Quote from @Don Konipol:
Why signing up for a “mentorship” is usually fundamentally wrong?
Because, 98% of the time the student does not take into consideration if the tactic/technique/strategy being taught is a “fit” for the investors time available; interests; knowledge; experiences; abilities; likes; and ethics.
Let’s assume that the strategy being taught really does work - to the extent that many people “applying” themselves can achieve financial success. And let’s assume that the requirements are going door to door and convincing “motivated” homeowners to sign a contract with you selling their property below “market” rate. Well, 90% of the population don’t want to be salespeople, don’t “like” the selling process, and wouldn’t consider a job in sales. Why then do they pay $35,000 to obtain what’s basically a sales position? Because of (1) some fantasy that they are now real estate investors”? (2) some fantasy that they’re now “their own boss”. (3) the belief that they “have” to do this to “get into” real estate?
I was approached by a young man recently who was contemplating doing exactly this. I told him if this interested him he would be better off obtaining a license and joining a brokerage. He told me he didn’t want to be a salesman. What do he think wholesaling is?
I can see where, IF a particular strategy being taught is a ‘fit” it could be advantageous. But my personal experience tells me that this usually won’t be found in a national program run by the real estate marketing boys out of Las Vegas or Provo, Utah. It more likely may be found with a local investor/teacher doing “hands on” mentoring himself and not through an organization run like a production line.
What do you think?
You bring up a strong point in education in general. The biggest factor students should consider for any education they take on are:
1. What's the percentage of students that sign up vs the ones that "make it"?
2. Are there reviews you can gather from both students who succeed and those who didn't? Did these students come in dry or have experience, money to help them through the program, etc?
3. DO THEY ACTUAL REVIEW STUDENTS THEY ACCEPT?! This is the biggest one. I mean, in terms of real estate, how bad are NINJA loans (No Income, No Job, No Asset)?
If the educator/teacher/mentor does not have any checks to who signs up, then it's more than likely just a cash grab where they're looking for students to pay.
WARNING! 30-day refund programs are good, but be careful.. While the reality for most of them is they will refund you, they can and usually purposely engineer their courses such that, "in order for you to be successful, you have to try it for 90 days". By that time, you can't refund.
The MOST valuable thing in MOST paid courses and teams, is the network of people you join. People interested doing the same stuff as you, but also the mentors.
All of this being said, I will also say, most programs will say something like, "be your own boss" or "business is easy". It's not easy, you can be your own boss, but that means being accountable and responsible, something most people just are not strong willed to do. Great mentors can sniff this out in the beginning and make sure their not wasting students time and money. Bad people, take advantage of this and don't care. Again, you can figure this out by the number of successful students / number of students.
