Is a Real Estate Mentor Right for You?

 

is_a_real_estate_mentor_right_for_youIs a real estate mentor right for you? You’re about to discover when it makes sense to have a real estate investing mentor and when it doesn’t. In this training, you’ll learn that there are 3 types of investors, as there are typically 3 types of fisherman. Set on a boat in the tropics, fishing with a guide I paid $700 for, will make for a terrific analogy to explain real estate investing in general as well as which of the 3 investor types should get a real estate mentor. Enjoy the lesson, the fishing and the scenery!

 

 

3 Types of Real Estate Investors

 

  • Investor by Default:

There are thousands of these people out there. They purchased a primary residence many years ago but then decided to move into a new home, but since they struggled to sell their old home, they gave up trying to sell and just began renting it. Now they are years down the road, and are landlords by default. They didn’t plan on becoming a real estate investor, it just happened by default.

 

  • Inspired by House Flipping TV Show:

 

These folks are interested in doing one house flip. It may turn into more deals depending on how the first one works out but they aren’t focused on flipping houses as a long term commitment and they aren’t looking at it as a way to create lasting financial change. For many, it just “looks like fun” since a reality TV program is usually 22 minutes of air time long and they tend to glorify the business. In case you are curious, here’s an interesting opinion on Are House Flipping TV Shows Helpful for Investors to Watch?

 

  • Seeker of Financial Freedom:

 

These types of people are looking to use real estate investing as their vehicle to become financially free. They see real estate as their ticket to lasting personal financial change.

 

Fishing is a Great Analogy for Real Estate Investing

 

  • Step 1: Locate the Fish

 

Most bodies of water contain little to no fish. 5% of the water contains 95% of the fish. So to effectively catch fish, you must locate the fish. Finding great real estate deals is no different. 95% of the sellers in any marketplace are not motivated enough for you to be able to structure a great deal. You must locate the 5% of sellers who are truly motivated.

 

  • Step 2: Attract the Fish

 

Once you have located the fish, you then must present a bait or lure that will trigger the fish to bite. In the same fashion, just because you locate a motivated seller, that doesn’t automatically equate to you getting the deal. You must present yourself correctly as to attract the seller to work with you (as opposed to running away from you).

 

  • Step 3: Hook the Fish

 

To catch the fish, even if you have gotten them to bite your bait, you still have to set the hook. Beginner fisherman know all too well how easily fish can steal your bait without getting hooked. In the same vein, you can present yourself correctly to a motivated seller but then you still must get them to sign the contract.

 

  • Step 4: Land the Fish

 

Once the fish is hooked, you’re not done yet. You now have the challenge of landing the fish. You have to reel the fish in and get them in the boat. You better have the right equipment and the right technique or you are likely not to land the fish. In the same way, with a great real estate deal, just because you have it under contract, that doesn’t mean you are done. You have to get that deal to the closing table. Losing a great real estate deal is very common among beginners. It has been determined that some 60% of real estate contracts never end in a closing.

 

real_estate_mentor_fishing_guide_analogy

 

Which Type of Fisherman Needs a Fishing Guide?

 

  • Bait Chunkers:

 

These people go buy live bait, set up camp on a bridge or other such easily accessible place from shore, randomly fling a big chuck of bait out into the water, sit and then wait for a stray fish to pick up the scent of the live bait and hopefully bite. No experience required. No intelligence. And certainly no need for a fishing guide.

 

  • Do It Yourselfers:

 

These fisherman may have a boat, their own equipment and some knowledge of fishing. Before the trip, they may read everything they can find online from forums and other interactive posts on what to do to put themselves in the best possible position to catch fish. They may even stop into the local bait shop to pick up some tips on where to fish, what lures/bait to use, and other such local knowledge. Unfortunately, the stuff they read on the internet could pertain to a different time of year, tidal flow, atmospheric pressure or moon phase. It also could be just plain wrong as can often happen in forum threads, whereby the blind is leading the blind. Also, the bait shop makes their money when the fisherman buys, not when they catch fish. So although the bait shop may want to genuinely help, they may also want to sell off some of the lures that haven’t been selling too well. So although the do-it-yourselfer may prepare as best as possible, ultimately, they will be on their own when they are actually on the water, trying their very best to apply all that they learned from the bait shop and the internet. They probably won’t catch much but then again, they may find enjoyment in the challenge as well as the scenery and whether or not they actually catch fish doesn’t really matter. Much like a house flipping show inspired investor who has extra time on their hands and thinks that fixing up a dilapidated house is fun.

