Need Opinions...Mentorships...
Hi,
I am fairly new to REI and considering 1 of 2 mentorship programs (Conti/Finkle & Natl' RE Investors-Utah) I would like to hear general opinions from anyone if you consider them beneficial (any mentor program not just the above). I would be especailly interested in those who have been through a mentorship program, however, all comments are welcome. If you comment, please say whether you've been mentored.
I've heard several arguements against the mentor idea. The main one being that the $3-$5K cost can be better used and there is enough help elsewhere. This advise, however, typically comes from those who have not been mentored.
My positive thought about a mentor program is that it might help me 1) get started quicker 2) avoid some mistakes that I might otherwise make.
It seems everyone comments about at least 1 mistake they've made (or opportunity missed), I wonder if a mentor program might partially pay for itself through "mistake avoidance" (not that it could eliminate all mistakes, of course).
I am "on the fence" and about to act (one way or the other) so any comments are much appreciated..
[ Edited by viking777 on Date 04/01/2004 ]
So, you're asking us to place value on a mentorship program. How much guaranteed experience actually investing do suppoze the person on the other end of the phone will have?
Your mentor will not be with you when you're negotiating, and chances are, the seller will not wait for you to call "your pro" for help. If you want to invest in your education, fine. If you want to gain experience and avoid mistakes, find a salty investor that's where you want to be as an investor, and go to work for them. Bird dogging etc. Instead of paying out of pocket, you'll be gaining experience from a pro that's familiar with your market. (The best mentor you could possibly find)
The 3 to 5K that you save could be your first deal. Which is the most important one! Without it, there will be no others.
Jeff
Not mentored outside of the forums at TCI and courses I've purchased, (and read)[ Edited by jeff12002 on Date 04/01/2004 ]
anyone else???
I agree with Jeff.
I have not paid for mentoring. Fortunately I had a father who was an excellent mentor. I was always in school, just didn't know it.
I would find someone in your area who is doing what you want to do and make myself useful to them and then absorb everything I can. By being around him you would also be creating the start of a network, the value of which is imeasureable.
You need good people in your area to work with, a good realtor, a good banker, good contractors etc. A mentorship program can't give you that, a local person can.
I am a rehabber, so to get to me is easy. I have an 18 year old young man who is probably going to be a force someday. He heard I had a new project and came to me and said, "I like tearing things apart, want some help?" Of course i took it. after the tearout he said, "I wouldn't mind learning to put things back together" Of course I took him up on that too.
So he put the door knobs in backwards and some other fun things. He is learning the physical part hands on, and quietly taking in all the deal making process as well, and getting to know some of the people it's good to know. He picks up some cash, and got a work release from study halls at school. I get cheap labor, and a feeling maybe I'm doing some good. All in all, a good deal. Add in that he's dating my daughter so has every reason to kiss my butt haha, maybe with another situation it wouldn't work so well.
Mykle
I gotta agree with the other guys. Most of the "programs" that are out there are just not worth the money. In the end the only way to become a real estate investor (or anything else) is to go and do it. Figure to do it badly at first. don't panic if your first couple of deals don't make money. Find a local guy to partner with who has a financial incentive for you to do well-- not a so-called guru who makes his fee whether you do well or not.
Viking, I'm in pretty much in the same situation as u. What I'm learning is, to join a local investor's club. They will be u'r mentors without even knowing it. Local investors like to teach newbies. 8-)