Real Estate Investing Forums

Real Estate Investing => Bird Dogs, Wholesaling => Topic started by: thyfault925 on April 14, 2012, 09:33:32 pm

Title: Mentors/Coaches
Post by: thyfault925 on April 14, 2012, 09:33:32 pm
I'm new to the real estate investing.  This weekend I have been going to the Fortune Builders seminar.  Does anyone have any feedback on their Mastery program?  They want $25k for their coaching and mentoring.  Seems kind of high!  Anybody have any other suggestions as to how to go about finding a good coach/mentor? Thanks!
Title: Re: Mentors/Coaches
Post by: justin0419 on April 15, 2012, 12:17:16 am
I think the general consensus you'll find is that pretty much to only people who think stuff like that is worth 25k are the people trying to sell it to you.  You're not really going to find many regular posting people on here claiming seminars are worth tens of thousands of dollars.  If you want to do something, find someone doing that aspect of REI and see what you can learn from them.  Try to arrange some time to pick their brain about things.  Follow them around.  Buy them lunch.  Remember, the people at that seminar are sales people.
Title: Re: Mentors/Coaches
Post by: AJ290 on April 15, 2012, 08:21:51 am
$25K!?!?!   :shocked  For that kind of money they damn well better be including your first property in the package.  Run fast, run far.
Title: Re: Mentors/Coaches
Post by: Real Estate Seller on April 15, 2012, 11:50:29 am
I always love to read about the young kids getting in to real estate that depend on the hype of the television guru or the the snake oil salesman selling theses books. Hire you a mentor and pay attention of the teacher.
Title: Re: Mentors/Coaches
Post by: kallen on April 15, 2012, 07:36:21 pm
Andrew Massaro, Cris Chico, Alex Joungblood, and Sean Terry are prolific and successful wholesalers who offer coaching programs that are MUCH CHEAPER than $25K.
Title: Re: Mentors/Coaches
Post by: satarnag on April 16, 2012, 12:35:17 am
I'm new to the real estate investing.  This weekend I have been going to the Fortune Builders seminar.  Does anyone have any feedback on their Mastery program?  They want $25k for their coaching and mentoring.  Seems kind of high!  Anybody have any other suggestions as to how to go about finding a good coach/mentor? Thanks!

The best advice I can give is to read the real estate investing section of your local book store. Also find other people who took courses and see if you can borrow their material. Maybe find it on ebay or something.
Title: Re: Mentors/Coaches
Post by: Real Estate Seller on April 16, 2012, 12:38:18 am
satarnag I see you are new here. No books will give you what you need. Only a mentor can hold your hand and help you.
Title: Re: Mentors/Coaches
Post by: justin0419 on April 16, 2012, 09:45:46 pm
Name:  satarnag
Posts:  55 (0.026 per day)
Position:  Member
Date Registered:  June 08, 2006, 04:38:39 PM
Last Active:  April 15, 2012, 11:43:41 PM

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Maybe not a regular poster, but certainly not new here.  I don't think mentors are an absolute necessity.  I've never had to pay for instruction on REI or follow someone around to learn how to do it.  Usually the people on here pushing paid mentorship are the ones with mentorship to sell...  There are better ways besides putting up several thousand dollars to listen to someone talk.
Title: Re: Mentors/Coaches
Post by: kdhastedt on April 17, 2012, 07:40:36 am

Let's see, satarnag has been here since 2006 and Real Estate Seller has been here since October 2011...so, who's REALLY 'new' here?

I'm with Justin...mentors are NOT an absolute necessity, neither will a mentor be a guarantee of success...


