Question about Mentoring - Posted by Reggie

import · May 17, 2006, 12:43pm

Posted by tlk on May 17, 2006 at 20:45:02:

That is a remarkable achievement. However, what kind of assets did you have to start with? (such as cash, job income, credit, former investment experience, time available, etc.) Also during what years and kind of market was this achieved? I ask because such things have a definite impact on the ability of beginners to succeed. Some beginners should not spend 15k or the 50k that Whitney is asking today in the expectation of doing what you did. Is that 3.5 mil net?

import · May 17, 2006, 12:43pm

Posted by Reggie on May 17, 2006 at 12:43:53:

I was recently contacted about getting into a coach/mentoring program for real estate. The program is offered to a few selected indiviuals. The program is for a year and there is a fee. The fee is determined case by case. I want to try this but would like to have some peoples opinion or know if any one has been in a program like this. below is an outline of the program.

Aside from the weekly appointments with your personal coach, you can also expect:

Weekly live conference calls on different real estate topics. The conference calls are a great way to gain additional knowledge and learn from some of the nations top real estate instructors. They will also provide students with the opportunity to consult and learn from other students in a similar situation. The calls are also accessible throughout the week on a recorded line in case you can’t attend the live call.

Access to our real estate resource line. We understand that as a student in our program you may often have quick questions that need quick attention and the resource line is there for that purpose. Throughout the workweek, we allow all of our students to utilize the resource line as a tool to help them in their education.

A complete real estate curriculum manual to assist you in your education. As your coach is teaching you new real estate principles, you will be able to follow along in our manual. The manual will allow you to take notes and recall what topics were discussed in your weekly sessions.

Additional materials as determined by the director of your program. After meeting with your director, he or she will determine what other tools would be helpful in your education. Some of the tools include additional notebooks and CD’s, websites specifically designed for a real estate investor, educational materials, and other valuable real estate materials.

The one-on-one coaching relationship allows the client to suggest to the coach what areas they want to concentrate on and helps the client to fully understand a principle before moving on. Because the client is in control of the direction of the mentoring program, the following real estate topics are only suggestions of what can be covered during the program. These topics can, and probably will be, altered to meet the needs of the client.

Office essentials Using local resources (Agents, lenders, contractors, etc.). Networking Entities
Flipping Contacts and forms Analyzing properties Types of properties
Assigning Foreclosures Pre-Foreclosures Trustee’s sales
Bank foreclosures (REO) Rental Properties Property management Wholesaling
Creative Financing Conventional loans (80/20,'2nd Mortgage) Cashing-Out Cash Partners
HELOC Leveraging Hard Money Rolling equity
Seller financing Government money No money down techniques Refinancing
Discount mortgages Making Offers Offer strategies Exit and protection clauses
Exit Strategies Marketing Lease options Seller financing
Tax Liens and Deeds Back taxes Discount mortgages Rehabbing a Property
Rehabs that add the most value to the property Commercial Real Estate ETC.

import · May 18, 2006, 1:58pm

Re: Question about Mentoring - Posted by programs

Posted by programs on May 18, 2006 at 13:58:34:

Dittos on the many comments regarding sales reps. Most of them know jack about rei and most are just telemarketers located in sales “boiler rooms” where they will “qualify” you per a script they go by which just means assessing your motivation to buy and your ability to pay. If needed, they will turn you over to the more experienced sales pro who will “close” you, using various sophisticated sales techniques and pressures. I’ve noticed that recently many “qualify” you by asking if you are willing to use your credit cards to make investments…which really means using your cards to invest in the program they are selling…and then go so far as to find out how many credit cards you personally have and the limits and balances on them. All this before they quote you a price…what a racket!

