Finding the right coach, and do I need coaching?

[Bernard Weingarten]

I am so pleased to find this group!

After losing two deals (on foreclosures) at the last minute, I asked myself if I could benefit from mentoring. I spoke to two coaching organizations (Rich Dad, Peter Harris) and also to companies that offer turnkey r/e investments. 

Turnkey investments means that for a relatively low down payment I get a positive cash flow. Somebody else has already done the work, located the neighborhood, bought the house, rehabbed, and has saved me a lot of the work. 

Peter Harris helps with commercial real estate (apartment houses), which I don't have the knowledge to do on my own. I think apartment buildings is a faster way to get to my goals. But I t sure. I am in Brooklyn NY, the market in this area is red hot, and I don't know how many good deals there are. I could go out of my area

The Rich Dad folks say that their goal is to help me create a plan and a team and to see my way clear in terms of reaching my goal, and meanwhile I can consult with them about any deal I want. I'll be speaking to them again on Tuesday (Jan 3), and have till the end of the day to pull out with no penalty. 

Does anybody have a take on any of this? 

Thank you, 

Bernard 

[David Thompson]

Hi Bernard,

It just depends on where you are and what you want to do.  I think in general folks can benefit from mentors and coaches, no doubt.  That said, what time, resources, energy and passion are you ready to bring.  Like anything, you get out what you put in.  You need to do the work.  The timing has to be right there just as much as finding the right organization or person.  If you are more interested in just learning and being a passive investor, I'm sure many of these groups or coaching programs can fit the bill.  If you are looking to do this on you own someday (i.e. general partner / syndication), my opinion is you'd want to hook yourself up w/a coach that is doing deals (has credibility) and has a program that you not only can learn but in a practical way get involved by helping them on their deals.  This could be finding deals, capital raising, etc.  The thing a lot of folks miss is that gaining credibility is hard to do alone w/no experience, right?  I can find a great property in a great market, but if I turn to investors for capital or the lender for a loan or both, I won't get far.  The first question I'm going to be asked is what is my experience level before I hand you over money.

So, a coach should not only teach, but provide the opportunity for those serious and who have the time, dedication and understanding of what is being taught to apply it in an apprenticeship type of program.  Leverage their deals and experience initially, often this can come w/compensation but that is not the main point here, its to build your reputation and leverage off of someone's else.  Later, as you get more experienced, you can return the favor and have folks help you.  

Couple odd n ends.  Make sure that the coach is flexible and has time for you when you need to see him / talk to them.  Distance is not an issue.  A good coach should also be willing to maintain a relationship with you beyond the initial education but also help review your potential deals and if they are good deals, perhaps even share ideas on who could help partner w/you to get it done (could be money, expertise, etc).