Mentoring Programs
Has anyone ever used one of the mentoring programs?
I've bought some books and educational material on investing in Real Eestate and within days, I get a call about wanting me to join with a mentor to assist me in flipping houses. Has anyone used or had luck with such programs?
I am in the middle of one now. its going pretty good I guess. He had a few ideas that i did not think of and they seem to be working. within a week I had or have 2 homes under contract. now we are running into some lender issues and he has some suggestions we are trying. nothing is closed yet but we will see. you really need to get one with some kind of a gurantee. the guarantee with mine is if I dont have a investment home bought and made money within a year then I get my money back(so they say). the catch is you have to do exactly what they tell you to do or no gurantee. I have been trying to get into investing for 5 years and finally just got sick of something always going wrong right when I thought I had a deal. people on this site will tell you that all you need is the advice you get from tci members. I will admit I have gotten a lot of info from people on this site but still nothing that "put me past that final hurdle". I like having someone to talk to every week that I can say "hey stupid, that did not work so I need you to tell me something else". like I said I have not closed on anything yet but if I do I will have to give credit to the mentor since I have been trying on my own for 5 years and have nothing. check back with me and I will keep you posted, good luck.
Thanks for the info, what are they charging you for this program?
Let me know if it works for you., a charge is ok as long as they are making you money.
5400 dollars. I know its a lot but if it starts my REI carrer then I would of payed double. I'll let you know.
NHRalph,
Mentoring is an educational process where the mentor serves as a role model, trusted counselor or teacher who provides opportunities for professional development; growth and support to less experienced individuals in career planning or employment settings. Individuals receive information, encouragement and advice as they plan their careers.
A form of teaching that includes walking alongside the person you are teaching and inviting him or her to learn from your example.
Many programs call their self-mentoring programs but in reality they provide education in a classroom environment.
Evaluate the program based upon what is taught in the classroom and most importantly what they will teach you in real life.
Let me give you an example of what should be taught in the field:
Legal Research
Locating Pre Foreclosure Real Estate
Negating With Homeowners
Property Inspections The Investor Way
Foreclosure Auction Sales
Lender Networking
Realtor Networking
Just to name a few, I have been involved with this type of training and the cost normally run from $6,000 to $38,000 for this type of hands on training.
Thanks for the info. As far as I know there wasn't any classroom involved. The mentor would caoch me over the phone and assist with any questions I had and give tips on how to make the deal.
Now I understand and this is how most work.
You ask them a question and they type your question in a computer and out comes the canned answer.
Real estate investing is simply not black and white; a coach needs to understand your market area to serve you well.
If this is all that is provided then TCI would be best as you will get answers based upon investor experience and not a computer generated answer.
I agree with you. I have always had good luck on here with people helping me out and answering my questions. TCI is a GREAT networking tool.
If I might add, besides TCI, try joining your local REIA group. You're much more likely to get to speak with an investor experienced in your area. Now, the help will range from simple responses to your questions to detailed answers depending on the individual and your willingness to help them, pay them, etc, again, depending on the individual. It's been my experience that folks in the REIA are usually very helpful to other REIA members.
Roger
I haven't used any programs but I have found our local Real Estate Investing Association to be a great source of information and networking opportunities, as well as a great source for information and answers. You received some great information in response to your question here at TCI too which I have found to be a great source. I think the biggest hurdle in RE investing is that there is no canned answer, each transaction is very dependent on the individual transaction...where one investor wouldn't touch a deal...another see's it as a great opportunity...education and networking are your best resources which are readily available. Also, the members at our local REIA are very forthcoming about their experiences with courses they have attended so that may be a great place for you to get feedback too. Best of Luck!