You never said how much they are asking you to “invest”. Most mentoring programs want several thousand dollars…I think that is absolutely outraegous for beginners. There is so much info out there for so much less. And no program is a panacea. Your results really depend on your personal efforts. Whenever I’ve asked them to provide me with verifiable results of their vaunted programs, they all say “it depends on the individual”. Obviously some ingredient is missing in these programs as most people don’t wind up getting rich after buying these programs or else they would be telling you so. However if you have the money to burn, go ahead. But if your money is tight or you are tight with your money (a good thing) and you’re not really the hand-holding type I would suggest another approach:

Buy a couple hundred dollars or so of good rei books and read and learn on your own about the various methods of rei. No on-the-phone mentor can replace this type of solid grounding in the basics. There are tons of books on every subject that you listed in your post.
Find local investors who know your local market and are applying successful techniqes that work in your local market. You don’t need to reinvent the wheel. Copy what others are having success with in your local market. Joining a local rei club is a good way to find other investors (call them “mentors” if you like) willing to answer your pressing questions. You can also ask questions right here on this message board where there are lots of experienced investors willing to help you with both general and specific questions about anything related to rei.
Once you determine the strategy you think is best for you and your circumstances to begin with, buy an on-line course from an accomplished “guru” for under $500 which will show you how to do it step-by-step, the contracts, and everything you need to execute and apply that strategy…however you need to add the “effort” part.
use the money you’ve saved for other things like advertising/marketing, purchasing, sales costs, rehab costs, attorney fees, etc., etc.
Stop “learning” and start “doing”. Experience is the best “mentor” of all.

import · May 18, 2006, 10:43am

Re: Question about Mentoring - Posted by Chris in FL

Posted by Chris in FL on May 18, 2006 at 10:43:50:

Reggie,
You are getting a lot of good feedback, and some slightly jaded as well. I’ll give you both. First, my jaded: I really hope you don’t buy into the “for a few selected individuals”, because if you do you might be too gullible for re investing. Also, fees case by case probably does mean as much as they feel they can get out of you. I try not to be negative, so enough of the jaded.
Mentoring/coaching comes in many shapes and sizes. The kind I believe you are referring to is, to some degree, for learning, but probably more so for motivation, give you a push, set goals and deadlines, etc. Some people have great success with it because that is the one ingredient they are missing. One reponder said he had a great mentor and got a ton out of it. Excellent. But, playing a numbers game, how many super-knowledgeable, guru-type investors do you think are doing mentoring over the phone? If I look for a true mentor, he better be where I want to go, having done what I want to do, and not many multi-multi-millionaires are going to do “paid-by-the-hour” phone call mentoring (I am guessing you are talking about a company that pays employees as little as possible, or maybe commissions, that have some re background and a little training, and throws them on the phones; I could be dead-wrong). Anyhow, I talked to two of those before, giving me their sales pitch, and neither one knew nearly as much about re as I did (and one had never done a single re deal).
Different people are different, and at different levels of investing, and you may be in a position where someone with less re knowledge than me can still be a great help to you.
If you can get in without a ton of money paid up front, or a long-term committment, and think you can get something out of it, by all means check it out. Also, if you get a dud for a mentor, does the program allow you to throw him back and try another one (some are probably pretty good, while others… aren’t.)?
Otherwise, study at Cre-Online, join your local REIA, pal around with the movers and shakers, and you will find free or cheap mentoring, people that you can call when you need a question answered, maybe some deals, maybe a future partner, and maybe much more. As with many things in life, you get out of it what you put into it! Encourage your REIA to do a panel of “expert” investors, each talking briefly about themselves, how they got started, what they do now, and to finish with Q&A. My first PCREIA meeting did that, and I was hooked. I learned immediately who the “gurus” were, what their expertise was, got to ask some questions… It was invaluable, and I was hooked!!!
I can’t put in words how much of my start and learning came from this site and PCREIA. I am an avid learner, so I also have as mentors books/cds by the likes of Robert Allen, Kiyosaki, Mark Victor Hansen, LeGrand, and so on.
Hope that is more helpful than jaded. Best wishes!

import · May 18, 2006, 9:10am

Re: Question about Mentoring - Posted by Frank Chin

Posted by Frank Chin on May 18, 2006 at 09:10:39:

Reggie:

What many people don’t take into acoount is REI is a business, and no amount of “mentoring” will make you a “businessman”. You have to have to knack for it. No amount of “mentoring” by Tiger Woods is going to make me a great “golf” pro.

There is “book learning”, and “monkey see monkey do” learning following the mentor around. I can follow Tiger Wood around too, but will it do any good?? But most of the list of items we outlined can be learned here, in books, or at the library.

