How to find a real mentor the "right" way?

Question

Shiloh Lundahl · Answer

@Peter J Marshall I think you have mentoring and coaching confused a little bit. Coaching programs usually cost money, whereas mentors usually don’t.

Coaching is usually structured with expectations on both sides as to what one gets for the money out paid. Mentors are found more organically by getting to know people and developing a relationship with them over time. So I think your doing what you should in order to find a mentor. You may want to check and see how you are coming across on the phone calls when you talk with people. If your coming across as needy or that you are going to take up all of someone’s time, then it may feel like someone is taking on a big project by mentoring you. If you just build a relationship with someone over time, then it won’t feel that way.

In my opinion, mentorship is better, but If it’s hard to find a mentor, then starting with some  reasonably priced coaching may get the ball rolling. You could also just connect with other investors in your area that may be able to share their experiences and ideas with you.

Sam Shueh · Answer

Your mentors can be those you have met in the past. The real successful ones are way too busy to take care of rookies. Unless you have added value to them shadowing successful investors around just does not work.  In real estate, some new agents want to learn the ropes looking for a mentor giving guidance. Often it involves a split in commission for the first few transactions. 30-50% goes to the mentor and trainee does all the work and generate the leads. Your $500 fee is low compared to Trump University mentor program which charged $10-35K on similar subject. There are also those pros who will charge you $400-500 for an hour or so consultation to polish your presentation help you get to next level. Depends on your objective you need to know what is legal and what will get you into trouble in investment and have the means($). Connection with a RE lawyer is the first step to know what you can not do. A RE broker who represents investors will help. A rich relative with like mind is a big plus to get you started.