Posted by Clair-MO on July 20, 2002 at 07:52:58:
Avery, Email me and I might be able to help you!
why do mentors charge? - Posted by michaela
Posted by michaela on July 19, 2002 at 06:34:59:
just wondering, seeing some posts on people charging $ 500 and $ 750 for mentoring. i’ve never had a mentor and haven’t mentored. i just thought, that for a lot of the investors it’s about giving something back?
is it to cut down on the people, that ask frivolous questions and make sure people are commited or is that a sign, that someone needs that extra income, meaning that they don’t make enough in real estate?
i’ve had some people referred to me by other investors, because i specialize in a particular area and house style, but they usually approached me with :“can i invite you out to lunch and pick you brain?” and i’ve been happy to do that.
i just wonder if the fact, that someone’s charging is a ‘red flag’ in itself?
michaela
Advice is worth exactly what you pay for it - Posted by JT-IN
Posted by JT-IN on July 19, 2002 at 10:56:10:
If you pay nothing, then it is worth nothing…
However, if you have to pay for something, you will tend to pay attention considerably more, and possibly apply the advice for a profit motive.
Now, this is not the reason why Mentoring costs money, but it is the reason why… you should pay for advice, in lieu of free “hot air”.
Many times on this forum, since the advice is free for the asking, there are droplets of golden advice, that if applied correctly could make the receipient lots of money. However, due to the “free” nature of the forum, I would venture to guess that the vast majority of great ideas… go down the proverbial information highway without a passenger. The attitude is… there is a lot more of “free” advice where that came from, and when I get good and ready, I will apply it. Well, when you are paying for advice, it is a lot easier to get good and ready early on…
Just the way that I view things…
JT-IN
Time is Money - Do You Work for Free? - Posted by Nate(DC)
Posted by Nate(DC) on July 19, 2002 at 09:39:10:
NT
Re: why do mentors charge? - Posted by JoeS
Posted by JoeS on July 19, 2002 at 07:08:23:
If you were in my area you could pick my brain over lunch for free! BUT…when it comes to a long-distance mentoring responsibility that is different. The time that I spend with a new person is valuable to me, even though I am not mr. Gates! If The person is committed and wants to learn then I feel that my fee of $500 is very reasonable and fair. You could spend that with a family of 4 at an NBA weekend and learn what? That they are overpaid for playing a kid’s game! (I enjoy watching though)
The point is…I have only 24 hours in any day and I have to spend them the best way for my pocketbook. I try to answer questions here the best that I can, usually late at night or early in the morning. I am always glad to help out new people when I have time, but when I mentor someone they have my devotion.
I completely disagree… - Posted by ScottE
Posted by ScottE on July 19, 2002 at 20:58:01:
I have received plenty of free advice that was worth far more than advice for which I paid dearly.
I am tiring of new investors telling me they just paid thousands of dollars from the latest group of ‘experts’ that rolled through town. The stories just breaks my heart when I know they could get BETTER advice for free from (real) experienced investors locally. It is SO much easier to access information and build a team than it was even 5 years ago. CREONLINE is one of those great resources. Even the simple things like finding an investor-friendly title company/attorney/real estate agent/mortgage broker, etc. are just a phone call away versus weeks and months of trial and error.
Certainly the most important ingredient is the WANT TO by the individual, but they need not spend $4-5k for some out-of-town “guru” to give them things that may or may not get them started and put money in their pocket.
Scott
Re: why do mentors charge? - Posted by michaela
Posted by michaela on July 19, 2002 at 16:40:40:
this is not about me thinking that $ 500 or 750 is a lot. frankly it’s a drop in the bucket for good info.
i would just think, that one can pick and chose students, subsequently only work with the ones, that do show the dedication and enthusiasm, that’s needed.
frankly, i can make a whole lot more money in real estate, that i could with above fees for mentioring.
it’s kind of an american attitude, that only things, that cost and are expensive are worthwhile. i believe, that substance is more important than surface and i think, that charging for mentoring kind of takes something away from the idea of ‘helping a newbie learn the ropes’. if there’s not enough time in the day, then don’t help more than one person.
jt - i’m not trying to attack you. these are just my thoughts. i think 500-750 is nothing to an investor, who’s good, but it can be a couple of earnest money’s to the newbie, who might still be scrambling for extra funds.
Re: why do mentors charge? - Posted by Eva
Posted by Eva on July 19, 2002 at 22:57:12:
Hi,
Just wanted to contribute to this post. I have been looking for a mentor desperately. I have read everything, taken many courses and am now in the process of scouring my “farm”, yet I know I need help. I was willing to pay $750 but just couldnt satisfy myself that the person/mentor was going to work out – for various reasons. Then lo and behold I received a post from an angel who will help me – for free! You can bet I will savor this generosity and turn around and help someone myself. And believe it I will find ways to repay the mentor.
Re: why do mentors charge? - Posted by Houserookie
Posted by Houserookie on July 19, 2002 at 18:43:29:
What happens if the mentor spends all his time to help this “newbie” then finds out the newbie doesn’t want to do it? What if the newbie decide to change career path?
I know people that went to college, borrow tens of thousands of dollars, then do nothing with the college degree.
Austin
Re: why do mentors charge? - Posted by avery hodge
Posted by avery hodge on July 20, 2002 at 07:07:27:
HELLO! I’m a newbie who’s looking for someone who can help me because I’m confused about a lot of things in RE. Actually I don’t understand much in RE and would like to learn without paying a arm and a leg to get it.
I’ve also been prequalified for a loan for 80% of the purchase price for up to 1-4 unit property but I need to find a seller who would pay the down payment. I still don’t know what to do but I’m trying. avery