As the old saying goes, there’s a time and a place for everything, and generally, and its not something mentors go into. Are there going to teach you about doing Bank REO’s, and then say “well, but now is not the market in this area for it”.

So, what do you need him for??

Some people need structure, i.e., that you meet with the mentor at a certain schedule where he spoon feeds you certain info, at at certain time. You can try belonging to an REI club, or get a part time job at a Real Estate office for structure.

Now, if this guy was a successful REI, done creative deals, then you might want to figure out his thinking process. And it might be more cost effective if you run into some at your local RE club.

I got myself an MBA, and been in various business ventures. I have to say I learned more picking the brains of successful business associates than book learning in the MBA program. And some of these guys NEVER went to or finished college.

One of the things that interested me the most is how they got into what they’re doing, and how they got about getting started.

Rarely did I hear of a successful REI taking tons of boot camps. And I ran across a business associate making over 100K/year over 20 years ago in a business that he was only in for 3 years, but was NEVER in that business before.

But wouldn’t a SMART NORMAL person spend years and years getting experience in the business and take boot camps to get the book knowledge??

He said NO. So, why exactly are the right ingrediants.

It’s simply “identify a market and need”, and apply good “sales and marketing” techniques to serve that market. IF you need the book knowledge or experience, it can be hired.

He was an insurance salesman, and his take is most UNSUCCESSFUL business people are WEAK in the sales area. Most insurance “trainees” wash out in the first 2 weeks. But once someone can learn to take rejection, not take no for an answer, and sell something as “intangible” as insurance, then the technique can be applied to selling any other goods or service, providing its a “needed” service.

Sounds like what is needed for a successful REI, isn’t it??

Frank Chin

import · May 17, 2006, 5:20pm

No Mentoring Program Works… - Posted by Randy (SD)

Posted by Randy (SD) on May 17, 2006 at 17:20:54:

If you don’t work…and I mean REALLY work at it no mentor will make it happen. All of the information you could possibly learn from the mentor is here on this web site free for the asking. Each of us has to make our own decision regarding how much of a sacrifice we are willing to make to be successful in this business. IMHO before you spend $500…$1000…$2000 to engage the services of a mentor to “teach” you how to be successful in real estate read everything on this site, search the archives and learn all you can. Then go out and try to put a deal together. Win-loose or draw you will learn something, that lesson (assuming you don’t lose any money) will be worth more than a mentor can teach you in a month.

Many of the mentoring programs are designed for one purpose, to extract is much of your money from your pocket into their pocket as humanly possible… and they are pro’s at it. Buyer beware.

import · May 17, 2006, 4:45pm

A better idea. - Posted by Tampa Bay Mel

Posted by Tampa Bay Mel on May 17, 2006 at 16:45:27:

Reggie.

I cant say for sure because this choaching may be different than the one that I had, and that others here have posted about. My experience is about the same as others you will find if you search the archives.(you should do this.)

I quit getting on the choaching calls because they didn’t seem to help me. When I needed answers I needed them much sooner than a week.

What I found WAY better is to go to your local REIA, find out who is respected, trusted, and successful. Then look to get to know them. Talk to them. Most REIs love to talk about real estate. Many actually get a kick out of talking to an excited newb. Not all mind you, but some do.

It helps if you dont try to be a know-it-all, but to also not to know nothing. My rule is to never knowingly ask questions that you can readily find online or in a $15 book.

The other night I went to the my local REIA meeting. After the meeting I was talking to a couple of guys, one just getting started the other very successful, when they decided to go for a beer. They asked me along and then we “talked shop” for a few hours. I learned alot and gained a valuable rescource. When I asked him what he’d charge me to help me on a deal if I needed it, he said “well, I’d expect you to pay for the beer” I think thats a good deal. I wonder what my ROI would be? LOL

Anyway thats just my point of view.

I REALLY hope this helps you. Worked nice for me.

