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Author Topic: Mentoring/beginner help  (Read 7829 times)

Offline Real Estate Seller

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Re: Mentoring/beginner help
« Reply #15 on: June 25, 2012, 05:02:47 pm »
I agree but you have investors that will pay high dollar for the snake oil books thinking they don't need money to get started.
I am the king of short sales.

Offline silkyt

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Re: Mentoring/beginner help
« Reply #16 on: June 26, 2012, 05:36:15 am »

From Maestro:  Years ago, I had a gal come to my program from the Rich Dad coaching program.  She told me her coach would take a week, or longer, to respond to her emails.  And when asked why, he said he was traveling on business and speaking engagements.

Compensation comes in the form of commission.  He sits at his desk and gives me advice. I run around and make the calls and research to find what he says I need next, then I close the deal and he gets half.  Seems fair to me, after all, when the first POMTE posted that he heard that someone got a mentor and had to wait a week or two for a response on a deal, that's totally unacceptable. See what I mean about paying for serivces not yet rendered?  :shocked

Offline silkyt

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Re: Mentoring/beginner help
« Reply #17 on: June 26, 2012, 05:47:47 am »
I believe a split on commision is compensation enough. After all, when you DO get them on the phone or to reply to an email, they are doing just that, "giving you advice".  You do what they suggest you do on the deal, all the leg work and calling and researching and they can just sit there and collect a check.  If they are good at what they do, then the checks will roll in.  Again, I wouldn't be happy with paying for something before I get it. We should have an agreement that he will get paid when the deal is done and he has worked for it as I have.

Someone in the beginning post mentioned that it took weeks for their mentor to get back with them.  That's a deal killer and kinda what I meant.  I wouldn't expect someone to work for nothing. But then, they aren't.

Just wondering--

Offline AJ290

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Re: Mentoring/beginner help
« Reply #18 on: June 26, 2012, 08:04:54 am »
Not surprisingly, your perspective is one sided and skewered.

Most mentors ask for money up front because they don't want to waste their time with someone that isn't serious. It also costs the mentor time to mentor you where they could be spending that time doing their own deals making more money instead. In this business about 95% of all people that get into it give up and never follow through. That would equate to a LOT of wasted time for people willing to mentor everyone that asks. This is a business just like anything else and you have to be willing to invest in yourself to get educated if you want to succeed. If you feel you need a mentor to hold your hand then you are probably going to have to pay for it. 

Most mentors charge $2500 - $5000 just to mentor you by e-mail and phone support. If you want one to come out and spend a few days with you to hold your hand it can cost $6k - $10k for that.

Think about it. These guys can go out and make $10k by doing a deal for themselves rather than waste that time mentoring you and the odds of you following through are only going to be 5%. Why should someone do that for nothing?

And if you say you would be willing to split your profit from your first deal, well how do they know you will follow through and ever do a first deal? And even if you did, why should they waste their time with you only to have to split your profit when they can just spend that time doing their own deal and make ALL the profit?

It's up to you. If you feel you need a mentor and believe in yourself enough to follow through then paying to get a good mentor will pay you back 100 times over from all the future deals you do. You don't get to go to college for free to get a degree. In fact, college will cost you 20+ times more than what a mentor in this business would cost you and this business can set you up financially for the rest of your life where you can have the freedom to do what you want whever you want without ever having to punch a clock working for someone else. And you won't have to spend the first ten years paying back all those student loans you had to get to go to college. So when you compare what you are getting, $2500 - $5000 for good mentor is a pretty inexpensive education to pay for. Especially when you can make that much or more back on your first deal! Are YOU worth $2500 - $5000 to yourself if that meant getting on the job training to get you going to where you would like to be?

If you don't want to pay for it then you are just going to have to do like everyone else in this business had to do. Start reading to educate yourself, invest into some courses and just hit the streets and go for it!  Learn the ropes as you go.  What will probably happen is you blow a few deals or do a bad one or two, which ends up costing you more than a mentor would have cost you from the beginning.
Two favorite sites:  this one, and
The Naked Investor

Offline Real Estate Seller

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Re: Mentoring/beginner help
« Reply #19 on: June 26, 2012, 10:03:25 am »


Only 3% will following through if they have no money in learning. I think most investors is corrupted by the snake oil books saying they don't need money to get in the real estate business.
I am the king of short sales.

