Re: Sheets Mentor program,is it worth $2500? - Posted by Bronchick
Posted by Bronchick on April 04, 2002 at 17:02:30:
Let me comment generally on mentoring, without saying anything good or bad about Sheets’ program.
I run a real estate group in Denver, and have done so since 1993. One of my primary motivations in starting the group (and continuing to run it as a loss) is that it would bring me real estate deals. It has . . . and then some.
I started offering a free mentoring program about 6 years ago. My thought was that if I trained a bunch of people to find deals, they would bring them to me. Reality was, most did nothing with their education, and the rest exluded me from the deals. So . . . I started charging for my time. $500, $1000, now I charge almost $4000.
What I have discovered is that the people who pay $4000 do more deals. They get their money’s worth. They are grateful for my expertise and availability to help them with deals.
On the other hand, I turn down as many people for my mentoring program as I accept. If I get the feeling that someone is not ready to do business or is looking for more education as a crutch, I will not take their money. On the other hand, if I get get someone who is looking to leverage their time by using my experience, I am glad to work with them. Oddly enough, some of these people include me in their deals as partners!
The bottom line is you . . . if you are going to take advantage of your mentor’s knowledge, you should not hesitate to pay someone. I think GL’s comment below, while good intentioned, is not realistic. No experienced investors I know of are going to take a “newbie” out to lunch and share all of their time and info for free.