Mel

BTW
I get the feelin’ that “case by case” means “how much can you afford”.

import · May 17, 2006, 3:23pm

Re: Question about Mentoring - Posted by Don

Posted by Don on May 17, 2006 at 15:23:40:

I did it. Waste of money.

import · May 17, 2006, 1:51pm

Re: Question about Mentoring - Posted by Joe

Posted by Joe on May 17, 2006 at 13:51:36:

How much is this program offered for?

import · May 17, 2006, 1:45pm

Re: Question about Mentoring - Posted by Gerald

Posted by Gerald on May 17, 2006 at 13:45:57:

I somewhat agree with Jason. It’s offered to anyone who will listen. A lot of times, it the coaches that make all the money, not the novice investor. However, it’s not a bad idea to hook up with someone who has “been there, done that”. There’s a lot to be said for mentoring. Probably worth doing a fair amount of due diligence on a prospective coach. There are some good ones and some bad ones out there.

import · May 17, 2006, 1:24pm

Re: Question about Mentoring - Posted by jason

Posted by jason on May 17, 2006 at 13:24:47:

Dont waste your money. and dont feel special,

“only select people are offered this program”. not true

import · May 18, 2006, 3:22pm

Re: Question about Mentoring - Posted by Reggie

Posted by Reggie on May 18, 2006 at 15:22:58:

Your help and comment is greatly appreciated

import · May 18, 2006, 7:22pm

Re: Question about Mentoring - Posted by Reggie

Posted by Reggie on May 18, 2006 at 19:22:43:

Chris, thank you for the advise. Alot of time beginners like myself do not know where to start. Since I found this web site it’s been of great help and motivation. Thank again for your advise. Best wishes to you also.

import · May 18, 2006, 8:36am

Re: No Mentoring Program Works… - Posted by Reginald Crawford

Posted by Reginald Crawford on May 18, 2006 at 08:36:23:

Thank you very much for the information

import · May 18, 2006, 3:47am

The Mentor - Posted by Innovator

Posted by Innovator on May 18, 2006 at 03:47:50:

Reggie,

Randy (SD) is right on. If someone is charging you fees or selling materials to mentor you he really is just another form of guru.

I think if you are really interested in learning how it’s done, find someone who is doing it and partner up with him on a deal or two for a split of the deal profits. First find someone who is doing what you want to do (L/O, Flips, Rehabs, Fixers or whatever) then you do all the stuff the mentor doesn’t want to do (call on FSBOs, door knocking in the neighborhoods looking for sellers, leassees, buyers, put out yard signs, field calls, show properties, research, etc. Get involved in the process of the deal). Learn by doing! Book learning, programs and study are all good and you should never stop learning (that’s one of the reasons the boards are real good), but you can’t beat actual experience. If your choice in a mentor is not willing to take you under his wing and do actual deals with you he’s not a very good mentor. Find someone else.

import · May 17, 2006, 9:04pm

Re: No Mentoring Program Works… - Posted by Clint

Posted by Clint on May 17, 2006 at 21:04:55:

Great Randy,

Now I just lost a customer (joking!)

Great post!!!

Clint

import · May 18, 2006, 8:41am

Re: A better idea. - Posted by Reginld Crawford

Posted by Reginld Crawford on May 18, 2006 at 08:41:09:

Thank you very much for the information.

import · May 17, 2006, 6:38pm

Re: Question about Mentoring - Posted by ski

Posted by ski on May 17, 2006 at 18:38:02:

Went through a mentoring program offerd by, hold your wallet, whitney. My guy Rick Maryanski was TERRIFIC. Showed me where I was doing it wrong and helped me make a lot of money. He also had been there done that. He owns a lot of property in miami and orlando, including strip malls and multi family stuff. This was offered as a part of the “package”. For me it was well worth the money. I signed up for lagrand, his stuff was sold to sdi, and their stuff was sold to whitney. I got to go to each seminar from each entity. Not a bad deal. I learned each ones’ method of doing business. Keep in mind that you only get out of any program what you are willing to put into it. All told I invested about 15k in the education process and have turned that around to about 3.5 mil in 4 years.

import · May 18, 2006, 8:45am

Re: Question about Mentoring - Posted by Reggie

Posted by Reggie on May 18, 2006 at 08:45:37:

All the inforation I am getting is greatly appreciated.