mentoring from a mortgage broker

General Real Estate Investing
1

What is everyones opinion on mentoring from a mortgage broker. The mentoring is a program provided by the REI club in my area. The mortgage broker has 20 years of experience and provided me with a mortgage broker license number. The gentelman was very nice and helpful so far. He seems so far, easy to get along with and has a great personality, but the first thing he tells me is, that flipping is illegal in my paticular state. Which I find that hard to believe since the info is coming from a “Mortgage Broker”. The mentoring is not very expensive ( under 600.00 dollars) and part of the price is for the loan application fee and club membership. So the mentoring ends up being alot less than 600.00 dollars.
The mentorship program provides the following:

  1. One on one with mentor to see properties of interest

  2. Mentor will show the Investor what to look for in an investment property

  3. Comparables with other sales and rentals in the area of interest will be presented by the Mentor and studied with the Investor

  4. Mentor will calculate the net operating income and expenses of an investment property

  5. Mentor will provide a forcast of the market area to tell the investors if the area is a good market at the particular time.

  6. A pre-qualification program with a mortgage broker will be provided for the Investor

  7. Mentor will see your purchase through to the very end, offering advice and hands on training where needed

So thanks to everyone in advance for their opinion and advice on this situation. Oh by the way, I just had a talk finally with my good friend from high school. I have been holding off from talking to my friend so I can get some education in real estate investing before hand. My good friend is a Realtor in my area for 6 years and is being very very very helpful. He has provided me with more help than anyone else has so far. So does everyone think the help that I’m getting from my friend is a better way to go. He said he will help me everyday and anyhting I need help with as long as I need it. I mean he has filled in the blanks that I have been missing through my educational process. I’m doing all the education but he has completed the missing gaps.

          Thanks Lonestar
2

Anyone, have an opinion or advice on the question above?

3

I think it’s a ripoff, you should be doing that ALL by yourself,

4

This is a joke. This guy calls this a “mentoring” program?

Da Wiz

5

Lonestar,
Is he teaching you or doing it for you?

Has he done deals?

Is he well respected in the club?

If you are starting out, just having the ear and advice from an experienced investor is worth the money. I don’t see why you would pick between the two options, use them both, you can’t have to many good people in your network.

DB

6

Thanks abunch everybody for your opinion and insight. I will take everyones opinion into consideration. d_sbrowm, I really appreciate your elaborate answers for me. I think your right when you said “you can’t have to many good people in your network”. I was thinking the same thing when I was leaving the club. I could pay alot more for ignorance. The program could hurt me, if I sign something or I don’t do my own homework on the property in question. The mortgage broker has been there and done that for 20 years. I just have to judge for myself, if he has been doing all wrong for 20 years. Thanks again

                                                                           Lonestar
7

I wouldnt pay a mortgage broker to mentor you. but if you are looking to invest and going to need to aquire a mortgage for these properties he may be able to help. a lot of things people hear about REI are general and don’t apply to everyone. If you are going to need mortgages you’ll need to see what you qualify for and what products they have available to you. the investors i wirk with i ahve a proven plan to help them find and purchase properties with good monthly cash flow and get 100% financing on those properties.