 

  • Serious Fisherman:

 

Then there are those very serious fisherman who want to have an extraordinary day on the water by catching lots of fish without having to learn everything the hard way through the school of hard knocks. They shortcut the enormous learning curve for any fishing spot by hiring a first class fishing guide who already has mastered the art of locating, attracting, hooking and landing fish in the exact conditions you are faced with the day you go fishing. They know all the little details that make the difference between huge fish and none at all. Yes, it may cost a significant amount of money to hire a guide for a day (in the video, I paid $700), but the difference is in the results.

 

fishing_guide_beats_competition

 

Which Type of Investor Needs a Real Estate Mentor?

 

  • Default Investor:

A real estate mentor is not necessary for this group. They probably won’t be an investor long anyways once they sell off their one little rental home.

 

  • House Flipping Show Inspired One Time Investor:

 

Since they are only going to be doing one deal (or maybe one a year or less), mastering real estate investing is not necessary. A trustworthy and competent real estate agent, contractor, hard money lender, mortgage broker, closing company and real estate attorney will get them through the few traditional deals they may do in a career and hopefully they won’t completely lose their shirt on any of the deals. They may not make much money but it may be a fun little experience that they can check off their bucket list.

 

  • Financial Freedom Seekers:

 

These people need a mentor. It’s the fastest, easiest, most efficient way to achieve financial freedom through real estate. Although many do-it-yourselfers in all walks of life have tried to cut out the fishing guide, most discover that they have been penny wise and pound foolish. Here’s why…

 

Real Estate Mentor Motivation

 

I’ve been on guided fishing trips whereby we’re 3 hours into it and still no fish and the guide is sweating bullets. Why? Because he is paid hundreds of dollars to have his clients catch fish and if his clients aren’t catching anything, he is very motivated to remedy the situation. Meanwhile, if I had just read some fishing posts online or got some tips from a bait shop, and there I was, 3 hours into my fishing excursion with no bites, I would be left with me to figure out what I was doing wrong.

Similarly, if you hire a real estate agent to help you find an investment property, they make their commission when you buy, not when your investment turns a profit. The contractor makes his money when he fixes up the house, not when you profit. The attorney, the mortgage broker, [insert any professional you pay in a typical real estate deal] all get paid when you buy or sell, not when you produce a positive profit result.

However, the right real estate mentor is different. They are paid to help you produce results and their motivation is based on your productivity, not your activity, like every other real estate professional you hire in a deal. If you want to do a lot of deals, make a ton of money and eventually achieve financial freedom from real estate, you need a mentor who is motivated to help you profit, not just do deals.

 

A Real Estate Mentor Gives You the Unfair Advantage

 

Part of the enormous challenge with catching fish is the huge number of variables that any fisherman faces when they get out on the water. What worked fabulously yesterday may not work at all today. The same holds true for real estate investing. There are so many different facets, variables and changes going on at all times that even if someone gets lucky and does extremely well on their first deal, that doesn’t mean the conditions will be the same the next time around. Fishing guides spend nearly everyday out on the water with the goal of having their clients catch fish. Years of time spent on the water have honed their skills razor sharp so that no matter what the conditions, they can search their mind for a day in the past that was similar to the present day and dial up a formula or technique that will work. A do-it-yourselfer fisherman can not compete with that. Fishing guides get paid everyday by clients to fish so they simply have more experience over a longer period of time than everyone else and therefore have the unfair advantage.

A real estate mentor gives you that same unfair advantage. Years and years of investing themselves and mentoring others on a daily basis sharpens their skills to the point where they can out maneuver the competition and produce greater results for their clients than anyone else. Unfortunately for some who are reading this, you are in marketplace where one of my apprentices operates. Good luck out-investing them. With me and my organization behind them, assuming they follow what we teach them (yes, some people pay for a fishing guide and then proceed to not follow their advice and they wonder why they didn’t catch anything), my apprentices are formidable opponents that are extremely difficult to compete with. To learn more about how you may be able to be mentored by me and the Freedom Mentor team, apply to my Apprentice Program.

 

Is a Real Estate Mentor Right for You?

 

If you don’t have high aspirations for doing much of anything with real estate, then don’t invest your time or money on a real estate mentor. But if you want to be very productive and produce substantial results from real estate investing and even become financially free one day, get a real estate mentor.

Comments

  1. Ken Luckett says:

    I am still plowing through your videos. I will call when I am done.

  2. Vlad Baranov says:

    Thank you Phil for this great opportunity. I won’t let you down. Interested in the fine art of a house flip and creative deals.

