Would you recomend having a coach and/or mentor?

Question

There are so many challenges when trying to achieve something as difficult as starting your own real estate business and making it successful I often find myself seeking some help/guidance on an on-going basis.

I often wonder if/how can having a mentor help? I know I can also hire a coach but my big question is how do you pick one with so many out there? Also, if their motivation is financial (I am paying them) are they really interested in seeing me succeed or are they in it for the money?

Does anybody here have experience with one of these relationships?

I would like to know how did you start it and what where your results and would you recommend it? I specially like to know how to go about finding a mentor - somebody that will help you without getting paid for it.

Thanks,

Rich Weese · Answer

My $.02- You are just getting started, and MOST mentors have their talking points, imo. I would glean as much info from BP and other RE sites first. This will enable you to get a foundation and also , maybe, find an area you'd like to specialize in. Then, and only then, would I ever consider a mentor. There is a saying that those that can't do something, teach. I look at mentors the same way. MANY are just hired guns(robert allen, etal) and they don't know a lot more than you. They have their talking points, and their up sale dialog. Their are MANY posters on here that know more than any mentor you could find, have actually done the things they talk about, and most will charge you zero and give of their time. Good luck. Rich

Jon Klaus · Answer

There is wisdom in the counsel of many. I wouldn't seek out one relationship, but a number. Each will bring you their unique strengths and perspectives. Don't pre-define what these relationships look like, but let them develop into whatever makes sense. Some people you reach out to won't really develop into anything long-term, but some may. And some will be interested in your success even if you don't pay them or define it as a mentor relationship. In my businesses, I have looked around to see who is doing really well and asked them for advice/help. I've gone to NY and CA just to see them in action and seek counsel, They don't think of our relationship as mentoring, yet they enjoy helping someone who is motivated and who recognizes what they've accomplished. And puts into practice what they recommend. As Rich said, you can learn a LOT from people here at BP. I've learned a lot from him. I've read the great majority of his posts. Keep reading and reach out to those you want to emulate.

Bill Gulley · Answer

Another point of view! Very interesting assessments here. Those that do, do and those that can't teach. And $600.00 for one hour? I'm really surprised Brian. I began retiring at about 48 and really retired at 52, pretty much got out of the rat race (because I could afford to thanks to real estate)! In the past 6 months I've been active on another site and recently found BP. I have been helping those who I think have potential and who are motivated. Since I have never charged anyone a dime I have had to cut some lose. Those people with no credit, no job, no money and no knowledge, just aren't really ready to be coached by someone like myself. While I think no one is worth $600 an hour to walk someone through a deal, I have made alot more than that on a hourly basis in the past, so maybe I'm just too soft, I think if you are teaching you aren't doing it for the money. When I began, people answered my questions, I had a neighbor who was a judge and owned RE and he gave me alot of guideance. Some, like myself, probably reach a point where the fun is gone, it gets old, it's not that you can't do it, it's that you just don't need to do it. There is more personal gratification in assisting others than going to the bank again. Don't get me wrong, I'll make money, but not off the back of someone trying to get started. There are many ways to help others in real estate. I have already done that. I refuse to get involved in a deal with anyone, especially someone new, since I have no idea what my liability might be to third parties. Maybe that's why some guy had the audacity to ask for $600 an hour! I already get emails and if anyone reads this and asks for assistance, expect for me to tell you how to find out what you need to know first, like my dad always said, "look it up". I really wanted to give a point of view here why some might want to assist others. There are many like myself that enjoy doing so, so if you pay for something that you can get for nothing, well....shame on you! But, there are deals that can be very complex that most "investors" here will never bump into, so in some cases, $600 might be a bargin. Brian is going to think I'm picking on him, LOL, not at all. Before you select a mentor or a coach, teacher, instructor...look to how he conducts business, is he ethical, does he follow the rules of the road? Then judge technical proficiency as opposed to boasting or marketing hipe. Find someone who has knowledge in what you want to do, that meets your goals. And lastly, someone you can communicate with easily. Beware of gurus and blogers that look up information and pass it along as their own after they have just a few years of trying to do the real thing. Well, I think tha's 4 cents worth! LOL Bill

