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.
Hi Erica, did you or anyone on here join Phils program? I am not in RE but interested in REI. I just spoke with someone from Phils organization who asked me a lot of personal and financial questions to determine what I could possibly fork over? then said we are picking six people to mentor and will have someone contact you for an hour interview. I'm willing to make the investment if this is legit but the guy I spoke with was a little strange and not a lot of personality, he's been doing it for 6 months. Anyone, please help if you've taken Phils courses, I don't see a lot of current testimonials.
Good stuff here, read every post. I also have topically researched Phil Pustejovsky, and am watching his videos and reading his book. I've seen a number of his you tube videos also. I too like his knowledge and think he's pretty straight forward.
I want to throw out a few of my thoughts and see how BP does in the way of response. I think one thing everyone has not addressed is time. One thing I believe Mr. P's mentor program might provide is immediate response on any question or part of the RE process you may be in so that in itself may be of benefit from his mentorship program. Can you get a mentor here that will have that kind of availability, or even interest in you? You don't have to wait days, maybe weeks to see if someone responds to a post, which may or may not happen here.
To keep this to the point, I've started doing the initial work on BP a few have suggested. created a profile, watched a few vids and even made a few quick contacts. So for me to actually get moving on actual real estate deals, opportunities, and the like what would you suggest is the first step or two I take here to get me forward momentum in that direction. I'm from central MA. and have a lot of availability as I work from my home. Who has a few suggestions to get me cranking on BP??? Thanks so much for your time.
Jon
So, is there anybody on this site that has ACTUALLY signed up for his apprenticeship? If so, would you care to share the results thus far?
I know everybody is knocking the whole Guru thing but we have to learn from somewhere, right? BP is a great resource but I think an actual mentor/coach that is funding deals and sharing profits is much more valuable.
If we are not willing to pay for an education, why do people go to college? Some of the classes I took were definitely a scam with my guru professor mandating that we buy his book!
I was contacted by Phil and chose not to do the program. I like the fact that he would fund your deals, being a part of a REIA would not get you deals funded.
The gurus are different but the results are the same you spend your hard earned money on information you can gather for free on bigger pockets there is no easy way then what you learn here from the many successful investors
Hello...I'm looking into Freedom mentor too. I've watched several videos and have read like 3/4 of his book. Any feedback from those that have started the program? I've been kind of taken back by the upfront $15k fee. I always get leery when asked for large sums of money. I saw on BBB where they had a handful of complaints, but not many.
@erica miller i also looked into freedom mentor and i got the sales calls but i wasnt sure about it. so im wondering i see your were hesitant too so i am just wondering if you went through with freedom mentor and i want to know what you think about it :)
thanks
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.
I'm beginning to lean that way as well.
The gurus are different but the results are the same you spend your hard earned money on information you can gather for free on bigger pockets there is no easy way then what you learn here from the many successful investors
I think what's appealing about them is that they pitch the fact that they will basically walk you through the process along with training you.
I have been part of Phil's program for a year. He has quality training in getting deals under contract, but I have found his marketing materials very weak. I spent time listening to some excellent, free sources like Michael Quarles or the Bigger Pockets podcast.
The entry fee for the program varies. Ours was $10,000 which is refundable after we've done our first $500,000 in a joint venture agreement. You need to split profits 50% so you make $250k and his program makes $250k.
You also are charged $200/mo after the first six months for mandatory access to their homemade CRM. Some may like it but I never was impressed.
This month, we decided to freeze our membership and coaching. We're happy with the education but that joint venture agreement was really hard to swallow, especially when we do 95% of the work. We drum up the leads, we get them under contract, we assume all the risk, etc.
Again, I am happy with the education but I didn't find it comprehensive enough (lack of extensive marketing training) and the 50/50 split seemed too restrictive.
At this point, I'd rather find local partners on my own and partner on a deal by deal basis.
Thank you for the feedback.
In hindsight, I should have taken my $10,000 deposit and spent less than half of that working with a local investor. You can't beat sitting down with someone local, talking about the intricacies of your local market.
If you're based in Florida it may be a slam duck for you, since Phil does most of his investing around New Smyrna Beach. However, I found that they didn't understand the market up here in Minnesota.
I'm happy with what I learned in the program, but I still have that $10,000 locked into their program. I'd have to do $500,000 in business with them to get it back. At this point, I'd rather give up the money than lose 50% of $500,000 (profit sharing) in order to get it back.
I have over the years seen companies that fund 100% of your deals as long as you can consistently find properties with 30% gains. That seems reasonable to me if they have deep pockets and would work for some especially those just getting started. However if Phil and his outfit are not funding 100% of your deals why would you split 50/50 with them? There is obviously some benefit to working with mentors but not if you are funding your own deals and paying out 50% of you net gains having provided your own funding.
This is just my opinion
Gilbert Dominguez
Erica,
did you end up signing up with them or no?
I'm going through two renovation projects to get my rentals set up, however I am flirting with the idea of signing up for his program to really get the ball rolling. I do know local mentors but they are just connects. I can not pound them all day long with little questions here and there, they'll hate me lol.. which is why I am looking into Freedom Mentor. They are there to answer those questions.
