Who Wants A Mentor? Not Me!
I have been reading on the forum about mentors, but it just doesn't make sence paying someone to show you what you have been reading? I guess i am one of those weak people who don't go out on there own after reading all the know how. I guess i am going out on the edge with this one, but most of you after reading went right out and bought and sold a property(maybe not the first but 30th, but you still did it.) I graduated from the university of florida with a business degree and can't get the work i want. the work i want sure as hell don't want me! i have read a few books and have a basic knowledge of REI and e-mailed the person running my local club. I have concluded this is the best step. sales is not a problem for me as i am currently selling insurance and am quite good at it. As you can see i am fluffing my first ever post. I need help big time!
What is the work you want?
kaos,
I think you are doing great, you've done a little reading, yes you have even looked at houses. You are getting into the game.
You sell insurance? And, are good at it?
What makes you think you need a mentor? I think you are where you should be. Just grab a Notice of Default and go bang on a door. With your insurance background no sweat.
It is a somewhat similar approach. You must meet the person, then establish empathy and on that to motivation. So is it in insurance, so is it in Real Estate Investing.
In Insurance you sometimes run into situations far removed as to what your original purpose was. I wonder how many time you have fed a lead you picked up for Car Insurance, or a householders policy when you are out working on straight life insurance.
The same awareness will serve you here. Go for it.
Lucius
the work i want doesn't really matter.... i want to be on my own. i am doing the insurance thing to gather some money living with my parents. I feel that i can be a great asset to myself in REI. i figured out already ( through this page that the best thing you can do is join a group) is this all i can do? i feel kinda left in the dark......
Did you know that Tiger Woods, Michael Jordan and Wayne Gretzky all have mentors?
Keep that in mind. Every successful person I know has had a mentor somewhere down the line.
Best Riches,
Jeff Adam
[addsig]
I like mentors because they make you ACCOUNTABLE. You have to DO SOMETHING. Sometimes it is just the spending of good money that makes you realize that you just made a commitment.
Same motivation as buying a course. If you pay hundreds of dollars then you damn well better sit down and read it.
Of course all mentors are not created equal.
I personally paid someone who was NOT WORTH the money I paid him.
But he did get me involved and then I kept reading and bought a couple of courses and I surpassed what he could do to coach me.
But when I sold my first deal and made 15 times what the mentor cost, I was thankful that I "wasted" the money.
N.
Your just scared, and rightfully so. It is scary to think that you are going to actually "do something"! Investing is a risk, and you probably think that investing in real estate is even a bigger risk because it has greater potential for reward... but guess what? There is less risk in real estate than other investments, at least on a money basis. Also, like all investments, your risk is determined by how much you know. Keep learning and keep selling, those are two good attributes that can take you far.
Read "Rich Dad, Poor Dad" if you haven't yet... Make note of what the author did for his first job - sales... You are on the right path, just get that knowledge you need to realize that REI is NOT risky.
I think it would be great to have a mentor . Not just the accountability factor alone. To me its like being a consultant and having current contract job.Kinda like knowing you HAVE work. An investor is always looking so you'll always be working.Which is better than not. I'm always looking for investors to work with. Kudos to you if you are fine working without one! I think everyone has their own methods,and has an idea of what works best for them.
[ Edited by Alexis on Date 02/03/2004 ]
kaos, I do agree with you on the fact that it doesn't make sense to spend money on a mentor, only if spending money on a mentor doesn't sound right to you. For many people it makes perfect sense (whatever is needed to take action is the key) So since you seem to have a grip on what is right for you, I would reccomend using the assets you have to the fullest capacity. You have sales skills, business skills, and obviously as an insurance agent you have a bountiful list of leads to pursue. You definately are on the right path. <IMG SRC="images/forum/smilies/icon_biggrin.gif"> Go Gators!![ Edited by dajackhammer on Date 02/03/2004 ]
Im curious as to how and what is the rate or % to pay a mentor. Or at least what is expected or what some of you paid in the past. Like do they get a cut of each property you buy?[ Edited by Alexis on Date 02/03/2004 ]
Alexis,
I read the other day that someone was considering paying Carlton Sheets $4,000, I think, and he guarenteed that the person would get at least 1 deal in a year. Probably more.
I think Ron Legrand offers something like this too.
