OK, I’ll confess, I bought Armondo Montelongo’s $1000 package dispite my dislike for him. It was obvious he was reading a script but I thought he was fairly honest and forthright with his information.
So, now he/his coaching company want to mentor me. For $14,950 they will coach me for a year. Their guarantee is that, at minimum, I will double my money in 12 month period or they will continue to coach me at no charge until I do double my money!
I don’t have to ask if this is a bad idea. But does anyone know of someone or some sane organization that will coach me to get started?
Vicky in CT
Why do you need a coach? The biggest problem with coaches in these national programs is that they don’t know YOUR market and can’t do a damn thing to help you learn your market. You can learn more than enough reading this forum and attending your local REI club.
What do you need to know that’s not in a $1,000 course?
Well, I guess that $1000 doesn’t buy much these days!
Supposedly, they talk about asset protection (setting up a corporation etc.) they claim they will help you obtain hard money, help with property selection.
Not to worry, I’m not dropping $15K in thier pockets. I think that is a de-motivator right there. Mentor has my $15k up front. It doesn’t matter whether I succeed or not. There would be more motivation for them to do a good job if say, I paid $3K up front and gave them $3K out of every successful deal over the course of their year of coaching. That way, they would have an interest in making sure my deals were indeed successful.
I have been eating, drinking and sleeping several gurus. Thank you for helping me sort this out.
You can learn all of that here. Save your money and don’t buy that junk, if you really have $1000 burning a hole in your pocket send it to me.
I am just getting started as well and I do not have the extra money to go to these expensive seminars so I decided to read just about every article on this site as well as listening to the teleseminars, attending REIclub meetings, ect, anything that doesnt cost im there! I just completed my first shortsale/wholesale and made a very nice profit for myself…ALL WITHOUT SPENDING A DIME!! The only out of pocket expense for me was the price of business cards…The point to this story? I am no expert, nor am I rich (yet) but it can be done, so dont let money hold you back! Just jump in, give it your all, and dont give up!! Whats the worst that can happen? Good luck! :banana
I use motivators also. This site even helps. But I would not take advice from anybody that is not doing what I want to do where I want to do it because as Rich_in_CT said real estate is local. National gurus can’t help you where you are. For example even the generic information above is not really generic. Like asset protection is dependant on where you are. In Texas incorporation does not actually protect anything. It just costs money. Here if you get sued and lose they can’t get your rental property they can’t get your home, you cars, the tools of your trade or retirement funds. So all they can get if they win is any cash you have. That means that the strategy to protect your assets is a local fact.
So find people at your local rei club will be better than advice that any national guru will give you.