Offline Admin

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Re: Mentoring/beginner help
« Reply #20 on: June 26, 2012, 10:45:54 am »
Real Estate Seller,
I've watched you regurgitate the same tripe over and over for months about not buying books and courses and how everyone must use a mentor. Enough already.

You have no idea of each person's situation, their desires, their resources, personality types, etc., etc.

What works for you may not be best for everyone else. Stop with the absolutes, life doesn't work that way.

Of course some books and home study courses are crap. However, many books and home study courses are great. Some real estate events are crap and some are fantastic.

Of course you can buy houses with none of your own money. Of course you can buy real estate without a mentor. You can even have sellers pay you to buy their house, if you understand real estate investing and the value of your services.

Does having cash, good credit and a mentor help? Certainly. Is it required? No, it's not.

And to head off your retort, yes, this website makes money partnering with people who sells books, courses, and events.

If money were the driving force behind this site, the forums would be seriously moderated to eliminate all the naysayers like you, that negatively affect sales. Money is not the #1 motivation for this site and the forums are for investors to share information.

Course sales is not why I'm biased.  I'm biased because books, courses, and events got me out of the corporate life over a decade ago. Notice I didn't say a "mentor" got me out. It was those "snake oil books and courses" as you like to say.

So, please STOP being so persistent in telling everyone they MUST use a mentor. Some of us prefer to do it on our own. Is that the BEST way? Probably not, but it is ONE way that can work.

Thanks.
Tim







There's Only Two Things in Life: Reasons and Results.  Reasons don't count.  - Anonymous

Offline Real Estate Seller

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Re: Mentoring/beginner help
« Reply #21 on: June 26, 2012, 10:49:20 am »
Tim,

Your are right. Glad to see you are up early monitoring my posting.
I am the king of short sales.

Offline satarnag

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Re: Mentoring/beginner help
« Reply #22 on: June 29, 2012, 04:06:47 am »
I started out by reading real estate investing books at my local book store after watching an infomercial about buying real estate with no money down. I then realized that an "investor" is just an unlicensed real estate agent. Think about it, the goal is to find buyers and sellers and put them together to make money. So I got licensed and immediately afterwards, the market tanked and I was a fish in water cause most agents didn't know what short sales were.

My take is that you shouldn't pay for a mentor. If you do work with someone, do a split on the profit till you are comfortable enough to venture out on your own. I hire new agents to work under my license and I partner with people to bring me their deals and I see how to profit from them.

Like everything in life, it is not just knowledge that makes you successful, it is applied knowledge. The actual desire to do something every day to promote yourself and put in systems into play to generate you the buyer and seller leads you need to make it a profitable career.

Offline Real Estate Seller

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Re: Mentoring/beginner help
« Reply #23 on: June 29, 2012, 10:31:46 am »
A lot of investors will not take time to teach someone the ropes unless they have skin (cash) in the game. it look like having a real estate license is something of the pass unless you want to access the MLS which does not take a license to access.
I am the king of short sales.

Offline kelle711

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Re: Mentoring/beginner help
« Reply #24 on: July 01, 2012, 01:35:35 pm »
If someone is taking time to teach you how to do a deal, then s/he is not a mentor, s/he is a teacher, and teachers get paid to teach.

If I do all the groundwork and educate myself, but I want the benefit of having a more experienced investor to answer my questions, give advice and maybe step in and help with something if I don't know what to do, while I am the one doing all or most of the work and putting up my own money when needed, then I think a 50/50 split of the profit is more than fair.
Goal set. Plan. Execute.
www.webuydcmetrohouses.com

Offline satarnag

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Re: Mentoring/beginner help
« Reply #25 on: July 02, 2012, 03:35:19 am »
A lot of investors will not take time to teach someone the ropes unless they have skin (cash) in the game. it look like having a real estate license is something of the pass unless you want to access the MLS which does not take a license to access.

Getting a license is not just to get access to the MLS. Getting a license means that I can legally buy and sell for other people without jumping through hoops. So if I find a seller, I can have them sign a listing agreement and shove the property onto the MLS (if I need to) in order to find a buyer. As an investor, I will have to tie up the property and find the buyer and sell my rights to the property. Being licensed is easier.

 




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