Posted by Bert ND on June 12, 2000 at 13:07:36:
Figuring a 40 hour work week. McDonald’s doesn’t pay that here. Of course CA is a bit pricier than North Dakota.
BG
Peter Conti - Posted by Steve-NYC
Posted by Steve-NYC on June 12, 2000 at 10:26:38:
I posted a message sometime back regarding Peter Conti. I’ve come into contact with his Mentor Financial Group again and am looking for any feedback and/or experiences with his mentoring program. The basics are that one pays approximately $4-6K for one year of assistance, with of course, 50% profit split on all deals completed.
Any thoughts on this program or others of this type for newbies?
Thanks in advance,
-Steve
You should be kidding. - Posted by Andrew Smith (Phila)
Posted by Andrew Smith (Phila) on June 14, 2000 at 18:49:09:
The fee and profit sharing sounds ridiculous. In this business (like most) 10% of the people do 90% of the work while the others just sit around. The only difference is that in real estate investing (like any other form of self employment) you only get paid back in direct proportion to your skills and efforts. It sounds like you need to decide what you want to do and which side of the fence you want to be on. Until you make that decision paying someone else to hold your hand is a waste of money. In this case - the amount of money and profit sharing sounds absurd although I know nothing of the content of the program or the quality of information provided.
Re: Peter Conti - Posted by Carol
Posted by Carol on June 12, 2000 at 19:13:33:
I understand mentoring - we had some, and working a plan with someone can be really productive. Just be sure that the person you are working with is going to be the ‘real thing’, and that you are comfortable with the value for the money. There are a number of ‘doers’ who offer mentoring. I don’t know about Conti’s deal.
Carol
Re: Peter Conti - Posted by GIO
Posted by GIO on June 12, 2000 at 12:10:04:
What’s up STEVE, i’m an rei in nyc and i dont want to think that i’m one of those people who says it will work in other places but not here BUT consider this ; when you look at the paper NYT or newsday or DN or Post do you see any LO ads. when you go to some other places there are sperate sections in the paper for lo ads. my first advice is to try it because you will definately learn something, BUT make sure you are well protected with regards to getting your money back if you dont succeed. Let me know how it goes i am intersted in finding out, my attempts at finding lo’s have not been succesful but you may be the pioneer some of us are looking for. You may also start refining your negotiating skills by negotiating with Conti - give him half now then the other half after your first deal, or try giving him 1/3 of your next 3 deals - who knows it may be a WIN-WIN for both of you not just him. Also take references from him of other people in NYC or “possibly” NJ and take their opinions - keep in touch LOL
Take That Hook Out Of Your Mouth… - Posted by JPiper
Posted by JPiper on June 12, 2000 at 11:59:09:
If structure, accountability, and focus are problems…then you either need to learn how to deal with these issues…or forget about this business. The solution to these problems is not to pay a guy $4K-$6K plus 50% of your profit. That’s a joke!
By the way, I hear Bill Bronchick will mentor, PLUS give you all his courses for less than half that, and no profit split. I don’t know what his mentoring activity is…so check it out.
JPiper
Couple Questions - Posted by ScottS
Posted by ScottS on June 12, 2000 at 11:24:24:
Is the coach going to get on the phone or go visit your seller for you? Most likely not…YOU are the one that will have to learn to sell yourself and the L/O transaction.
My advice would be for you NOT to spend so much on the mentoring. If you are having problems with accountability and things of that nature and REALLY want to learn how to do REI. Email me and I will tell you the name of a guy I KNOW 100% for sure will give you 100% of what he has. He will also let you listen in on the telephone so you can learn the art of negotiation. (By the way, it is NOT me).
Like one post said that’s a lot of money to shuck out and add on top of that 50% split. If I was going to pay that much I would make sure I learned from the very best.
ScottS
One place where I agree with John T. Reed - Posted by Mark (SDCA)
Posted by Mark (SDCA) on June 12, 2000 at 11:13:29:
I would pass on any and all multi-1000 dollar programs. There are better values all over the place. You the money for your deals instead.
I went to one of Peter’s free seminars (peddling his expensive boot camp). He was into LO at the time. How many LO could you sign up for 6K?? The info is out there and at MUCH better prices.
Mark
That is a LOT of $moolah$ to shell out… - Posted by SusanL.–FL
Posted by SusanL.–FL on June 12, 2000 at 10:45:27:
In my opinion, you couldn’t get a better ‘mentoring’ group than the folks on this board.
Bring your questions here and I’m sure SOMEONE will walk you through.
Just my $.02 …
Re: Peter Conti - Posted by Soraya(SanDiego)
Posted by Soraya(SanDiego) on June 12, 2000 at 10:42:52:
He used to guarantee that you would make enough money to pay for the course on the first one or two deals. Ask and see if they still have the guarantee. (David Finkel is his partner, and it may have been David that gave the guarantee.)
Why not have someone show you the ropes and really learn this stuff quickly in less than one year . Most people, when they try to do this stuff on their own, make enough mistakes that will cost them more than the cost of the course.
I have been doing L/O’s for two and one half years, completed about 12 transactions and I have been thinking seriously about working with David Finkel/Peter Conti.
Soraya
Re: That is a LOT of $moolah$ to shell out… - Posted by Steve-NYC
Posted by Steve-NYC on June 12, 2000 at 11:07:42:
Thanks for responding…
As I mentioned below, part of the attractiveness for me is the structure a program provides. There is a 100% guarantee of 10K in 90 days (obviously with requirements of the participant).
I’m having trouble focusing and acting…I’ve been reading and reading for months and my mind is overwhelmed and I’m now in a serious case of analyses-paralyses.
Thanks again,
Steve
Re: Peter Conti - Posted by Steve-NYC
Posted by Steve-NYC on June 12, 2000 at 11:03:52:
The guarantee still exists - 10K in 90 days. Do you know anymore details regarding the contract/arrangement such as the minimum requirements of the participant?
If they provide a guarantee why does one need to pay?
Are L/O’s the only type of transaction he does? The reason I ask is because I live in NYC and with such a unique market, I can’t imagine one technique wins all.
Part of the attractiveness for me, although I hesitate about the money, is the structure, accountability, and committment it provides. I perform well with a coach.
Thanks!
-Steve
10G in 90 days?–a guarantee of slightly more than minimum wage!!! (nt) - Posted by Jul (LA)
Posted by Jul (LA) on June 12, 2000 at 11:19:37:
nt