How much does a real estate mentor cost? If you’re one of the investors that ask this question, this article will be pretty helpful. Baseball and real estate investors have a lot in common. You wait for a pitch, alter your timing, and only hit if you’re sure. Investing possibilities in real estate are similar to slopes, and you must choose the right opportunity using reasoning rather than emotions.
Of course, you wouldn’t be able to complete every offer that came your way, and attempting to close the incorrect ones may bankrupt you. You’ll need an experienced coach to prevent the same beginner blunders that every new athlete or real estate investor makes. A real estate investing tutor can help you make confident investment selections.
Let’s go through some of the essential real estate investment mentoring programs, their pricing, and what you can expect from working with them. Or, even better, how you may get personalized, high-quality advice from a real estate investment mentor.
How much does a Real Estate Mentor Cost
We highly suggest anyone beginning a career in real estate investment connect with a mentor, as real estate investors with decades of expertise. This is true since he can see them through those first dealings and pass on his knowledge; however, finding an experienced real estate investment mentor with the time and genuine motivation to instruct you while remaining within your budget might be difficult.
The cost of a real estate mentor may vary from a few hundred dollars to thousands of dollars. Even if you spend vast amounts of money, there’s no assurance that you’ll acquire the training and information you need to launch your career.
Before deciding on a real estate investment mentor, the critical issue is where to locate one. According to a fast Google search, several mentoring programs to select from, however, you should know that some of these self-proclaimed real estate investing experts may use deceptive tactics to deceive you.
Finding a reliable and cheap mentor may be a difficult task. Here are a few popular mentoring programs to look into if you want to learn more about real estate investing:
Selected candidates will get personal mentoring as part of this apprenticeship program, which will assist them in starting their real estate investing career. Past apprentices from cities such as Los Angeles, New Orleans, and Chicago are mentioned.
On the “first few transactions” that they work on with the apprentices, the business distributes the net earnings 50/50. Aside from that, there are ongoing monthly expenses to pay. Our course assessment is that if you share half of your net income with your mentor, it may quickly become prohibitively expensive!
REIA mentoring programs in your area
Mentoring programs offered by your local real estate investment organizations may also be an excellent way to learn more about real estate investing. The Miami Dade REIA, the Baltimore REIA, the Milwaukee REIA, the South Atlanta REIA, and others provide one-on-one or group mentoring programs for varying lengths of time.
Though the prices of these mentoring programs are seldom stated on the websites, you must first become a member to register for them. This implies that both the subscription and the mentoring program must get paid for.
We preferred local mentoring programs with access to a real estate investment coach. This is in addition to understanding your city’s real estate market and a working network. We, on the other hand, often felt them be chaotic.
There were too many people in the room, making it challenging to hear advice from the mentor. In addition, we considered the attitude of these programs’ virtual meetings and online forums to be one-sided. This is on top of a decreased emphasis on offering critical input to other investors.
Women in real estate investment
This mentoring program developed by a mother-daughter partnership has four distinct real estate investment courses. The fundamental course for creating a rental portfolio via buy-and-hold investing costs $2,497. Courses on forming joint ventures, fast track distribution, and understanding diverse investing methods are all part of the mentoring program.
The length of the courses varies from six to twelve months. This is on top of the group coaching through video calls, forums, and live contact with the mentors.
Though we value the length of mentoring, we believe that the basic three-course outlines are unnecessary. Isn’t it more cost-effective to master wholesale, fix-and-flip, and buy-and-hold tactics all at once? On the other hand, the integrated course is more expensive, at $14,997.
Real estate comps today
Today, real estate comps co-founded by real estate investors Jan Kerr, and Lori Green provides five distinct mentoring courses, depending on your business expertise. Depending on the course format, one-on-one mentoring sessions may last anywhere from two to twenty weeks. The website offers to show you how to purchase your first home in just 30 days.
An introductory mentoring course ranges from $985 to $4,997. While the cost seems reasonable considering the course length, we believe the systems are best suited for investors with prior knowledge in the sector. You’ll need more than just the comps and mentors’ email and phone help if you’re starting.
The institute of real estate in New York
The New York Real Estate Institute provides an in-field mentoring program for qualifying candidates. A prominent real estate mentor will work with you on completing transactions as part of the accelerated learning program. You would get paired with a good mentor and peers based on your investment objectives and industry expertise.
Before the in-field training, you will have the opportunity to work with the mentor, do the necessary homework, and assemble a team of management companies, contractors, and lenders. Your mentor is ready to answer your questions and assist even after the program has ended.
For $1,250, the mentoring program includes six one-hour phone coaching sessions. While working side by side with a real estate mentor is a fantastic opportunity, we believe the one-day training is insufficient to understand and appreciate real estate investing ideas.
You may determine for yourself whether these programs and the real estate mentor expenses are worth the money by looking at them thoroughly.
You won’t get local counsel unless you reside in the same region as these mentors, which is often ignored but crucial in real estate investing. One-on-one coaching sounds fantastic, but it’s useless if it only lasts a few hours.
You’ll need a customized and cheap real estate investor training curriculum and continuing assistance from a local mentor who is sincerely invested in seeing you reach your investment objectives.
How much does it cost to hire a real estate mentor: Excellent questions to ask?
If you’re seeking a real estate mentor or your current mentoring has stalled, bring a list of pertinent questions to your next appointment. A mentee should never expect the mentor to do all of their work. While mentoring is similar to a student-teacher relationship, it is more than just a series of lectures.
It’s critical to ask the correct questions properly at the right time if you’re looking to learn and build abilities from an expert who is eager to share.
The following is a list of real estate-specific questions to ask your mentor:
- How long have you been a professional?
- Which investing plan has proven to be the most successful for you?
- How did you discover your area of expertise in investing?
- What do you desire to achieve in the real estate sector in the long run?
- What is the most excellent approach for a novice to get started in real estate investment, in your opinion?
- Moreover; what qualities do you anticipate in a potential investment property?
- What REI technology would you suggest?
- As an investor, do you have any resources that you would recommend?
- What are your thoughts on investing in real estate outside of your home state?
Frequently Asked Questions
What does it cost to hire a real estate mentor?
The cost of a real estate investing mentor may range from a few thousand dollars to $50,000 or more.
What is the job of a real estate mentor?
A real estate mentor is someone who will coach and assist you on the road to successful real estate investment when you need it. A mentor-mentee relationship should be beneficial to both parties. The mentee, or person learning the skill, should give assistance and value to their mentor.
What questions should you refrain from asking a real estate mentor?
Don’t anticipate freebies. Referrals, resources, and introductions are all examples of this. The mentor has already spent time and effort on you.
Is it worthwhile to hire a real estate mentor?
Yes. A real estate mentor is a significant resource and connection that may assist you in achieving your real estate investment objectives, gaining experience, and increasing your wealth. A real estate mentor can help you build and polish your instincts and talents, much like elite sports and business people do.
In conclusion, real estate mentors provide diverse merits. And if you need more help on this, the above highlights how much a real estate mentor costs.
Sheena Whitlock, a property expert, and blogger with over 15 years of experience in the field. The knowledge and skills Sheena has acquired during her career have given her invaluable insight into the property management business.
She has done her Property Development BSc (Hons) from the University of Portsmouth and completed her Master’s Degrees in Property Management from the University of Chicago.
As a professional, she has spent time working for various companies as a property management officer and currently works at Asset Info Hub where she shares her knowledge and experience on various property matters with people around the world, questioning their queries via blogging and virtual consulting services.