10 Questions to ask a real estate mentor
- How long have you been a real estate investor? This questions is very simple question to determine the experience level of your potential mentor. You really want a mentor who has been through a few market cycles. You want someone who has seen hot markets and crashes. The truth is that you need to be able to adjust your real estate investing strategy when the market changes.
- What types of real estate do you personally invest in? This questions is a gauge of both competence and relevance. It is impossible to learn how to be a landlord from someone who has never done it. The same can be said of flipping, wholesaling, commercial real estate, notes, or any other sub discipline in the real estate investing world. You need a mentor who has experience in the real world, not someone who read a few more books than you have.
- How do you make your living? This question is a bit deceptive. You are looking for a mentor who makes their living in the real world. Someone who derives their income from doing real estate transactions, not someone with an academic understanding of the subject whose only income is derived from students trusting him or her to deliver a real world education.
- How long is your real estate coaching program? A coaching program should fit your time frame. If you are just starting out, and you need a lot of help, then a 30 day program wont give you the knowledge that you require to make a living in real estate. On the other hand, if you only need a little bit of guidance to finish a single real estate transaction, then a 30 day program might be perfect for you.
- What does your real estate coaching program cost? Every real estate mentoring program has a cost. You are asking a qualified teacher to give up their time to assist you. The cost of real estate coaching programs is all over the board. There are terrible programs that charge $50,000 and deliver almost nothing. Other programs charge an up front fee and quality education at lower price points. These can range anywhere from $25,000 to as low as $5,000 for legitimate programs. Some real estate coaching is available on a monthly subscriptions basis, where you can pay as you go. This allows for a more flexible program tailored to the needs of the individual student. Some mentors require that the student give up a percentage of their profits while they work with the mentor. In my opinion this is a HUGE red flag.. A mentor that needs a percentage of their student’s profit isn’t doing well enough in their own business to survive. They are asking you to pay to be a birddog for their business. When you hear that a real estate coach wants a percentage of your deal, you should run for the hills.
- How much access do I have to the real estate mentor? This question is very important. Many real estate mentor programs only give the student access to the teacher at one set time every month. Others give the students a variety of ways to contact the instructor at any time.
- Tell me about your successes? This question focuses on the success of the mentor in their personal business. You want to know what they have done and what they can do.
- Tell me about your failures? This is more of a gauge of your mentors honesty. The best investors all have failures. Anyone who claims that they have never had a deal go south, is either a liar or they haven’t do a whole lot of deals yet.
- Tell me about the success of your students? This question is an obvious one but many perspective students don’t ask about the mentors other students. This is an area where your perspective mentor should brag a little bit.
- What qualifies you to teach real estate investing? This last question is a point blank request for the mentor to justify his or her status as a legitimate real estate guru, mentor, or coach.
In the interest of full disclosure, it is only fair to mention that I run a real estate mentor program. I limit the number of students so that I can give them individual attention. Not everyone is accepted into the program. I only accept people that I can work with. I want people who are driven to succeed, not people who want to waste my time and their money.
I originally got into the world of real estate coaching because one of my friends is a nationally known real estate guru and he talked me into it. I lasted about 6 months in his program. Students paid $25,000 to talk to me for 30 minutes per week. If they missed their appointment, they were SOL I hated that. I wanted to actually help people. Click the link below if you want to see the program that I created