Keith
Title: Re: Mentors/Coaches
Post by: Real Estate Seller on April 17, 2012, 10:31:19 am
And books are not a guarantee of success. All I am saying a lot of new comers want to start out the cheap way and it wound up costing them more. Books are cheap but will a book answer your question if you have obne?
Title: Re: Mentors/Coaches
Post by: justin0419 on April 17, 2012, 09:55:52 pm
That's what is great about being on REIclub.  If someone has a question, there's probably someone on here who knows the answer and has the requisite experience to give an educated answer.  Nothing is a guarantee of success.  People have to have drive to do something besides clock in and out of work.  Otherwise, that life is all they'll ever know. 
Title: Re: Mentors/Coaches
Post by: JLondon on April 22, 2012, 07:38:31 pm
Books are good, real estate clubs are good and mentors are good. It just depends on what kind of learner you are. Some people can read a book and do it. Some people are audio and need to have someone tell them how to understand and some just need a kick in the ass to make things happen, one that will hold them accountable. So I think all are good. A beginner just needs to know which will do them the most good and go for it. It all boils down to "ACT" without acting nothing happens. You can read 100 books on how do and do nothing and the knowledge does nothing but you can have no knowledge and act and really screw things up alittle of both good. I personally like to listen and see how its done then I can run with it. I've never been much of a book worm and my mind wonders to much when I read but I can set and listen to someone and act on what they taught.
Thats just my 2 cents.
Title: Re: Mentors/Coaches
Post by: Real Estate Seller on April 22, 2012, 07:43:43 pm
What I have seen in the pass couple of years is everyone think you can get in the real estate business with no money because the books tell them that. Like the old saying it take money to make money.
Title: Re: Mentors/Coaches
Post by: justin0419 on April 22, 2012, 11:03:31 pm
REI has been beaten down so much over the past few years as values dropped and dropped and dropped.  The "experts" said oh no, not now....but now with interest rates extremely low and prices at pretty much the bottom, we're starting to get some interest again.  I agree w/ the saying that it takes money to make money (in most cases).  Seems the most common way to do REI with virtually no money is bird dogging/wholesaling, but it still requires money to get around, money for marketing, etc.  There's no silver bullet and those gurus throwing out the no money down stuff or buy houses from tax sales for $300 total are marketing to people staying up at 3am...most of them unemployed. 
Title: Re: Mentors/Coaches
Post by: kelle711 on April 23, 2012, 10:54:48 am
I am also just starting out (5 months, 1 wholesale deal). I am learning about REI through internet research and forums like this. I would love to pay for mentoring, but I have limited funds and I would prefer to spend it marketing for sellers for wholesale deals.

Would having a mentor make things easier? I am sure it would. But not being able to afford a mentor is just not sufficient justification for inaction, at least not for me. Maybe I am making some simple mistakes that a mentor could help avoid. I know that I have avoided many mistakes by throughly researching online and making sure I have a clear picture of what I am trying to do and how to go about doing it. Plus there are plenty of "10 Mistakes New Investors Make" articles online. Find them and read them.

If you can afford both a mentor and the cost of operating your business, do both. (I would ask around my local REI club for recommendations.) For me, I had to choose, and I chose to start my business. There is a lot of free education out there. Take advantage of it. Not having a mentor does mean a lot of extra work in terms of research. I have to chase down the meaning of every unfamiliar term that I read in a RE article. And I do a lot of follow up research on concepts that a RE article mentions but does not give details for. However, this has allowed me to get started in wholesaling and even make some money.
Title: Re: Mentors/Coaches
Post by: Real Estate Seller on April 23, 2012, 11:13:33 am
Snake oil books only give you just enough to get you interested in real estate. All the late night snake oil salesmen want is for you to buy their  course and make a million dollars.
Title: Re: Mentors/Coaches
Post by: the maestro on April 23, 2012, 03:09:21 pm
kallen, thanks for the kind words regarding my wholesale coaching program (I'm Andrew...)!  I sincerely appreciate it.

With that being said, I honestly believe that "investing" into a mentor is the smartest way to start.  When I started in this biz, the first thing I thought to myself was, "I need someone to teach me how to do this."  And, before I did anything, I hired a mentor. 

I used the term "invest" because that is exactly what it is.  It's not a cost.  Your phone bill is a cost.  Coaching is an investment because it provides a return.  And, in most cases, if you follow the advice of your coach, it provides a huge return.  A ton of my students attempted to go it alone.  The reason is that they thought the money they put into coaching could be better invested into their business.  But, in reality, they are really wasting that money because they have no idea what to do.  It's all trial-and-error, where a coach can tell you exactly what works.