  3. Norman Johnston says:

    I am in need of a mentor for all the reasons you delineated above. Please call…

  4. Janice Credle says:

    I absolutely want to be a part of your mentoring program, I seek the financial freedom; because I love, love the real estate market as it relates to flipping houses. I want to learn from the best and do it over & over again. I get so excited from the idea of transforming lives & properties. Please select me, I get the whole analogy of the fishing story and I’m starving for the thrill of it all. I’m HUNGRY for the opportunity.

  5. Edward Mutema says:

    Great video. Still considering how I can use a mentor for my property abroad.

  6. Michael sapp says:

    Great video! I applied for the apprentice program and had my first phone interview. My second will be tomorrow. The funny thing is that I had my first interview while fishing for snapper in orange beach! Hopefully my second interview will go well. Thanks for what you do.

  7. Monxi Flores says:

    Very good analogy. I am a new realtor in Los Angeles. The market is getting hot, but there is a lot of learning to do. Keep sharing the knowledge. Thanks

  8. Marcus Jenkins says:

    Yes Phil, I’m very interested I’m retired, military and would like to start a career and business in real estate investing i am a fish out of water and i am very teachable. I do need a mentor so what do i need to do?

  9. Martin P Lopez says:

    Looking good. I’m watching the videos and listening to the audible version of How to be a Real State Investor. I’ll get back to you as soon as I’m done. Thank you.

  10. William Hurst says:

    I love freedom mentor

  11. good lesson im still watching your videos

  12. Barry We Dillard says:

    I would like to get in to the program. I have always wanted to get into reality but did not know how or what to do. if you can give me a chance to make it I will give it my all.

  13. I wanna be your next apprentice. I have some R.E. experience but require guidance.

  14. M.Carter says:

    Phil this is excellent, priceless info. I really need a mentor. I’ve read R.E. info for months. Seems as though the more I read, more confused I am. Overwhelmed with info. With no guide to follow.

  15. Melissa Hask says:

    I want the financial freedom that is available!

  16. I. Hughes says:

    I’m loving your videos. Don’t want it to be a dream. Make it real for me. Send me a mentor please.

  17. OlgaRod says:

    Everything going in my life says to plow into RE. I am looking for a temporary job. I need to earn money while starting out this business and buy what I need. Please wait on me till I get a job. Postpone program participation till I can get my feet on the ground. In the meanwhile, I found a new home at a great price in a great part of Texas that is thriving and busting at the seams. I know I can resell. Your advise please.

  18. John J Dasare says:

    I am surely motivated by this wonderful story and educative one in Real estate Business. I promised myself to be one of the good product of your class. I am also promising you that soon, I will give testimony on the benefits and positive result of your mentoring. I am applying your teaching right away. Thank you once more

  19. John J Dasare says:

    Sure, the Real Estate mentor is right for me.

  20. I’m very interested in a mentor. Need someone well versed in alternative finance methods. My goal is to become financially independant. With the right mentor I would be unstoppable, bridging what I have attained over the yours. I see an incredible opportunity in the current market to make millions with correct help.

  21. RJ Hugall says:

    Im very interested in moving forward in my Realestate investment s.I’m just getting started i don’t have a lot of money but have lots of time.How do i go about it,I am a former Finish Carpenter Who owed his own Cabinet Business for 26yrs but due to a Stroke i can no longer do what i love.Please Help with any advice Thanks!

  22. EDWIN MAKOKHA says:

    Am satisfied with the support you give.Thank you.

  23. Gloria Jones says:

    I need a mentor Phil, I am the financial freedom seeker that need to be on your team. I must be on your team. I need to catch a lot of fish

  24. Lachita Tyson says:

    I’ve enjoyed the video n would like to get involved with the program but I have some questions please feel free to contact me……

  25. Lorraine Van Horn says:

    I need to be on your team. This is not a one time thing for me I sesk financial freedom for myself I need a great mentor Phil I see me on your team. Please contact me A.S.A.P I need to be involved as soon as possible I hsve nothing but time for learning!! Thank you.

  26. Read Dave ramseys money makeover that’s what started the change in me forever..got out of a ton of dept that I thought would never leave.. as I was following the next step Saving I ran into rich dad poor dad.. thus changed me again. I agree with both readings but I came so far from where I was I’m ready to do whatever it takes to be financially free. I got my hands in wholesaling met a few wholesaler who are willing to split profit on deals but don’t have time to mentor . I want to learn how to have longterm investments for passive income.I’m ready for this phill thank you !