Rich Weese · Answer

Brian, A very polite , yet firm, BS. I've had MANY of these hourly mentors call ME for specific advice for clients they're mentoring! I'm very successful, have NEVER paid for a mentor/coach in my life. I was told early in my career, find someone that is extemely successful, and copy them. That is pretty easy and didn't cost me a penny. Rich

Michael Rossi · Answer

qkjones, YES - you should have a mentor and a coach. No, I'm not talking about some failure that can't do real estate and has turned to coaching or mentoring to make money. What I am talking about is a SUCCESSFUL, LOCAL investor that makes a living in real estate. The key to getting a successful, local investor to be your mentor/coach is to MAKE FRIENDS WITH THEM. Most successful real estate investors do not live and breath real estate 24/7. They have other interests and I'll bet that you share some of those interests. Do they like to play golf? Snowboard? Shooting sports? Water ski? Go camping? The point I'm trying to make is that you've got to find something you have in common and then become friends with these people. Where can you find these people? Maybe at your local REIA meeting. Maybe at church. Maybe at the golf course. Maybe at the campground or the at a Chamber of commerce meeting. Maybe at your local Masonic lodge or another civic organization. Maybe standing in line at Walmart! The point is that you've got to talk to people and find out who they are. One other thing, successful people tend to hang out with other successful people. My friends are mostly other successful business men and women. It's not a grand conspiracy, but it's just a natural thing. You've got to figure out where the successful people hang out and start hanging out there yourself!

Jon Klaus · Answer

Successful investors. You have to be around them. Here, that means reading what they post and what others post about them. In your REI club, it should become evident after not too long. And don't be afraid to just ask questions. What kind of investing do you do? What are your current holdings? What is your plan for this year? Beyond that? "Can I buy you lunch and ask you about your RE investing?" Some won't be interested, but some will want to talk. And to see you succeed. Most love to talk shop, and you can benefit. Mark Cuban, owner of the Dallas Mavericks says "don't talk to me about sports or anything else other than business." He loves to talk about it and believe it or not, despite being a billionaire, he's like you or me. On all of our minds--what's the next great opportunity? What are the risks? What's the upside? Where will competition come from? How scalable is it? What are the capital requirements? These are the things both you and your mentor want/need to talk about. Yes, it will require their patience to walk you through the nuts and bolts of a deal, but some have a teacher's heart. And they can learn from you if they have any humility. You have unique experiences and perspectives to share. But mostly ask questions, listen very hard, and try out what they tell you.

Account Closed · Answer

A mentor/coach is good if it's free, save your money for your first deal.

Kenneth Johnson · Answer

Mr Jones, I assume that's your name by your avatar. Any way I agree with Rich you don't havve to pay for a mentor and as a matter of fact most successful folks don't need the money unlike the gurus of the internet who seem to only think about the money. Try attending Chamber of Commerce meetings, go talk to a couple of Real Estate Agents or Brokers offer to buy lunch and tell them what your interests are, go to your local Investment Club meetings (join one somewherre around $20 a month) and / or Cash Flow Club meetings, ask around if folks know of investors, do a YP Search and talk to everyone one the list. Lastly when you find one and you become friends ask if they would like to profit share in the first few deals they help you walk through. That way they contribute without feeling like you mikght be sucking the life out of them and the feel part of the deal so their interests are peeked. Ken

Ted Harris · Answer

Bingo!

Shaun Steckler · Answer

IMHO I believe that if you could afford to invest the money and found the right person to help you that a mentor could provide some great insight and direction into your business efforts. If you go into the relationship thinking that a mentor will solve all of your problems, you'll walk away disappointed. But if you want to learn from someone who has a proven track record of success (over the long run), a mentorship has the potential to be great. Just understand that there will always be a gap between your experience level and skill set and the actual guidance that's provided by the mentor. I had a great experience with a mentor about four years ago and it changed my life. I may be the exception to this but if you find the right guy and have the right chemistry, it could be worth taking the risk.