A good mentor/coach will cut your learning curve immensely.  Without coaching, IMO, you're in a non-stop, perpetual learning curve.  But, with one, you are on a fast track.  There is no book, course, video or software program that can prepare you for success in this business.  Those things need to be in addition to your coaching... not instead of.
Title: Re: Mentors/Coaches
Post by: QuintanillaJon on April 23, 2012, 03:30:41 pm
Any good mentor recommendations then? I know someone said some before, but I would like some more confirmation on their prowess.
Title: Re: Mentors/Coaches
Post by: kelle711 on April 28, 2012, 07:24:42 pm
kallen, thanks for the kind words regarding my wholesale coaching program (I'm Andrew...)!  I sincerely appreciate it.

With that being said, I honestly believe that "investing" into a mentor is the smartest way to start.  When I started in this biz, the first thing I thought to myself was, "I need someone to teach me how to do this."  And, before I did anything, I hired a mentor. 

I used the term "invest" because that is exactly what it is.  It's not a cost.  Your phone bill is a cost.  Coaching is an investment because it provides a return.  And, in most cases, if you follow the advice of your coach, it provides a huge return.  A ton of my students attempted to go it alone.  The reason is that they thought the money they put into coaching could be better invested into their business.  But, in reality, they are really wasting that money because they have no idea what to do.  It's all trial-and-error, where a coach can tell you exactly what works.

A good mentor/coach will cut your learning curve immensely.  Without coaching, IMO, you're in a non-stop, perpetual learning curve.  But, with one, you are on a fast track.  There is no book, course, video or software program that can prepare you for success in this business.  Those things need to be in addition to your coaching... not instead of.

So if you were just starting out with limited funds, you would spend it on a mentor instead of on actually trying to make some money? Don't get me wrong, I think having a mentor is a huge plus, but is it really a requirement for success? There is so much free advice, that a dilligent invidual can put together enough information to at least start generating an income.

I remember my first REI club meeting I went to, I spoke with another newbie (1 year, 3 deals) who told me I could not get started in investing without taking a course. So I asked what was the most important or relevant thing he had learned from his courses. He could not tell me and got upset when I pressed the issue. It seemed the most important thing he had learned in his course was that you had to take a course. Now I am not knocking education, courses, mentors or any of those things, more the idea that without them, you can't possibly succeed. Having a mentor makes things easier but not having one should not be a reason to sit on the sidelines and wait. You might never get enough money saved to pay for a mentor and pay for running your business. Unless mentors are willing to start giving student loans.
Title: Re: Mentors/Coaches
Post by: the maestro on April 30, 2012, 10:16:10 am
Nothing is an absolute must.  However, I just think it's smart.  Coaching is on-the-job training.  It's not some course or DVD where you have no one to go to with questions.  My program is designed to be a structured progression.  Where, for the first 4 weeks, you're learning, and growing, and experiencing and progressing.  Until, we get to a point where all the student is doing is submitting leads for review, and also questions.  In addition, coaching is flexible to the student and their market.  Books and courses are not.

What good does it do to invest $300 in 100 bandit signs, if you have no idea what to put on your bandit signs so they convert, or what to do if someone actually calls you?  That's wasted money!  What good does it do to have leads if you have no idea how to qualify them?  What good does it do to qualify leads if you don't know what to offer?  What about using the right contracts and legal documents?  What about negotiating?  Marketing?  Outsourcing marketing and leads? 

Going it alone = the slow, trial and error and frustrating track to your goal   :banghead

Hiring a mentor = the fast track to your goal   :beer

Title: Re: Mentors/Coaches
Post by: kelle711 on April 30, 2012, 02:42:12 pm
Nothing is an absolute must.  However, I just think it's smart.  Coaching is on-the-job training.  It's not some course or DVD where you have no one to go to with questions.  My program is designed to be a structured progression.  Where, for the first 4 weeks, you're learning, and growing, and experiencing and progressing.  Until, we get to a point where all the student is doing is submitting leads for review, and also questions.  In addition, coaching is flexible to the student and their market.  Books and courses are not.