  27. Yes I really need a mentor I own a moving co and my employees are driving my business in the ground it’s time to work smarter and as a mover for over 15 years I’m no stranger to hard work.

  28. Hi Phil. Love your videos. How about making us your first ever overseas students. We are really enthused to get this right but it is very hard with the little knowledge we have – especially when it comes to making offers. Keep up the good work.

  29. Lemard Marcus Lee Mays says:

    Phil I would like to thank you for your videos on Youtube. I also want to thank your for your book. I have finished it and I still continue many chapters that I am interested in. I would like to start experience of a good life. I have filled the profile and my reason why I would like to have a mentor and start the program. I would like to go back to traveling to see different countries and cultures. Thanks.

  30. I get it!…and yes, I do need a mentor to make my dreams of financial freedom a reality! I am ready! I have very little money to invest….hope it’s enough!

  31. Jose Rodriguez says:

    Love all your videos, including your book! I am an Independent Contractor making other people a lot of money every day. I am so tired of making other people a lot of money and I only get a small percentage of the total profit on every job. ENOUGH!!! I am in need of a mentor, interested? Together we can and WILL make a lot of money and split the profits!! Let me know!!!!!

  32. Kamesha Shaw says:

    I am eager to reach my goal with real estate, Phil you are an amazing inspiring mentor, I can’t wait to see what this program brings

  33. Shonda Taylor says:

    I would love to find a mentor in my area of Chesapeake, Va.

  34. Mike Ramsey says:

    I’m in houston tx and I need a mentor. I applied to your program but got no response. I’m very interested in flipping houses since I remodel homes already and make the guy all the money it’s for a change and I greatly need your help .Please bring me in out of the cold. Thank You

  35. Give me a call. Very interested in becoming financially independent.

  36. vincent suppicich says:

    would like to speak about the 50-50 option to get started

  37. vincent suppicich says:

    do not know what “awaiting moderation” is

  38. vincent suppicich says:

    I want to get a mentor; the 50-50% arrangement suits me to a T. How do we arrange it?

  39. Cliff Fung says:

    Hi Phil Many thanks for the videos and book,and. I love them all. I am turning 62 this year live in Toronto, Canada.I Love Jesus ,He gave me live and seven children Now I am asking Jesus to direct me to become a honest and reliable Investor.
    I am passionate in Real Estate Investing. I only have a very little money to apply your apprentice program.
    I have obtained quite a bit of your online Real Estate Education..Honestly, without a mentor it would not be succeed.
    I always admired others successful Real Estate Investors. Because they got a probable Education and good honest mentor.Also in Real Estate business it is a team efforts business,you can’t do it alone. I love the 50-50 profits sharing idea..

    Greatly Appreciated Phil For the Info.

    Cliff

  40. Hello Mr. Phil. My name is Manny. I’ve been selling cars for about 13years n I’ve decided to change my career. I now want to get into the Real Estate business. I am 40 years young. I know it is a wonderful task to help oneself as you help others reach a life goal. I have been into your videos for the past month since I established in getting my LLC. I’ve been to Real Estate school twice. I am fresh out of Amy n Scott Yancey Real Estate seminar. I tried to acquire a property and boy it was a lot of work. Then I found out that not only did I have to pay for the property but I also had to get a title search, title insurance, an attorney and a few other things. I would LOVE 2 have you as a mentor. I have been through most of your videos and now I am ready for your 50/50 profit sharing!!!!Once I had put in for your mentorship, I received a call from someone in your organization but I felt like I needed a lil more time so that I can go over ALL of your videos n lectures..I am ready!!!! You have my email address n I’m pretty sure you have my phone number, when you get a chance, please call me so that we can get started in the apprenticeship!!!! I live in New Jersey and the market is BOOMING with lots of opportunities!!!! Hope to hear from you soon!!!! Thx 4 everything!!!!

  41. mary

    yes I’m in need of a mentor I’m new to this information ( on the how to part) I’m tired of the jokes that people tell just to get rich to make me poor no more I want to learn the right way with wisdom and not a bunch of hypes. what’s real today that’s what I desired. the truth about realestate. (I want to learn how to work liens). sign mary

  42. Hi, Phil:

    I am going thru your series of videos and they are amazing. I love the Real estate Business. Flipping homes is my passion. I bought my own home, and live in it while improving it to put it back in the market. I feel I was born to do this. Lookijg forward to do this!

  43. joomanujioalieesahidi says:

    i m just a dabbler- no mentor necessary. nBut darn- i get a lot of tips from your veedeos. Thanks.

