Thread: Difficulty Finding a Mentor

IMHO your time would be better spent working with the rotary club than a RE investment club.

You don't need a mentor.

You'll have a hard time finding anyone local who wants to "mentor" you.
Why would they want to train their competition?

Most people who claim to be a mentor or coach have actually not even done a deal. Instead, they are working off a script that was given to them by some self-proclaimed guru who has also not done any deals but is just really good at marketing and public speaking. The few mentors who have actually done a deal are usually not making enough money in their real estate business and that's why they are a mentor for hire. Is that really someone you want to learn from?

There are plenty of places online to get all the training you need AND get answers to your questions from people who really know what they are doing. You'll RARELY find that at in a free forum.

Most people do not have a mentor. They just read books, study online, and attend live seminars. The #1 way to learn is to TAKE ACTION! With every deal you do you will learn things you wish you would have differently or that you could have done better. I never had a mentor.

The more deals you do, the more you learn.

Be very careful not to be a ONE TRICK PONY who only knows how to make money with real estate ONE WAY. When the market changes those are usually the people who go out of business.

You should learn to make money with real estate in multiple ways. The techniques and strategies you use should change as the market changes so you can take full advantage of market conditions.

And always match the strategy you are using with the overall objective you want to achieve. I see a lot of people lose sight of the target and just go off trying what they learned at the last investment club meeting or seminar.

For example, if you need to make chunks of cash to pay off credit card debt and build up a nest egg so you can quit your job, then doing deals for monthly cash flow is a mistake. You need to do deals that produce a lot of cash quickly. For example, wholesale deals, flipping contracts, and options.

If you need to increase your monthly cash flow then you should work on doing master leases, lease options, subject-to that you can sell or rent for cash flow, and buy then sell with seller financing, and own rentals.

Originally Posted by CashFlowDepot

You don't need a mentor.
Most people who claim to be a mentor or coach have actually not even done a deal.

I think this apply to many industries. I have seen SEO, Internet Marketing coach or relationship coach, who can even prove their own skills.

Originally Posted by CashFlowDepot

Most people do not have a mentor. They just read books, study online, and attend live seminars. The #1 way to learn is to TAKE ACTION! With every deal you do you will learn things you wish you would have differently or that you could have done better. I never had a mentor.

I think most of the successful people starts with try and error. Without action, you are going no where even you have someone watch over your shoulder.

No one really teach me anything, but I do ask a lot of questions.

Brootal -

There is nothing you can't learn on your own through hard study and discipline. While having a mentor is nice, you certainly don't need one.

Additionally, you don't need to pay a guru for seminars where they will spend 70% of the time upselling you on more expensive seminars (that's how they make money, and they really don't care if you ever do a deal, as long as you pay for the course). There is nothing you can learn in a seminar that you can't learn through study. Save your money for your deals.

Also, take advantage of all the free information available on the web; there are a couple fantastic sites 100% dedicated to real estate, and you'll find plenty experts who are available and willing to share everything they know.

99% of real estate seminars are terrible.

When I first started, after 18 months of trial and error I thought maybe i should attend some seminars to learn some better ways. i went to Ron Legrand seminars. They were all very expensive ( $3000 +). but I thought since they were so expensive they must be the best. (boy was i wrong!) His seminar were mostly a sales pitch in to the next seminar or some other home study course. Looking back, he gave some terrible advice.

I tried a few other "gurus" like Bill Bronchick but found the same sales pitch strategy at all of them. I don't want to pay to sit at a sales pitch.

It was not until I attended Jack Miller, Peter Fortunato, Lonnie Scruggs, John Schaub and Dyches Boddiford seminars that I felt like I finally found the REAL DEAL!!

These guys do NOT have a sales pitch at all. They all charge about $500 for a 3 day seminar. They exude 100%integrity and deliver way more than any of the other gurus out there. Plus they each have more more than 30 years of experience.

They all still buy, sell, financing, and lease houses today. They all made their fortune with real estate NOT a seminar or book sales business.

That's the kind of person you want to learn from.

These guys have been investing more years than most other "gurus" have even been alive.

Seminars also give you the opportunity to network with other investors all around the world. you can learn what they are doing ( things they would not share with locals and make financial friends that you can borrow from when necessary.

Brootal:

Why not pick up your local newspaper and start calling some of the ads under rental properties? Ask about how many properties they own, and then ask them to be your guest for lunch or dinner.

You'll be surprised how much you can learn from some of these guys for $8.95 plus tax and tip.

Originally Posted by Brootal

Although I want to build as much knowledge as possible to for when I actually start buying, I need to start with wholesale deals / options to build a good chunk of change first.

This is where I am now concentrating my efforts.

First, I would never recommend paying for information versus just doing some free research. Check out Steve Cook's website at www.flippinghomes.com. There is a ton of free information, and I don't think you'll actually have to spend any money to learn everything you need to know to be a successful wholesaler.

That said, if you're planning to purchase wholesaling materials/courses, he is one of the few "gurus" I would trust. I've never purchased his (or anyone's) courses before (if I had, I'd just tell you what they said and save you the money )...but everyone I know who has purchased his stuff has been very happy.

But again, if you have specific questions, just ask here, and I'm sure there are plenty of people who would be happy to answer your questions FOR FREE!

Originally Posted by Brootal

Wow! Tons of great advice. Thank you all for the replies.

I see that the general consensus is that MOST seminars are not worth it.

I have already started reading books but have all these limiting beliefs that I need to overcome.

I really like the idea of calling the rental properties and taking the owners to lunch.

Although I want to build as much knowledge as possible to for when I actually start buying, I need to start with wholesale deals / options to build a good chunk of change first.

This is where I am now concentrating my efforts.

i do not know as much about RE as most of the folks here. but i can tell you the area you are in is RIPE with investors. So like others are telling you get out and talk to people, you will cross paths and make connections.

My FREE Wholesale course is here on Fastlane - just do a search for Real Estate Profits on Steroids

That course has helped hundreds of people get started and making money within 30 days