What good does it do to invest $300 in 100 bandit signs, if you have no idea what to put on your bandit signs so they convert, or what to do if someone actually calls you?  That's wasted money!  What good does it do to have leads if you have no idea how to qualify them?  What good does it do to qualify leads if you don't know what to offer?  What about using the right contracts and legal documents?  What about negotiating?  Marketing?  Outsourcing marketing and leads? 

Going it alone = the slow, trial and error and frustrating track to your goal   :banghead

Hiring a mentor = the fast track to your goal   :beer



See, this is what I am talking about. Getting a mentor is smart, right? And if you can't afford a mentor, because mentors ain't cheap, then what do you do? Cause the way you make it sound, trying to learn on your own is stupid. And that is the propaganda every mentoring service I have ever heard of tries to feed us newbies: "You can't do it on your own, even trying is stupid. If you are smart you will pay me to give you information you can find yourself for FREE!"

I found the answers to all those questions on the internet and by asking fellow investors at my rei clubs and on forums like these, contracts, marketing strategies, investing strategies, how to qualify a deal, all of it, without paying a dime, for FREE!

Also, I have a team of experienced people that I work with i.e. real estate agent, re lawyer, a private lender, ect. I find a way to provide value for them and they are happy to share their advice and experience with me. For FREE!

As for slow, I got my first deal within 2 months of starting mailing and made $6k. Granted, that was 2 months ago, and since then I have not gotten another deal yet, and I did lose a deal to another investor that the advice of a mentor maybe could have helped me save. However, if I had waited until I had the $1000 a month or more to pay a mentor, I would not have made $6000 after less than 2 months. Instead I would still be waiting. And waiting. And waiting.

As I have said before, I see true value in having a mentor, and I am sure the path to success is much smoothed by having that ready source of advice. However, a mentor is NOT a prerequisite to getting started in this business. Properly educating yourself, developing your business plan and operating model, figuring out how to make the most of the resources you have and taking action is how you get started. Goal set. Plan. Execute. No mentor required.
Title: Re: Mentors/Coaches
Post by: the maestro on May 01, 2012, 12:30:43 pm
I certainly would never say any act or decision is stupid.  Again, to me, it's just a smart investment.  Sure, you may flip a house or two on your own.  But, in the long run, I think the benefit way outweighs the risk.  Just my two cents.

Oh, and from my experience, if you don't have money to invest in a coach/mentor, you probably don't have the money to invest in your business.  Maybe at first.  But, that shoe string budget will be gone soon. 
Title: Re: Mentors/Coaches
Post by: kelle711 on May 01, 2012, 01:26:52 pm
Oh, and from my experience, if you don't have money to invest in a coach/mentor, you probably don't have the money to invest in your business.  Maybe at first.  But, that shoe string budget will be gone soon. 

And there that message is again, if you don't have a mentor, don't even bother to try.

Hey, you know what? I ain't mad at you. You got your own product to sell; if you didn't believe the hype, how would you be able to sell it to others?

In the meantime, I will just keeping muddling along, mentorless and hopeless, on my shoe string budget, with nothing but my own wits and resourcefulness to stand between me and sure mentorless business disaster. Oh, the humanity!
Title: Re: Mentors/Coaches
Post by: justin0419 on May 01, 2012, 02:20:49 pm
Hang in there kelle711.  My net worth has increased several hundreds of thousands of dollars over the past few years all without the help of a paid mentor. 
Title: Re: Mentors/Coaches
Post by: kdhastedt on May 01, 2012, 02:37:59 pm
Hang in there kelle711.  My net worth has increased several hundreds of thousands of dollars over the past few years all without the help of a paid mentor. 

Yeah, but you're not selling mentoring...!

