Mentor Fee
I need some feedback. I have an opportunity to hire a mentor for a year for $1000. He is going to be available for walk throughs, forms, anything I need. Is this reasonable? It sounded pretty good to me. He is the President of my investor's group and 1 woman already bought 5 properties in a year under his course.
:-o
In our local REIA there is at least one group that offers a mentorship package.
They guide you while you find, buy, advertise and sell your properties.
Their contract stipulates that you will do 10 homes with them and split the profits 50/50. Their time line is 12-18 months for those 10 properties. One thousand dollars doesn't sound that bad - but it depends on what you get.
It all depends on the person and the time they have available. My time would certainly be worth that much cash, but I'm not sure I would be available for walkthroughs, etc as I am actively investing myself.
Bottom Line, if you think he is worth it, then go for it, but ask around. Additionally why not approach him with a proposal for $250 for three months and see if you get your moneys worth. Just a thought!
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Hope this Helps!
Bill[ Edited by telemon on Date 04/20/2004 ]
Good suggestion! Frankly if I had a grand sitting around I would use it for a downpayment, but he said he would work with me about the fee. Thanks for the help.
