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I appreciate the replies provided. Wholesaling mentor programs do get a bad reputation, but fortunately I only need to find a single good one. An individual needs to perform their due diligence before forming any professional/contractual relationship and that is what I trying to accomplish in asking how I can best perform this on a wholesale mentoring program.
For the most part I agree with this. It does get easier with experience like most other things. Is it complicated? No. You can learn all the steps you need to take right here on BP (like I did 3 years ago).
I wholesaled 57 properties in 2011 and am on track to do the same number this year. The way I acquire my deals has completely changed from how I did it in 2011 and I predict will completely change again in 2013.
In looking for a wholesaling mentor, there are many things to consider and I don know how to weigh the relative importance of different criteria and I sure I overlooked some items.
Wholesaling is hard. Really, really, really freaking hard. Before you Roshe Run Latest Release
For the most part, it seems like new folks get hung up in two areas:
2) Seller Negotiations. Just what do you say to the seller on the phone; in person? How do you handle objections? Saying the wrong thing has cost me deals. But I didn really understand the problem until I started trying to coach someone else through the process. This is where having a coach (Mentor? I with J Scott the 2 are not synonymous) really Nike Roshe Run For Boys
If I was confident you would bring me deals I would be happy to mentor you for free. I suspect many successful investors would. You have to bust your butt daily. The Guru will make it sound easy, but it is not. Best thing you can do for yourself is to pay a consultation fee to a real estate attorney. The attorney will tell you how to use the state regulated contracts and addemdums. This is what I did when I got started in wholesaling 5yrs ago. It cost me $250 to sit down with an attorney. The attorney will tell you what is legal and not legal. All states got different real estate laws and a guru will sell you programs that probably won fly in your state. I am also with Jon when it comes to mentors, if you are earning so much money wholesaling when will you have time to teach thousands of students. They are just taking your money to buy more properties for themselves from selling their programs.
Here my big issue with these programs, if my focus is building a guru program or mentor program then I am not focused on the market and how it changing. I am constantly evaluating how my market is changing and how I need to adapt my wholesale business to stay ahead of my competition.
plunk down $1000 on a course, let alone $10,000 on a mentorship program, just buy a list or sign up with one of the local companies that provides leads and start sending letters. Better yet, just go to real estate agent school, get your license and sign up with some brokerage. Its the same job.
How Can I Distinguish a Better Wholesaling Mentor Progr
If your prospective mentor is making so much money wholesaling, why is he or she selling programs? Most likely very expensive programs.
A few of the different items I"ve identified so far are their accessibility, what marketing costs to expect, what the profit split is vs. the cost of the mentoring, the mentoring contract itself, experences of past mentees, and whether the mentor has experience in my local market.
Once upon a time, my wife had a wine at a dinner out that she really liked. We grabbed the label, and I tried to find it at Nike Roshe Run Us 12 our local huge liquor store. They didn have that specific label, but had many other similar ones. When I asked which was best, the lady replied "they like chocolate chip cookies, each a little different, all delicious." But in this case I think I compare these programs to what comes out of the back end of a bull rather than chocolate chip cookies.
My previous investing career consisted of rentals three plex, duplex, single fam, mobile home. I had to sell all of them due to a mysterious disease that consumed my real estate resources in identifying and resolving it; I am starting over and lucky to be doing so. That issue has since been surgically resolved and I lucky to have had the equity to fall back on that I had. So I a real estate retread, and just as stuck as a newbie and know enough to know I need a mentor and a business plan thats not cash intensive beyond the marketing costs which are still substantial.
What might I be overlooking, and how important is local market knowledge or having the mentor have a financial state in each deal in order to sustain their attention and availability? I also have to be careful about being marketed to by marketing pros been there, done that. I confess.
Originally posted by Jon Holdman:Wholesaling is hard. Really, really, really freaking hard.
I think most people will tell you this though, at the end of the day it doesn matter how many courses you have taken or how many gurus you talked with, it all comes down to you. There isn some secret trick that only one guru knows or an easy way to wholesale.
Sorry, but I am very negative on these programs. Real estate mentorships in general, but wholesaling in particular. They selling you a dream. They make it sound easy. If you just pay them their money, you be rolling in dough and having a whole new lifestyle.
Thus I doing my best to find a "Prince among the Frogs" and ask how to perform my due diligence on wholesale mentor programs, and for recommendations on any that have stood out for others. I know there are some poor ones out there, but I seek not to focus on that.
I have spent lots money on programs, bootcamps, CDs, DVDs, books, courses, etc. and I have learned a ton. The irony is I am very leery of recommending them for some of the very reasons Jon mentioned.
Of course, I also open to specific recommendations on these mentor programs. I read again and again that a person needs a mentor to move ahead and that the opportunity cost of taking the wrong actions, wheel reinvention, or not taking action usually far outweighs the cost of an effective program.
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The websites usually seem quite promising about ones future lifestyle to come, but having paid for a couple of trainings in other real estate areas I"ve become a little more discriminating. There are very skilled wholesalers who market their mentoring abilities nationally and I also don know how important current knowledge of the mentee market is.
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