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

Comments(3)

  • jimbo50020th April, 2004

    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.

  • telemon20th April, 2004

    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!


    _________________
    Hope this Helps!


    Bill[ Edited by telemon on Date 04/20/2004 ]

  • lpoitras20th April, 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.
    LOL

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