BS to me. I've done wholesaling before and want to resurrect my business and take it to the next level. I do feel a good mentor, someone with tons of experience and to hold me accountable would be of great help. Can someone that either joined his program or went through the interview process recently give me a heads up as to what the upfront fee is and how long of a commitment they require? I want to be mentally prepared for what's they'll throw at me. I'm hearing different things and just read the comment about them getting half of your first 500 grand. I don't have a problem splitting a set amount of deals 50/50 for the kind of education I beleive they'll provide, but that seems excessive. Any help is much appreciated. Looking forward to learning from all of you on BP.
I'd find a local realtor / investor at a REIA and offer to assist them if they're willing to share what they do with you. Add a value to their business and learn hands on, part time. Youll save money and learn by doing, not seminars
I myself have asked this phil questions and never did get a response back, one was how much for mentoring. Others don't get responded to their questions. guess he selects who-ever. Hard to say. I'm leary of any so called guru or hucksters that might be out to flim - flam for get rich quick schemes for their own gains. Must be careful. sometime ago the FBI said there were like 1000 scammers to every 1 agent now a days. That is a lot...that was posted on yahoo a year or so ago...And I believe it as what I see any more
Bigger Pockets by far is the Best Site for anyone in Real Estate or anyone New to real Estate.. It's quality information and quality members.
Yes this business requires Time; education; consistency; Follow ups; etc; but it does not require anyone to fork over $20-40K on Mentoring (esp if you're just getting started).
I think a lot of us get caught in information overload and analysis paralysis; along with a few doses of the shiny object syndrome.
Find someone that's actually doing the business in your area and see how you can help them help you. Whether that's going to Networking Meetings or REIA Meetings; etc.
Good Luck and Have a Prosperous Day!
I've had a few days to think about whether or not to partake in the program & I'm really leaning toward not doing it. I'd rather partner with someone from my area who knows the ropes vs someone out of state.
Hello Erica,
So what has been the result of your research and contemplation of finding a mentor or partner, either with the gurus or the locals?
Just Curious,
Big Henry
Hi @Henry M. ,
I decided to learn from my local investors! Its been a slow process but I AM learning!
I also almost bought into Phil' mentor program. I completed his whole 56 lectures of 10 plus hours of Real Estate investing course he had online. Great education and full of sound knowledge. The man knows his stuff! The issue that I have with it is that Phil started out in REI with absolutely nothing but a drive and determination to succeed and his mentor took him under his wing and it changed his life. Phil is wanting $3000, 50% of profits and it costs $197 a month just to stay connected on the Epartner software their team uses. I know that to make money you have to spend money, but this start-up is crazy especially since it cost him absolutely nothing to come into REI. I don't doubt the knowledge that I could be missing from not signing up but I live the old rule that I would not ask someone to do something that I haven't or wouldn't do. I am fine with profit sharing 50/50 for me to do the work and to use his knowledge. But I am not fine to pay down $3000 to get it off the ground and continue paying $197 a month.
This outfit runs like a new car showroom. Complete with with Set Up and T.O. guys. Their Miami business address is a UPS mail drop. Their business e-mail address sits behind a blind .com. Read the disclaimer for the testimonials. Just try to find one of the principles. There is more, but that should be all you need to know.
This is my second message and with all the other email stuff I have going on I pretty much put all those in the back burning (this include) to focus on my immediate priorities. No actual dollars was spent only my time, but I have I have completed Phils 57 plus hours and hours of videos almost two weeks ago and it was certainly most educational and very straight forward. Of course if many people were just made of money, surly many would take his apprentice class. I for one do not have a problem with paying for a product that has value or even intrinsic value: However, the speech he speaks about only the few are selected and that his company is not a big company only seem to quantify that fact that you qualify if you have the money to purchase his program. I don't know of any who had the capital and was turned down for his program. I do want to say that I am all for business and the owner can declare his price so long as he BELIEVES that his product(s) creates the value for his customers in this case students, but to have the consumer or student share that same sentiment is the trick.
Phil offers a course for $97.00 FAST CASH DEAL FINDER COURSE which is his solution for those who lack the funds needed to pursue his apprentice class should one be interested. I was really considering in buying and it was great alacrity I happen to find a FREE Bird Dog download by Dan Breslin (Diamond Equity Investment). Caveat Emptor, though it is free and I have down loaded it but I really don't have further information on him. Bird Dog would be the true essence of school of hard knox which I believe that it is some thing to what Phil was alluding to in his deal finder course which practically is wholesaling. Til next time...
Chris
I haven't heard of it, but it sounds gimmicky. I would probably look elsewhere.