Posted by Mark (SDCA) on August 26, 2006 at 19:43:49:
Why would you do this? Spend the money on buying properties or marketing properties or marketing yourself.
$6,500 Mentorship - Posted by Tony Newbie
Posted by Tony Newbie on August 26, 2006 at 18:56:12:
Friends,
I would like to know if spending $6,500 to be mentor by a known REI. I was told that they will take you by the hand and go out looking at properties with you and provide you with materials, contacts, and one on one advice you may need. Has anyone done this before?
Thanks, Mr. Newbie
Re: $6,500 Mentorship - Posted by Debra
Posted by Debra on August 28, 2006 at 14:28:55:
Run run, run. Was involved in exactly this same thing in Michigan. The couple has now located to Orlando. They would take you in for money and train you for 10K. The only problem was they could not perform and the education was a joke. The woman never taught us how to actually get a deal through the closing process. I now hear they are asking for 25,000 per student for a years worth of training. The sad part is that many students get so into the hype they think they will make a six figure income in four or five months and that doesnt happen most of the time. The people I’m writing about made most of their money from student tuition and not from foreclosures.
Another couple in this area has frequent seminars on short sales but if you look close they have not done a short sale by their own admission in six months. Where are they making their money?
Re: $6,500 Mentorship - Posted by Kris J
Posted by Kris J on August 27, 2006 at 02:47:44:
My advice to you is to be VERY CARFUL!!! If you find one that is legit and does what they say they are going to do for you then you’ve found a diamond in the rough…, however, my past experience with these “so called mentors”, lead me to believe most are nothing but an expensive headache, and believe me I’ve tried several. They promise you the world then don’t deliver. One in particular is homes and units here in so. cal. Many of the former students have sued this company for false advertisment and have won their case. I’m in the process of suing them myself to recoup my 6,000.00. I’m not sure what part of the country your in but my advice is to take that money and find a good real estate investment club in your area, be it a networking investment club where they present speakers each month and the club members network information, or a good “inventory” investment club where they actually have gone out to bring real estate developers to you to purchase property. Either one would do just fine if they are a good club, and you won’t be too dissappointed emotionally and financially if the club doesn’t work out for you because their memnberships usually are around 300-400 dollars a year. A far far cry from 6500.00. I’m happy to say that today I’ve bought and sold 2 properties, renting out 1 and have 2 more on the way, one to close next week and the other to close around october-november; all done through the current investment club I’ve been a member of since 04 after my “mentoring” debacle prior… Just don’t lose hope. Stay on this website as well because there are lots of good information and resourses available here as well. You also may be able to find a a good investment club in your area by going to the resources section and clicking on ‘investment clubs’. Just don’t give up. RE Investment is still the best way to attain wealth and one of the few investments that still make sense even in this current type of economy.
Take care.
Kris
Re: $6,500 Mentorship - Posted by Charles Parrish
Posted by Charles Parrish on August 26, 2006 at 20:40:56:
Tony,
There are many reasons why you would spend money to be mentored and there are a few reasons you would not.
WHY YOU WOULD:
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Because you want to decrease your risk of making mistakes, and you want to reduce your learning curve.
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You are impatient and want to make some serious money fast.
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You trust the REI/Mentor and are aware of his reputation. The REI has been working a niche system that has made him millions of dollars.
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You want access to his brain, his contracts, his negotiating techniques and his savvy ways of doing business.
Tony, there are many other reason to drop $6,500 on your REI friend. In most cases you would be wiser to spend it with this type of direct training rather then the ?Trial & Error? or as I prefer to say. ?Trial & Terror?! No pitch intended, but I take on over 20 folks a month for much more.
WHY YOU WOULD NOT:
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You would not if the mentor does not have the necessary credentials; you need to know what he owns, how much he is worth, how long he has been investing and who else says he is honorable and ethical.
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You would not if the REI has bad credit, has been sued a number of times and has complaints against him with the Attorney General, BBB, Board of Realtors or has outstanding housing code violations.
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You would not if he does not present you with a written consulting agreement with a curriculum of activities of what is expected of him and of you.
I hope these ideas will help you in making your decision.
Good luck,
Charles Parrish
Re: $6,500 Mentorship - Posted by mark
Posted by mark on August 26, 2006 at 20:32:48:
There was a company here in the twin cities called IPM realty. They had a radio show and a big new fancy office building. Lots of staff and “great deals” brewing! They want $5000.00 to join and they would do the things you mentioned. I interviewed with them and asked " how do I know you’ll be here next year? Well make a long story short I join with a split membership ( $ 2500.00 ) and two months later they crash!! I met a couple good realtors from there and am working with them on other projects. I just feel I should have known better, and done some leg work. I could have found good people anyway with out the cash wasted.