Keith
Title: Re: Mentors/Coaches
Post by: satarnag on May 02, 2012, 06:27:42 pm
I am so sorry for overlooking this thread. As you can see, I joined in June 2006. I know about real estate investing. Here is my story:

In early 2005, I was watching an infomercial on how to buy homes with no money. Curious, I went to my local book store and read almost everything about real estate investing. I then joined a local real estate investing club and met people who paid a lot of money for their courses. I borrowed their stuff and learned those as well. Through all my training, real estate investing is basically finding a seller and then finding a buyer and putting the two together to make money. Well, I decided to get a real estate license because now I can do that without jumping through hoops. Also, all my training was to convince the seller that their property was worthless and to convince the buyer that the property was valuable and I thought I could still make money by being honest. Well, I got licensed in Feb 2006 as a real estate broker in CA. The market tanked in May of 2006 in my area. I was a fish in water as no one knew about short sales.

Now to answer some questions:
1. yes, you can buy a property with no money. Properties have two aspects, one is a loan and one is title. You can take title to a property without dealing with the loan. You can also control a property without spending more than a dollar and then selling the rights to purchase that property to another person. My first deal was a condo in San Diego that I picked up for a dollar.

2. Mentors are a waste of money. Knowledge is great, but APPLIED knowledge is what counts. Also, a true mentor will not collect money from you upfront. Instead, they will teach you what they know and work on a split on your first few transactions.

3. Books are a great resource. Even two books on the same subject as each book will give you an idea. I also suggest real estate websites, like this one, where you can discuss strategy. 
Title: Re: Mentors/Coaches
Post by: justin0419 on May 02, 2012, 07:28:49 pm
Mentors are a waste of money. Knowledge is great, but APPLIED knowledge is what counts.  
Rut-ro!  Unleash the wrath of the mentors...  :rolleyes
Title: Re: Mentors/Coaches
Post by: dukefan2014 on May 11, 2012, 09:18:47 pm
Andrew Massaro, Cris Chico, Alex Joungblood, and Sean Terry are prolific and successful wholesalers who offer coaching programs that are MUCH CHEAPER than $25K.

So true. These people are great coaches (and much cheaper than $25k.) I know Sean Terry is $500 per month I think but is usually booked. Not sure what the others charge but $25k is waaaaay too much.

Title: Re: Mentors/Coaches
Post by: kelle711 on May 11, 2012, 09:49:09 pm
$500 per month is half my marketing budget.
Title: Re: Mentors/Coaches
Post by: dukefan2014 on May 11, 2012, 10:31:47 pm
That is extremely cheap compared to the value that you get and compared to what everyone else is charging.
Title: Re: Mentors/Coaches
Post by: satarnag on May 14, 2012, 11:41:31 pm
Here's my problem with mentors. Knowledge is great, but applied knowledge gets you paid. I can charge you $500/month but if I do nothing to get you rich, then you are basically throwing your money away. Instead, I would not even charge you. What I would do is look over any potential properties you have found and work with you on the best way to profit from them for a hefty portion of the spread. We will continue to do this until you are able to utilize every investment strategy available and negotiate a higher cut or just leave the relationship all together. That way, there is no risk in losing your money and your motivation to learn determines your wealth.

Let's face it, real estate investing is finding sellers willing to sell and buyers willing to buy. You find the sellers, regardless of their situation, and I will find a way to profit from the transaction.
Title: Re: Mentors/Coaches
Post by: the maestro on May 15, 2012, 09:40:09 am
satarnag, let me know how that goes for you.  Look, I've been coaching and mentoring for five years now.  And, in those five years, I've tweaked and changed my program many times.  I've done a down payment with monthly payments.  I've done no down payment and only monthly payments.  I've done a flat, one-time payment.  I've done profit splits.  And, I've even done free coaching for a split of the deals, when a person has sent me an email the length of War and Piece, saying how they don't have money but only need an opportunity. 

I've tested it all.

From my experience, when a student has nothing invested, they have nothing to lose.  That means that when they feel like quitting (and let's face it, everyone feels that way at some point), they do.  Why?  Because they have no skin in the game.  Nothing invested = easy to quit.

Also from my experience, if a person doesn't have money to invest in coaching, then they probably don't have money to invest in their business.  If you have to choose between investing $400 a month in coaching, vs advertising, then you are not giving yourself the best chance to succeed.  With that being said, I understand that coaching is not a necessity.  However, it has always proven itself to me as a smart investment. 

