Does Every Investor Benefit From Having a Coach - Should You Consider a Coach

Question

Obviously, the answer is "No", not every investor needs a coach.

Here are a few reasons to avoid a coach/mentor/teacher.

1. They tell you real estate investing is "zero down", "you don't need money", they have "special knowledge" That is smoke and mirrors to get your money. There is nothing new under the sun.

2. They are running a large "community" and you are looking for specific training. That's a bad fit.

3. You love learning more than buying. Bigger Pockets, Youtube and all sorts of venues provide an endless stream of entertaining real estate information. But, that doesn't make you an investor. An Investor, well . . .  invests, not just learns.

4. You have no money. Do not go into debt to pay large sums for something that you are just beginning. You may decide you don't even like real estate. If you have to borrow for training, you have no money to invest. Bad combination.

5. You won't put the work in. A coach can't help you if you wont do the work.

Some reasons to have a coach

1. You are new and you want to skip a year or 2 of frustration and mistakes in your investing learning

2. You can afford the personalized training AND still have money to buy a property with

3. You've hit a mental or other "road block" and need help to get to the next level.

4. You want to learn new techniques.

5. You want to meet the coach's contacts to further your investment career. A coach has methods, systems, procedures AND contacts.

Andrew Freed · Answer

Account Closed - I agree, a coach is not required but a mentor is in my opinion. You will scale that much quicker if you find someone doing what you want to be doing at a larger scale and surround yourself around them. Find ways to provide value to them, expect nothing in return and sooner or later, the concept of reciprocity will kick in and they will feel a need to help you.

For instance, I got up to about 7 units all by myself in one year without any mentor. I thought I was doing good until I found my local mentor, @Jonathan Bombaci, who owns hundred and hundreds of multifamily units. He was doing what I wanted to do, but at a much larger scale. I found ways to provide value to him in the form of commissions as an agent on his team. I also started a local real estate meetup under his brand. Once I started to provide value to him, he had no choice but to take me under his wing. 2 years later, I went from 7 units to over 130 with guidance and mentorship from Jon. Coaches are not required, but mentors will allow you to scale that much quicker!

Melanie P. · Answer

THIS is a great post because it explains how a true mentor relationship is formed. Each side providing value. EXCELLENT story many can learn from.

I'm generally suspicious of mentor/mentee relationships in this space because often they involve a person with little experience doing but lots of time spent reading/analyzing wanting to pass their real estate evaluation and statistics hobby down to another. There relationships are based upon an unequal teacher/pupil dynamic that is not helpful to either party.

You provided a great reminder of how things are supposed to work in life.

Melanie P. · Answer

There are many avenues to exhaust including here, your local REIA and your state multi housing association prior to engaging a paid coach. It's easy to like the "idea" of real estate investing. But if you're unable to figure it out from the vast online resources, haven't met people doing it through REIA and trade groups you probably lack what it takes to be successful at it. Real estate investing is hard work. There are few short cuts and the more you learn the more work there is to do.

Jay Hinrichs · Answer

Exactly you REALLY want in the game get a license and get paid to learn get on a top producer team.  Trying to do this at home without being in the bizz can work of course but you need a stellar W 2 or inherit cash or sold a bizz whatever.. But for those wanting to start with limited funds and really want to be in the RE game I totally agree with your thought process and how you went about it.  I think back on my start at 18 as an agent.. I could have washed out like most teenagers.. But those weekly sales meetings ( not zoom) and sitting around the table with 5 to 10 high producing agents who are conversing about what they did how they did it and how to do it.. Laid the foundation for me personally.. Invaluable.. And so as I moved on and owned RE brokerages I would give my starter agents listings I did not want or have the time to work so they got paid to learn and me as a coach.. so same thing today being on a formal team your handed leads.. NOW what you do with those is up to the individual not everyone is cut out for this business you can only have so many top producers.. Not many folks first job is RE agent/broker etc.. like mine was.. Most all come from other industry and want a change.. just like you see all these folks on BP that want this mythical financial freedom well not so much myth but a dream right.  Get in the game not the fringes is my advice.As for paid training I have a deep knowledge of this space having been back room Vendor for Rich Dad  Montalongo and Vertucci and for a short time Nudge.. I provided capital to the students to buy rentals or do fix and flips or if they had an IRA i provided non recourse lending for them. So I have interacted with literally hundreds of students who have paid the 20 to 50k for the courses.And the whole reason I was at these events was that at the end of the training many realized crap this is a lot of work looking for that one unicorn deal I think I will just buy a rental and call it a day. So there were providers at the events offering rental props and there were other lenders like me providing boutique financing to those folks  so they spent the dollars never did anything with what they learned at the 5 day event but could fly home knowing they now have 1  2  3 4 rentals. :). In addition while there is up sell and use your CC .. ( which was Nudge and I did not like) many of the students were quite well off  and the money was not a lot to them. on BP 20 to 40k is all the money in the world to many of these BP members starting out so I get that thought process and of course they should not blow their hard earned money any course unless they also have the capital and capacity to carry out the deals.  Does not matter what kind they are.. And as it relates to doing deals Subto like what is pointed out you need money.. And these deals do not grow on trees you need to find specific set of circumstances to find them ( talk a seller into it) and have EQUITY enough to exit if you have a problem with the loan .

Does Every Investor Benefit From Having a Coach - Should You Consider a Coach

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