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A newbie here with the first post but i've been following the PT for some time and its interesting to read what others are sharing not to mention learning along the way. The purpose of this post was really to gain some feedback from those in the know and really to understand what people's perceptions are on mentoring. There are a number of individuals on the circuit selling there expensive property training courses.
I found one relevant thread on the forum but it was somewhat dated. I attended a 3 day property training seminar which was hosted by Kevin Green; no doubt a number of you might have heard of him. He's one of the UK's largest private landlords and he like others hosts property/business training days.
The three day training comes at a cost of 3K. There were probably around 350+ people at the session i attended. Granted you learn some great things and credit to Kevin for his achievements. However the upsell from this session is you pay 18K (15K + VAT) for his mentoring program. This is a lot of money and in some cases the equivalent as a deposit towards another property. The program as i understand it lasts 12 months during which you receive eight hourly sessions with one of his team.
I was just conscious to hear what people's thoughts are as i'm sure you could no doubt pick up just as much valuable information from this forum as everybody here is willing to help in some shape or form.
Has anybody joined these mentor program (or similar) and what was the outcome and have you found it useful. In the same case i'm also interested to hear people's thoughts as opposed to those who might have undergone the mentor programs.
Hi Amit,We have multiple threads on this topic and also Kevin Green.This thread may enlighten you it refers to the Kevin Green mentoring programme.But as a general comment - being financially free means that you no longer exchange your time for money i.e. rent your life out to someone else.Yet mentors do exactly that. Why would they not practice what they preach? The answer is because they earn more from mentoring than property investment. Nothing wrong in that but it's important to be aware that your mentor is making so much money from mentoring that they are happy to be in a job to help you get out of a job! Strange irony?Neither is mentoring scale-able, like a property business is. Another rule of building wealth. Unless of course, you sub-contract to other mentors, and then there is a potential quality control issue. This has been evidenced in recent times with some "rogue" mentors getting into networks - the most high profile being Ben Rogers, who went bankrupt owing around £2.6million to mentees who he borrowed money off.Coincidentally, I found this interesting article this morning:Have you fallen for the six-figure business con? I also like to refer newcomers to this video, although ironically, the two adverts on the front of it are promising instant wealth!!:
Before anyone spends any money on expensive mentoring, they should ensure they have the necessary 25% deposit and speak to a reputable mortgage broker to ensure that they can access to BTL finance.You can pick up a lot of learnings from forums, but some people prefer a more structured environment. If you have deposits and access to funds, then joining one of these programmes can help you move forwards more quickly, but you need to ensure that they are teaching strategies that work in the current market conditions with the available financial products and that you get a lot of practical detail, not just a load of theory.In my case, I used an educational weekend to jump-start me into property, and then just immersed myself in it on a daily basis and tried to take some form of action every day to move us forwards. Nick and I completely subscribe to authentic education as it helps speed up results and can also mitigate risk. You can never learn less. We feel very happy to recommend the training courses offered by our professional body partner, the Residential Landlords Association. Their Landlord Academy has a suite of 4 courses for landlords.The problem for newcomers, when it comes to the guru-style trainers, is that they struggle to sort the good from the bad, the authentic from the inauthentic, and only due diligence can do that.How to do due diligence on a property mentor How to use Companies House for due diligenceAdvice in finding a property mentor Finally, this makes for an interesting read in the context of training and mentors:Rick Otton found guilty of deceptive conduct
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks for sharing the Spiritual Success video Vanessa - absolutely brilliant! And sadly, absolutely true!
also 18k for 8 hourly sessions (is that per week...for 1yr), assume so but even then seems a touch steep - £43.27 phr that you can't break for 416hrs minimum.
regards Andrew Peers - property investor / sourcer - 07912674181
Property Redress Scheme Number 011436 NLA member 174404
Firstly thank you all for responding. Its cemented my thoughts even further.
Andrew in response to your reply, thats 18K for a duration of 12 months support. The eight sessions (an hour each) would be spread over the 12 months so that's eight hours over the year.
In summary that's 1.5K/month.
350 attendees paying £3000 each for a three day course? That's £1,050,000.
Is it just me, or is that hard to believe?
No, that is possible. A friend of mine attended a property wealth creation event, where, at the end of the weekend, 32 people signed up for a £28K mentoring programme.£896K for a weekend's work.
As Vanessa states, that's very much possible and more so a reality based on what i saw.So 350-400+ delegates paying 3K each to attend three day training (Fri/Sat/Sun). Those then queuing to pay 18K (not to mention the 3K they'd paid to attend in the first place) were comfortably in their dozens.I'd say at least 75-100 people signed up at £18K, for the room to then be told that anybody who didn't sign up that weekend will pay more afterwards.
That's over £1.3 mill for a weekend's work.