I had a coach and I know that I would not be where I am today without him.  In addition, I continue to have coaches.  Not in real estate, but in other ventures.  Coaches and mentors, IMO, are invaluable.  But, all coaches aren't the same.  You need to do your due diligence and research when choosing one.  More often than not, your top wholesalers/investors are not your best coaches.  I can use any number of sports examples if you need it...

And one more point.  Your description of flipping houses is absurdly basic and simple.  What you left out was all the ways to find the deals (marketing that converts), negotiating with sellers, using the correct contracts so as to protect you, negotiating with buyers, pulling comps and determining ARV, determining what to offer, extending a low ball offer and getting it accepted, assigning or double-closing, working with title companies, collecting deposits, and using the most effective tools and resources to manage your business.

Explaining wholesaling as basically just brokering a deal between a buyer and seller is telling about 5% of the actual story.

Look, if there wasn't a market for coaching, I'd be in a different business.  But, there is.  And it's not because this business is easy to learn on your own.  Everyone has different mindsets, intelligence and ways they learn.  Some people can learn to play the piano just by watching someone else do it.  But, those people probably make up less than 1% of the population. 

For everyone else... we need to be taught how to do it.
Title: Re: Mentors/Coaches
Post by: dukefan2014 on May 15, 2012, 05:53:13 pm
Great comment Maestro. I agree that coaching is not an absolute necessity but it definitely helps a ton and can obliterate the learning curve of wholesaling. Having a coach has definitely proven to get someone to their first deal much quicker than not having a coach.

A coach cannot guarantee you success but they do help a ton. You definitely need an undeniable sense of motivation on top of anything to succeed in this business. It's both YOU and THE COACH that is going to make you successful. There is NO success without the YOU part of the equation.

I for one, did not go the coaching route. It's not that I didn't have the money (I'm sure I could've scrounged up a few thousand for fees if I truly wanted) its just that, at the time, I thought I could do it alone and save money.

Looking back now, a coach would have propelled me and got my business started a lot quicker and a lot more efficiently by cutting down the learning curve. In my opinion, if you have the money to hire a decent coach (only after doing your due diligence) you should definitely pursue it, as they can add HUGE value to you as an REI.
Title: Re: Mentors/Coaches
Post by: kelle711 on May 16, 2012, 10:27:42 am

Looking back now, a coach would have propelled me and got my business started a lot quicker and a lot more efficiently by cutting down the learning curve. In my opinion, if you have the money to hire a decent coach (only after doing your due diligence) you should definitely pursue it, as they can add HUGE value to you as an REI.

And if you don't have the money to hire a coach but only have enough to start your business, do you wait until you have enough for both, or do you go ahead and get started?
Title: Re: Mentors/Coaches
Post by: Real Estate Seller on May 16, 2012, 11:46:37 am
It will depend on how much money you are starting with.
Title: Re: Mentors/Coaches
Post by: dukefan2014 on May 16, 2012, 09:42:04 pm
And if you don't have the money to hire a coach but only have enough to start your business, do you wait until you have enough for both, or do you go ahead and get started?

You get started NOW! If you wait until the "perfect" moment to get started, you'll be waiting for a lifetime. There is no perfect moment.

Do anything and everything you can do now to get started. If that means networking with like minded individuals that do what you want to do, then do that. If it means contacting a few potential sellers with the hopes of learning the art of talking to the seller, then do that.

Just do something to get started. You don't have to know how it's all going to work out in the end. But you do have to start somewhere.

So think of what your ultimate goal is. Then, start with something small, and then build on that everyday. Each day, do something that moves you toward your end goal, and you will eventually get there.
Title: Re: Mentors/Coaches
Post by: satarnag on May 17, 2012, 10:00:05 pm
<SNIP>
From my experience, when a student has nothing invested, they have nothing to lose.  That means that when they feel like quitting (and let's face it, everyone feels that way at some point), they do.  Why?  Because they have no skin in the game.  Nothing invested = easy to quit.