The only thing I am concerned about is what local markets they've worked in. I recently moved into a metropolitan where the avg home value is around 400k. I can easily tell the market needs to be worked much differently from where I used to live.
You guys are so funny with your forums, he is on BP.
https://www.biggerpockets.com/forums/79/topics/139278-wholesaling-to-retail-buyers---phil-pustejovsky
Hey Matthew,
Thanks for sharing your experience.
I am in the process of signing up with Freedom Mentor as well, but my "guru" would be Peter Harris instead of Phil.
The major selling point for me is that they are willing to fund my deals entirely.
I noticed you said that funding was never offered to you, and if that's the norm for people in the program I might reconsider moving forward.
Can you elaborate a bit more on your experience especially in regards to funding?
@Chris Islas Hey can anybody tell me how much total money does does Phill charges for becoming his apprentice ?
Hi all,
I am taking one of his courses on Udemy, some really great content. I did a lot of research on the company and have studied under a few others. I believe in following success, learn from it, and make it your own. I am a new investor and always looking for potential mentors. There is a lot of red flags for me with his teaching. I know a great deal of what Phil teaches too be true based on its the same thing that the most success and practiced investors in the industry are doing. Phil uses some or too much grey area practices for me. He is motivating and speaks with such confidence you will tend to believe him. Its hard not too, but in my studies I have seen tons or real world practices and just feel too much of his teachings is just on making money, which is the idea but it needs to be a win/win for everyone not just for your own wallet. He talks about fix and flip as a waste of time and money and to go for the cosmetic and just doll it up, sell it to a retail buyer and not really put any work into it and make as much cash as a fix an flip. I was taught to take a property that needs little to no repairs and do some basics to make ready for renting a basic face lift. Meaning if you can get a good deal, help the seller and not have to gut the place you can rent for some cash flow because you can't really sell for a whole lot because you bought around market value because of little work needed. For rehabbing the point was to make your money on forced appreciation up to current market value of the surrounding area (find the worst house in the best area). Buy distressed properties for a discount, help seller with their real estate problem and make your money in renovating, the massive work needed is why you get it so cheap (seller still gets a fair cut), then sell as a remodel or renovation and make your money on forced appreciation. Phil wants to buy your house and sell as a complete renovation with only cosmetic work done (he doesn't say this outright but he sells to retail buyers a property most investors would rent because of low value but sell as a remodel in current market). He knows the difference in the comps and clearly makes a case on your house needing work to get the sell. To me this is a little shady, and reputation is worth a lot when it comes to these kinds of transactions. The point I am trying to make is to use caution, there are a lot of great teachers out their. Phil has some great stuff, but take it for what its worth and get what you can out of it, but I would say you should not rely just on his teachings. As for mentoring, it might be okay but seems over priced with the teaching so far. I don't' think he is a scam but I don't feel he has everyone's best interest in mind.
I am wondering if Phil Pustejovsky would work with me if I can fund my own deals? He seems to be very knowledgeable. My problem is contractors. I had to let two of them go this week. The one I was supposed to interview his truck broke down on the way to the interview.
Phil would work with anyone who's motivated and wants to make it in real estate, which you already proved you are since you're on Bigger Pockets. You already have ALL the information you need to make it real estate right here. If you work with a mentor, YOU will be the one doing all the work, as it should be, and Phil will only fund GREAT deals, as he should be. Well, if you find a great deal, you can fund it anywhere, investors are hungry for good deals. So, if you're looking for someone to increase your motivation, a mentor can be great but they come at a high price. And, the fact they're charging the price UPFRONT instantly removes their accountability, trust me. Bottom line, I don't think mentors are worth the money, but that's my personal opinion. I haven't gotten any of the promises EXPENSIVE mentors gave me, "step-by-step" instruction, "someone holding you by the hand", none of that garbage worked, the mentor was unavailable for MY needs and just sent me a bunch of copy-and-paste emails.
Disclaimer: I have NOT worked with Phil Pustejovski, I respect his expertise, I think he's amazing and I love his youtubes. I'm talking about from my personal experience with another mentor.
@Account Closed glad you're thinking positively about this. Lots of people out there have spent far more on useless degrees they never used. Sounds like you got some education out of it. I pay for a triathlon coach who puts together workout plans for me, I could easily grab plans online, but the accountability of my Garmin watch reporting back to my coach exactly what I'm doing keeps me going. Without that accountability, I probably would have quit much sooner. Many excuses have come up.
We have a group that meets regularly called Mastergrind, a group of entrepreneurs that keeps each other accountable. "What are you going to do this month" / "Did you do what you said you would last month?" - I encourage you and others to find a group like this and meet regularly.
@Account Closed thank you - I encourage you to check out some entrepreneur meetups near you. It's a great way to start building a group of motivated colleagues to meet with. Good luck!
Has anyone had a good experience teaming up with Phil? I'm having my "interview" today, which after reading all these comments if I have the money I'm a shoe in! I might not take the call after all , although it sounds nice to have a successful mentor. I have a hard time taking advice from someone that is broke. He's videos are very informative.