  44. Marshall Brigner says:

    I am very interested in learning more about the mentoring program you and your team provide.

  45. Jean-francois Ndomb says:

    I live in Kalamazoo, MI and I am considering taking my REI career to the next level. Please advise.

  46. Donovan Vicenti says:

    Hello Phil!

    I’m going through your many videos online and have found them very fascinating as well as very informative. I hope there are still some opportunities here in Albuquerque, NM as I would like to become one of your mentors.

    Take Care and Be Safe
    DVICENTI

  47. Hi Phil, I sure like your program, It’s.the best I’ve come across. There’s no other like your program, I hope you will be offering this program next year ,that is if God’s willing or if Jesus don’t come first. Right now, my grandchildren needs me 24/7. For the next 9 or10 months.God’s willing, I will be able to join your program,if the offer is still open,so until then I’ll continue to read your investor’ s book, May God continue to Bless you all.

  48. Charles Curameng says:

    Aloha Phil.Thank you so much for all the great material! I’m living in Honolulu and would love to know what I could do to join a mentor program. It would be quite and honor and a privilege.

  49. Julie Marschlowitz says:

    Working on the course now, but have watched many of your videos. Years ago In southern CA, my RE agent years ago got me out of trouble by taking 2 of our 3 homes (grant deed transfer). What a tough but important lesson. I want a mentor, but I just got a Cochlear Implant. My past failures are my chance to keep learning and succeeding !

  50. I’m a Texas agent in San Antonio. Started off as a salaried agent. Im looking forward to paring up with a good team

  51. jim Carton says:

    Dear Phil. I would like to do this type of business, but as you said. I really need a mentor, someone who will watch my back and be able to coach me on to success. I would really like to get copies of your audio books and printed copies that I can carry with me when I have a few minutes to read. I am not a computer person so trying to figure out Amazon or the other company is a bit awkward. I still like to talk to people, not text them. Let me know what I must do to get a physical paper copy of How to be a real estate investor and Real Estate Investing Gone Bad. I have a 40 minute commute each way each day. Like Zig Ziglar and Tom Hopkins have suggested. A CD player can be a great way to fill your mind with the good, the powerful and the positive. Sign me up. I talked to Travis the other day. My wife is not interested at the moment, but I will put in 10 hours a week to start. I still have a job that I do even at 72. Let’s make it happen.

  52. Phil, thank you so much for the videos. I am currently going through the the video lessons along with watching your videos on YouTube. I can’t get enough!! They are all great! I am also trying to follow along with the videos in your book. I’m brand new to this so I need all the help I can get haha, but I’m very excited and really looking forward to making my first deal. I already applied to the apprentice program a few days ago and I am really looking forward to having the opportunity to work with you and your team. Thanks again man and keep up the good work.

  53. Royal Davis says:

    Wow great fishing! How big was it? You know Phil, love your Real Estate info. I do believe if I’m going to do anything in this business, a mentor is the smart way and the best way to go. Thanks!

  54. Marla Graham says:

    This is great! Nice video! This is true. Getting thing in order for the process is challenging. Im in going all the way.

  55. Jake Skate says:

    Phil, I can’t help but be skeptical about your program and if it works. But, i also do not know where to begin or if you will even read this personally. I will be facing a layoff at my company. I have been working in Manufacturing for quite some time and it has just been announced we are closing up shop at the end of July. My situation might be a little different in the way that my Wife’s father passed away earlier last year and she received an inheritance. That being said, we have a little over 100k in the bank and I want to turn that into more money obviously. We’ve been talking about her getting her real estate license and me getting a general contractor license so that we can flip houses like those TV folks. (Fixer Upper) I feel like based on your program that we do not need to do that. If you personally read this or anyone taking part in your program reads this, Please provide me with some direction on what i need to do to get started. Failure is not an option as i am very serious about getting financially free. I own a home currently and have 2 young children depending on me. Not sure if this is the place to put my long drawn out info but i guess you gotta start somewhere. I have some time to get things rolling before i am “out of a job” so any information provided will be very helpful. What is my next step?

  56. Hi Phil, excellent analogy…

    I have a motivated seller who wants out of his property, and wants a $500 deposit.
    from me for him to sign the agreement. Can I give him the deposit made out to him to get at the closing date?

  57. Ron Truett says:

    On that last entry from April 12, a buyer should never give the seller any emd money, unless it is about $10. Any amount given upfront should always go to the title company.

  58. Its amazing lesson just enjoy my self as am looking forward to be real estate developer.

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