Coaching/Paid Mentor....worth it?

Question

Hello REI world, I'm at a space in my investing journey where I know I am probably not doing all the right things and if I want to continue, I need to really change my processes and get better with learning new strategies and standardizing. I've heard from people who say a coach can make a world of difference, but you really have to pick the right coach. The prices for coaching seem to range vastly and it's a massive expense that could really put you in the hole. Wondering if I can get any advice on what you feel is a fair price for coaching and how you went about deciding on which coach to choose. Thanks everyone!

Dan H. · Answer

I am not against paying for coaching but I believe it is most likely to pay dividends if 1) you know exactly what aspect of RE you desire to pursue and can find a mentor that is a very good fit for the RE you want to pursue.  2) you are very motivated.

It is my belief that meeting both those criteria is tougher than it sounds.

If in doubt about either of those 2 items then I believe an accountability group may be a better option.  They also are not cheap and the best have requirements and the best of the best have requirements than insure that each member is a mover with a lot of info, contacts, etc.  the best of the best would not be where anyone should start (and virtually no one going into their first accountability group could afford or meet the conditions required for the best of the best).

A female only accountability group that has a good reputation is Strive.   There are others that are not female only (maybe hundreds of them). Consider if an accountability group is a better option for you and if you can find one that matches what you desire. I do suggest you see if Strive is a good match (my wife is a member, but not a partner/owner).

By the way the best of best have requirements such as net worth over $50m and cost $50k+.  But imagine the network and influence of its members.  Imagine their lofty expectations.   Imagine the people who are members.  All are successful.  All have great contacts.   Most have great experience.   You need a referral to hotshot lawyer in any big city, the introduction is made.  Need the ear of power, it can probably be arranged.

By the way, many question the value of coaching.  Few question the value of accountability groups.  Not sure why the disparity but I personally believe it is because most who pay for coaching are not strong enough in the 2 areas I referenced.

Good luck

Carlos Valencia · Answer

Hi Britney,

Theres nothing wrong with paying for a coaching course. Coaching will definitely help you expedite your process assuming you are putting everything your learning into play. But if you buy coaching and do not take action then it will be pointless. As long as you know yourself on how you will approach your coaching then find the one that fits best with you and go for it. Another option that can potentially be free is looking for a mentor who is doing what you aspire to do in real estate and see how you can be of value to them so you can learn while helping their business. This would be a win win situation. Or you can try to figure it out on your own but it will be painful process but at least you will have some battle wounds. Take a minute and think about what your overall goal is and write it out like a vision board and find out what it will take to get there. God luck on your journey.

@Albert Bui @Matthew Kwan

Joe S. · Answer

As with most things, the answer is it depends.

If you had the right mentor or coach, it could potentially move you forward in a big kind of way. The odds of you finding the right mentor or coach out of the gate has the odds stacked against it.

Chris Seveney · Answer

@Britney Ross

Not worth it

Greg Kasmer · Answer

Britney - I've hired two coaches the last few years and have had some different experiences. On the aggregate I'm a proponent of coaches, but as others have said they are not a replacement for action as well as learning/growing on your own. Let me know if you want to discuss!

Gino Barbaro · Answer

@Britney Ross

If you're looking to scale a portfolio and you've never done it, and want to do it as efficient and as cost effective as possible, find someone who's done it and learn their systems and processes.

We were stuck at 500 units, went and hired coaches, learned about core values, cadences of accountability, and other processes that we implemented to grow to over 2,000 units.

What I knew at 50 units was not going to get me to 500 and what I knew at 500 was not going to get me to 1000.

A lot of work is involved to implement, but the cost is well worth it.

Gino

Jamie O'Connell · Answer

Honestly I have had the best luck with connecting to someones approach or story on a podcast and then following them on social media (they always plug their instas and such) and then watching their stories and sliding into the DMs when they post something. Has about a 75% success rate and I have learned (and I hope given some good tips myself) to others that ive met up with due to that and people are always looking for future partners and to learn from one another. It's free and to me it's more genuine.

One guy I did this with I ended up meeting at a project of his, gave him some ideas on things to do for his flip and I also researched how to properly do an ADU unit in our area he didnt have time to make calls and learn about. I had the time and it didnt cost me anything and now hes giving me a lot of good tips about a new branch of real estate ive been wondering about. Win win for both of us.

Jake Baker · Answer

@Britney Ross

A coaching program is great if you want to learn something fast and be able to implement a strategy quickly and efficiently. I have paid for several coaching programs. Some were probably not worth it, and some have paid off tremendously. Never go beyond your means to pay for a program. What's more important than strategy is the network that you form. Through various coaching communities and masterminds, I have made connections that have been instrumental in my success as a business owner.

Arn Cenedella · Answer

@Britney Ross

I’ve been in the RE business for over four decades now.

Most of that time spent in the single family brokerage and investing world.

Several years ago, I made the decision to transition from SFR to multifamily.

Despite decades in the industry I felt the need to educate myself about MF.

I paid for an intense 2 week education program and then a 3 month mentorship.

Trust me, it was worth it.

During the mentorship, I acquired a 43 unit property with the help of my mentor.

Fast forward 4 years later, I am in a General Partner in 1000 units worth $130M.

So for me, it was money well spent.

You didn’t mention where type of investing you wanted to do.

If it’s MF, you are going to need partners and help. The best way to get that thru coaching, mentoring, and education.

Of course, one will get out of these programs what they put in.

Robin Simon · Answer

I would generally stay away from this model - something where maybe they do this through some sort of equity partnership where they are sharing the gains/risk from the deal while you are doing the bulk of the dirty work

Coaching/Paid Mentor....worth it?

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