Help please...Trying to decide to continue working with 'coach'

[Gregg Pauly]

Hi everyone. I'm a newbie with a super-newbie situation that I would greatly appreciate any thoughts on from all you incredible BP people. I decided about a year ago to enter the real estate investing arena via wholesaling houses. So far I've fallen under the "analyze=paralyze" category and now feel like I've accumulated enough knowledge to get off my bottom and finally do something. At about this time I signed up for a coaching program run by a somewhat well-know investor (in many investor channels) and his partner. For a number of reasons I joined the program...albeit hastily. The total dollar amount of the program is $6300 of which I paid a requisite $1500 right off the bat...non-refundable. The remainder would be paid monthly and could be cancelled at any time. After 3 weeks in the program, in which time I spent one hour total on the phone with the investor and completed two assignments that he gave me, things on the home front required that I make a choice about if it was appropriate to continue spending money on 'intangibles'. I decided that I could not justify the remaining expense and cancelled the remainder of my contract (which is allowable within the contract I signed). The day following my notice of cancellation, I received a call from the investor I had been working with. He wasn't dainty in his thoughts about 'quitting' (which, admittedly, rubbed me the wrong way). I explained to him that my plan was to close my first deal or two and with that capital, revisit the idea of his coaching/mentoring program. He wasn't buying it. He went on to state that the $6300 fee is MUCH less than the cost of the mistakes I will make going out on my own. He offered to cut the monthly payments in half ($1000/month > $500/month until the remaining $4800 is paid) to help ease any financial burden. He was resolute in his stating that he will take me through the steps necessary to be successful in the REI business.

Having said all that, I'm a bit confused now that I could probably make the new lower monthly payment happen - and this is where I'm hoping to get any and all (very much appreciated) feedback from the BP community.  On one hand, most of my accomplishments have been self-motivated and through "trial-by-fire", and I'm ok with taking my bumps and creating my business as a one man show, for now (although I'm hardly a spring chicken).  On the other hand, I'm not out to re-invent the wheel and I'm wondering if the $6300 is really a financial drop in the bucket compared to all the [potential] benefits that could come from a coaching relationship, not to mention the possible money saved by my not making expensive mistakes.  

So, there it is in all it's festering glory.  I'm really looking forward to hearing any thoughts out there and very much appreciate your time and consideration in the above.  Thank you BP!

[Gregg Pauly]

Thank you all for your time and thoughtful consideration.  After reading the replies, I feel more at ease - which probably informs me of what the right answer for me was all along.   Like I've seen for others, the BP community did not let me down.  Many thanks!!!

@Eric H.   Thank you for the great advice.  Oddly enough, your advice sounds like the advice I'd probably give to someone else.  Being that it was me, I wasn't able to advise myself out of a paper bag.  To answer your question, I did not make money from the two assignments.  They were given to me to begin building my base of knowledge for my market (identifying pocket markets in my area and finding 100 potential investor buyers to contact).  They may have not been worth $1500, but I did find a substantial value in the exercise of researching my market and who the players are.  Everything you said is spot on and taken to heart.  Thank you!

 @Ayodeji Kuponiyi Investing the $6300 directly into my business is a wise choice - as is the constant continuation of my REI education. As for a niche, I've been planning on wholesaling. However, after reading your reply and other posts on the BP site, I think I need to consider other options before going for a particular niche. I've been so focused on one aspect of REI that I might be missing out on something that could work / feel even better. Increased networking is a must too! Thank you for your thoughts Ayodeji!!!

 @Paul Timmins    That's a ton of great information...and much less than $6300:)  The BP podcast is what delivered me to this site and it's been of great benefit ever since.  This post is my first jump into posting on the forums - which is ridiculous of me considering the truckload of questions I have.  The reading list is fantastic and I'll be starting on it immediately - starting with the Ultimate Beginner's Guide.  Thank you for taking your time to help me out!

@Jeff Bridges The sales aspect you mentioned is something I think part of me wanted to not believe.  There's that part of me that (naively) holds on to the belief in people's altruism....and I don't even like tie dyes:)  Your point on "Maybe you found his specific niche education is not the path for you.." resonated with me.  In other words, just because he's a coach doesn't necessarily mean his direction will work for me too.  Thank you for the link regarding the "catastrophic mistakes".  I'll be diving into that and the other recommended reads immediately.  Thank you so much for your thoughts!!!

Again, thank you to everyone who took their time to share their ideas and input.  BP is an endless source of information and wonder and I consider myself incredibly fortunate to be part of the community.  As for my decision, I'm good with (and excited about) just getting out there and getting dirty.  It's what's always worked for me and there's no reason to stop now.  There will be coaching in my future...via networking and education.  Take care everyone!!!