Everyone knows how important a mentor can be to your business. Finding someone you can trust who actually knows how to invest AND knows how to teach what they know, can be very difficult.
Here are some mistakes to avoid on your search to find the ideal mentor that fits your specific needs.
Make sure you are talking to the person who created the program.
A lot of programs out there pass off their ‘mentor’ students to guys who are getting paid $25 an hour to do ‘coaching.’ When you call the ‘hotline’ they set up, you talk to a random investor who might have more experience than you, but would probably not be doing this job unless they needed some money.
ALWAYS work with the creator of the program you are trying to learn. If you don’t get to talk that person, RUN away – they are not a real mentor and it’s not a real mentor program.
Don’t split your profits with your mentor.
If you are paying for a mentor program, you should NOT be splitting your profits with the ‘mentor.’
Hiring a real mentor is like going to college for a semester or two. You are paying for training, you are not partnering with the teacher’s company or looking for another job. I’ve partnered up with many, many of my students over the year on deals they or I found, but we only do this AFTER they learn the business and start making money. Most of them learn that they don’t need me to do deals once they learn my techniques – and that is wonderful.
Not getting a money back guarantee
Make sure that the mentor you hire will guarantee that if you follow through and do the work, you will make money. If you do the work as they lay it out and you don’t make money, they should give you back your tuition. Keep in mind – if you DO NOT do the work, you should not expect to make a dime and you should not expect a refund – being fair about this with your mentor is a two way street.
Don’t borrow money to invest.
They say it takes money to make money, but I say, if you can’t make money with NO money, you sure won’t be able to make money with money. Find a mentor who will teach you systems that are low risk, no cash, no credit techniques. Stay away from lenders, hard money and private money unless you have done plenty of zero down deals first and know what you are doing. Most huge failures investors experience are because of bank loans… I speak from personal, painful experience on this… remember my crash back in 1991?
Don’t hire a mentor because of the techniques they teach.
I know this one sounds odd, but most competent teachers will provide a lot of free information about what they teach. You don’t have to pay a mentor just to learn all their techniques. Make sure you know what they teach and want to implement those techniques BEFORE you hire them.
What you really need from a teacher/mentor is guidance and clarification for specific deals and contracts. You also need encouragement, motivation and someone who will walk you through their techniques, step-by-step. Having someone help who has already been where you are now, is the kind of insight you need to help you get your first deal done.
Many people say, I’m going to do a few deals so I can afford a mentor, but the biggest challenge you are going to have is that FIRST deal. That is where you need the help. And then, once that happens, you are going to need help systematizing it, automating it and outsourcing it. Find a mentor who understands how to turn your ‘job’ as an investor into a systematized ‘business’ where you work ON it rather than IN it.
Don’t think you are going to be successful just because you are working with someone who is.
A lot of people get into mentor programs and think the most painful part is going to be the cost of the program. Yes, all of these programs are expensive – I know that my program costs as much as going to college for a semester.
Many people will never be able to afford an education like this and that is the reason I give so much information away for free. I’ve got over 500 training videos, answering hundreds of investor questions on my blog.
BUT – knowledge isn’t the only thing you need to be successful. Passion helps, but it won’t build your business. Desire is important, but you can want things all day long and you won’t get them.
The ONLY thing that makes you successful is ACTION.
If you take action on techniques that actually work, you will succeed. Find a mentor who sets it up so you will practically be forced to take action.
Find out if the mentor you hire is going to upsell you the next time they talk to you or get you in a seminar.
Most training programs are ‘stair-step’ sales funnels. That means that they start you small and then keep upselling you to higher and higher priced programs. Before you start a program, find out what is included and when they are going to upsell you. A legitimate company will tell you what all your costs are going to be for your training BEFORE you begin.
I could probably come up with a dozen more of these pitfalls. My suggestion is that you start with these and do your homework on the person you hire.
Find out what the internet is saying about them. See if they have a lot of unhappy customers complaining about their program. See if they have recorded testimonials you can listen to by people they have mentored in the past.
MOST important though – talk to the mentor BEFORE you start. If they aren’t interested in you enough to speak to you personally, they aren’t a real mentor.
As you probably guessed, I have a mentor program. I’m pretty picky about who I allow into it. For me, it’s all about attitude.
If you’d like to find out more about my program, please go to my info website here:
You can also listen to video interviews with about 100 of my past and current students here:
You might also want to check out my automated system for real estate investors. This is the most powerful marketing tool for investors out there. I’ve been building and designing it for over a decade and it has been a game changer for me and my students. This is not included in the mentor program, but about 80% of my mentor students use it.
I hope that helps and I wish you the best as you make your decision about who to work with. If you decide working with me would be helpful and you have the resources to get involved with my program, just give me a call and we can discuss it.
I talk to everyone who is serious before I allow them to sign up.
PS – More information about my mentor program: