Real estate investing is a lot like baseball. You wait for a pitch, adjust your timing, and hit only when you are confident. In real estate, investing opportunities are like pitches and you have to identify the right opportunity with logic, not emotions. Of course, you would not be able to close every deal that comes across, and trying to close the wrong deals might rip you apart financially. To avoid such rookie mistakes that every new player or real estate investor likely makes, you need an experienced coach—a real estate investor mentor who can guide you in making investment decisions confidently. Let me take you through some of the popular training programs run by real estate investing mentors, their costs, and what you can expect by working with them. Or better yet, how you can access top-quality, one-on-one guidance from a personal real estate investor mentor.
Popular Real Estate Investor Mentors and Their Costs
As a real estate investor working for decades, I strongly advise those starting a career in investing to connect with a mentor who can see you through those initial deals and pass on the experience. But it can be tricky to find a seasoned real estate investor mentor who has the time and a genuine interest to train you and one whom you can afford. A real estate investor mentor’s cost can range anywhere between a few hundred to thousands of dollars. And yet, paying thousands of dollars still doesn’t guarantee that you’ll receive the training and knowledge you need to get your career off the ground.
Before zeroing in on a real estate investor mentor, the big question is where to find such a mentor. A quick Google search would reveal that there are plenty of mentorship programs to choose from but you should be aware that several of these self-proclaimed real estate investment gurus can deliberately mislead you with fraudulent practices. Finding a trustworthy and affordable mentor can prove to be quite an effort. Here are a few popular mentorship programs that you can check out to understand the ins and outs of real estate investing:
This apprenticeship program led by popular real estate mentor, Phil Pustejovsky, provides personal coaching to selected applicants and helps them get going with their real estate investment career. The website mentions past apprentices from different locations including Los Angeles, New Orleans, and Chicago.
In terms of real estate investor mentor cost, Phil splits the net profits 50/50 on the “first several deals” that he works on together with the apprentices. In addition to this, there are ongoing monthly fees to be paid. My take on the course is if you are sharing half of your net profits with your mentor it can get pretty costly!
Local REIA Mentoring Programs
The mentoring programs conducted by your local real estate investment associations can also prove to be a good opportunity to understand more about real estate investing. The Miami Dade REIA, Baltimore REIA, Milwaukee REIA, South Atlanta REIA, and several others offer one-on-one or group mentorship programs for varied durations. Though the costs of these mentorship programs are usually not explicitly mentioned on the websites, you need to become a member first to register for these programs. This means that you have to pay for both the membership and the mentorship program.
Frankly, I preferred the local mentorship programs where the real estate investing coach is accessible, has knowledge about the real estate market in your city and has a functioning network. However, I often found them chaotic. There were too many attendees making it difficult for you to get guidance from the mentor. Also, I found the approach of the virtual meetings and online forums of these programs to be one-sided with a lesser focus on providing critical feedback to fellow investors.
Real Estate Investing Women
This mentorship program founded by a mother-daughter team offers four different real estate investing courses. The basic course of building a rental portfolio through buy-and-hold starts at $2,497. The mentorship program also includes courses on building joint ventures, fast track wholesaling, and learning different investment strategies. The duration of courses ranges anywhere between six to 12 months with group coaching being conducted through video calls, forums, and live interaction with the mentors.
Though I appreciate the prolonged duration of mentorship, I find the basic three different course outlines as unnecessary. Isn’t it profitable to learn about wholesaling, fix-and-flip, and buy-and-hold strategies together at one go? Then again, the cost of the integrated course is on a higher end, at $14,997.
Real Estate Comps Today
Co-founded by real estate investors Jan Kerr and Lori Green, Real Estate Comps Today offers five different mentorship courses, as per your industry knowledge. The one-on-one mentoring sessions range anywhere between two to 20 weeks depending upon the course structure. The website claims to teach you to buy your first property within the first 30 days.
The basic mentorship course starts at $985 and goes as high as $4,997. While the pricing seems fair for the duration of the courses, I feel that the courses are better suited for investors who already have some experience in the field. As someone just starting out, you need more than just the comps, and email and phone support provided by the mentors.
New York Real Estate Institute
The New York Real Estate Institute offers an in-field mentorship program to qualified applicants. The accelerated learning program provides a top real estate mentor to work with you on closing deals. Based on your investment goals and industry knowledge, you would be matched with an appropriate mentor and peers. Prior to the in-field training, you get a chance to work with the mentor and do the legwork and even build a team of property managers, contractors, and lenders. Even after the program gets over, your mentor is available to answer your queries and provide support.
The mentorship program also includes six, one-hour phone coaching sessions for $1,250. While it is a great chance to work side-by-side with a real estate mentor, I feel that the one-day training is too short to learn and grasp the real estate investment strategies.
By looking closely at these programs and the real estate investor mentor costs, you can decide for yourself if they are worth the investment. Unless you live in the same area as these mentors, you likely won’t receive local advice—an often overlooked yet critical aspect of real estate investments. One-on-one mentoring sounds great but it is of no use if it only lasts for a couple of hours. You need a tailored and affordable real estate investor training program with ongoing support from a local mentor who is truly vested in helping you accomplish your investment goals.
Ongoing Guidance From a Personal Real Estate Investor Mentor
When I started as a real estate investor, I was confident of treading the path on my own. I was naive to assume that my transition from the corporate sector would set me apart from the newbies in the real estate market. I couldn’t be more wrong. Thankfully, after making a few rookie mistakes, my better senses prevailed and I joined the independently owned and operated HomeVestors® franchise network.
As a franchisee, I received a comprehensive weeklong training course, along with one-on-one mentoring with a HomeVestors® Development Agent—a seasoned real estate investor in my city who was genuinely interested in helping me build my business. The best part of the training was receiving pro-tips from my mentor not just in the classroom but also in the field. Apart from getting access to leads and proprietary tools, I had a network of other regional franchisees to rely upon any queries or referrals I needed. I ended up building lifelong relationships with my mentor and some of the regional franchisees.
You might wonder what I paid for receiving such a top-quality mentorship program. Starting as an associate franchisee, I could access the complete real estate investor training package at $34,000, a stark contrast to coughing up thousands of dollars over limited, hourly coaching programs where I ended up learning nothing. It is no surprise that the training and ongoing mentoring from real estate investor mentors have helped over 1,100 independently owned and operated franchisees to sell more than 110,000 homes since 1996.
If you, too, are searching for a real estate investor mentor who can guide you through the ups and downs of the market without racing against the clock or burning a hole in your pocket, contact HomeVestors® today!
Each franchise office is independently owned and operated.