Babs, my experience has been the national mentors do not know enough about the local laws to not get the mentoree in trouble. I am a member of my local REI club, and I have seen more than a few people getting themselves in trouble here in Houston.
Can a person be successful with a national mentor, yes, but most of the people I have heard from have come looking for a way out of a pickle the Nevada guys lead them to.
Are there really that many RE experts in Nevada? IMO no, most are reading from a notebook with tabs for different questions, Nevada just has the best laws to protect the corp from liability.
Posted by Ann Marie on March 06, 2007 at 24:04:29:
Does anybody know about the Carleton Sheets Mentoring Program? Good or Bad? I am thinking about signing up for several reasons, which all seem good to me, at this very moment. However the investment to his program is rather steep. I am needing some accountability and fear massaging to get the momentum to climb the hill to success and his program seems to have what it takes to help me in the areas I am currently lacking.
Some of the advice here is well intentioned, but wrong, in my opinion. In this day and age of the internet and instant information, I needn’t be in, say, Seattle to be able to do a deal there. Digital photos, online access to sales data, etc, all make it possible to invest nationally now. So a knowledgable and responsible mentor in NY can be a heck of a lot better than a local hack dug up at the local REIC. I speak from personal experience. When I decided to hire a mentor to get me going, he was around a thousand miles away from me. Didn’t matter. It was the best decision I ever made.
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Posted by Determined on March 06, 2007 at 09:40:17:
I went through a mentoring program. I agree with the Killer Joe. Phone mentoring for me wasn’t the best method for the money. You can find all the information you need through books, REI clubs and this website. I found out that people on this website are more than willing to help you from there experiences. The REI clubs, you will meet all types of people that can help you succeed ex. other investors that know the area your are in who you can network with. If you have the money to spend and are not worried about losing it I would say give it a try, go with you instinct you are the person that know what’s best for you. Experiences vary from person to person.
Posted by Killer Joe on March 06, 2007 at 08:01:06:
Ann,
I would strongly suggest that you stay away from them. The CS course is fine, and a good way to start your learning, but the mentoring program is questionable at best. I seriously doubt they will provide any momentum or help you in areas that you are lacking. (I am speaking from experience with this issue)
See if you can find an investment club in your area. You will need someone in your own market to truely help you and give guidence on specific properties. Those folks in Utah won’t be of much help come crunch time.
It sounds like you hired a good mentor and got what you paid for. That is quite a bit different than signing up with a telemarketer in a boiler room believing that you are in good hands. My guess is you hired a real estate investor with a track record. That is not what you will find when those high pressure CS folks come calling. Their agenda has very little to do with your success. Ann’s question was regarding that specific program, not mentors in general.
And I agree with you that you can get valuable mentoring from someone a thousand miles away. It happens everyday on this board for a lot of folks.
I disagree with the blanket statement that the mentor in one state can effectively teach someone to invest in a different area.
For example, if you are making big money in the state of Michigan, where the market is coldest, you are probably offering low ball offers on REO properties, which are plenty.
Say, a newbie from California calls you for advice, you will only disappoint them, since in their, much warmer market, strategies that work for you will not work for them.
However, if you are in another hot market, like Florida, then you can mentor someone in California, Colorado, etc…
So, when choosing a mentor, make sure they operate in a market similar to yours if they are located hundreds of miles away
KJ, you couldn’t be more correct! That’s exactly the point I want to make. My guy was, and is still, an active and highly successful real estate investor. He is an individual who makes his money investing, not selling boot camps. I was lucky to find him.
On the other hand, those telemarketers who offer real estate investing advice while being paid $15/hr to do so are a waste of one’s time and money.
BigV, you couldn’t be more wrong. If you understand real estate, you understand real estate. I have to assume that a successful real estate investor can comprehend the difference between a buyers market and a sellers market.
To think that someone must be from Los Angeles to be able to invest in LA is short sighted.