Also from my experience, if a person doesn't have money to invest in coaching, then they probably don't have money to invest in their business.  If you have to choose between investing $400 a month in coaching, vs advertising, then you are not giving yourself the best chance to succeed.  With that being said, I understand that coaching is not a necessity.  However, it has always proven itself to me as a smart investment. 

<SNIP>

And one more point.  Your description of flipping houses is absurdly basic and simple.  What you left out was all the ways to find the deals (marketing that converts), negotiating with sellers, using the correct contracts so as to protect you, negotiating with buyers, pulling comps and determining ARV, determining what to offer, extending a low ball offer and getting it accepted, assigning or double-closing, working with title companies, collecting deposits, and using the most effective tools and resources to manage your business.

Explaining wholesaling as basically just brokering a deal between a buyer and seller is telling about 5% of the actual story.

Look, if there wasn't a market for coaching, I'd be in a different business.  But, there is.  And it's not because this business is easy to learn on your own.  Everyone has different mindsets, intelligence and ways they learn.  Some people can learn to play the piano just by watching someone else do it.  But, those people probably make up less than 1% of the population. 

For everyone else... we need to be taught how to do it.

I see no difference between a new real estate agent that joins my brokerage or a new person interested in investing. Those motivated enough to learn, will do so. The skin in the game is their motivation. As a senior person, the less experienced but highly motivated the individual is, the more profitable it becomes.

As a new agent, I wouldn't pay anything to learn, I expect that if the senior person is worth their weight in gold, then they will take me under their wing and we enjoy a mutually beneficial relationship.
Title: Re: Mentors/Coaches
Post by: Real Estate Seller on May 17, 2012, 10:18:40 pm
I have seen over the years 85% of mentors always leave out the part how to do a double closing, provide a title company info that will do a double closing, assignments, subject2. We always tell new comers tell the mentor I have no problem paying for your services but on the first deal I will look over your shoulder and watch you complete the first deal and always ask the mentor which title company do you used to do double closing and if the mentor spit out the name move forward but if the mentor look to the sky or fail to answer your question you need to hold your wallet and run.
Title: Re: Mentors/Coaches
Post by: the maestro on May 18, 2012, 10:33:09 am
Wow!  That is shocking to me.  I mean, how can a coach/mentor leave out the closing process?  That's as integral a process as anything there is.  I have a relationship with several national title companies, that are investor-friendly and routinely engage in double-closes.
Title: Re: Mentors/Coaches
Post by: mulhern on May 18, 2012, 12:29:58 pm
check out sean terry on itunes podcast, very good stuff
Title: Re: Mentors/Coaches
Post by: kelle711 on May 20, 2012, 11:04:02 am
And if you don't have the money to hire a coach but only have enough to start your business, do you wait until you have enough for both, or do you go ahead and get started?

You get started NOW! If you wait until the "perfect" moment to get started, you'll be waiting for a lifetime. There is no perfect moment.

Do anything and everything you can do now to get started. If that means networking with like minded individuals that do what you want to do, then do that. If it means contacting a few potential sellers with the hopes of learning the art of talking to the seller, then do that.

Just do something to get started. You don't have to know how it's all going to work out in the end. But you do have to start somewhere.

So think of what your ultimate goal is. Then, start with something small, and then build on that everyday. Each day, do something that moves you toward your end goal, and you will eventually get there.

That is what I think too. Besides $400 a month is enough to get started with bandit signs and a website. From there it is more time than money to put ads on Craigslist, and to increase traffic to your website the organic way, and to put out your signs consistently. You can post bird dog ads for free on craigslist too. You can get 250 business cards for $20 and start networking with friends, neighbors, everybody and anybody. You can network with people at your local REIA to find buyers. You can call FSBOs and FRBOs. And if you don't know what to say, how to analyze the deal or what paperwork to use, that information is all available free on the internet. And if you don't know which title company to use, just ask around at the local REIA, you will get plenty of recommendations.

As newbie, you are looking for your first deal, not to start a wholesaling empire overnight. Besides, I have always found that scarcity breeds creativity. Writing a check to a mentor is easy. But scraping together something from nothing because inaction is unacceptable and failure is not an option, that's real motivation.