I would pay $4,000 if I was guarenteed at least one deal. I think the REAL knowledge alone is almost worth that alone. I look at it like a physical trainer. You can get a trainer for a month or so to teach you HOW to workout properly, but then you can do it on your own. Then there is the motivation factor.
Does anyone know of any other resources for finding Mentors?
I think you have to be careful and pay attention to what is being offered. I have received several calls about getting a mentor, and a lot of them are just scam. A good mentor will cost at least $5000, but they should be willing to come to your locations and help you close deals for at least 2 or 3 days.
I have a mentor and he doesnt cost me anything!! He helps lots of people and no fees!! But, You have to do what he says and do the work in order to get ahead!!! When the deals are done, he splits profits with you!! Not all bad for gaining experience. Good luck I guess it depends on what the individual is looking for in a Mentor. I dont think that just because I spend 5K on a Mentor that I am going to make a million dollars. If I dont do anything, I wont make anything. No matter what you spend or dont spend, YOU still have to do the work and learn how to do this your self!! Your Mentor is only there for you to ask questions and help you make the right decisions.
Good luck
Pejames, how did you find your mentor, how did you approach them, and how did you ascertain whether they were a "successful" and therefore, a solid mentor?? K
I'm thinking that for those of us who have yet to persuade our significant others that this REI thing really does work, that if a mentor, who was actually MAKING money, were in the picture, they may actually start to pay attention long enough to "convert" them ???
K- my wife trusts and respects me. She knows that I know my stuff already, and that I can do it on my own. The mentor is an added security net, but if you don't have that initial trust with your SO than you should find away to get it instead of using a mentor for that... Talk to them and find out what they would like you to do in order to earn that trust; seminars, books, etc...
It is an added security to my wife, as well, that I am not using any of our money to get started, and that the goal for OUR involvement is for the betterment of our 'family' unit.
As for knowing the success of your mentor - that is a very good question. Asking them is a good way to find out. So is using them and learning by trial and error. Some one who is successful as an investor may not make a good mentor. It depends on your needs and what kind of guidance you need to know if they will be a successful mentor.
Japher, you're right! A successful investor may NOT be a good mentor, but I would hope that a good mentor would be a successful investor, Ha, ha...
On the subject of the SO and what I would need to do to earn trust... My hubby went with me to REI training and was all for it for a whole 2 weeks, then decided it couldn't possibly work unless you have money first and lots, lots, lots of time to work it. Basically, I'll have to actually PROVE to him it works. With little or no money and very little time. That's why I think a mentor might add a little backup, that someone else can do it, why not us? K
As my 50th post this month, I am presenting to you the 3 rules of the successful sell:
1) Prospecting
2) Presenting
3) Closing
That's your blueprint IN & OUT of any REAL ESTATE transaction. Clear so far?
The entire real estate is common sense, some creativity and a lot of work. In a lot of work I consider looking for available money too. So the question is, can you do the work? If you think you can, start by reading the posts about prospecting or HOW DO I FIND DEALS. Remember - baby steps- one step at the time. Then, whe you find the deal ask for the help and advice how to present it and close it. Keep in mind that most of the guys here aid for their courses so they do not like to share the contracts with newbies. Some would do so your goal is to find them and exchange something of value with them; stamps, player cards, memorabilia, time share ... whatever it works and bingo~! You'll find yourself on the other side of the rope. Mentor? It's always a good idea if you can find one but then is up to you to decide how long you need to keep 'em. Mentors know that and that is why they would make you learn iin 2 years what you could in 3 months. if I was you, i would buy some courses, reed between the line and hit the streets because chat will make you no money.
Last advice before the numbers start turning on my cash register:
Be careful who you trust because not everything is the way it looks. Good lack!
I have mentored many people over the last 3 years. I get anywhere from 5k -up depending on the knowledge of the investor. If I have to go into a situation where I am starting with a person that just has a desire but no motivation it cost alot more. When Ive mentored I always have the person Im working with pull thier weight. I can go into any city in this country and do a deal, but what I strive to do is to make sure that when I leave I have left the person Im helping feel confident and able to do it on thier own. Ive spent as much as 10 days with an investor. All Im trying to say is pick you mentor carefully and we are worth the money you spend. Many successful people have used mentors to get where they are today.