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!

[Eric H.]

@Gregg Pauly Welcome to BP!! Analysis paralysis is real but it can be overcome by taking action. I believe that experience is the best teacher so taking bumps and bruises along the way, including losing money, is well worth the experience that you will receive in return. Furthermore, your success is going to be totally up to you. Not up to any coach. With that being said, the fee for coaching will be a lost of money if YOU do not follow through with his/her advice and recommendations. You mentioned he gave you two assignments. Does that mean you made money on those assignments? At the end of the day, I believe in investing in one's education. But I also believe in jumping out there and getting dirty. You have to decide what you are comfortable with, your risk tolerance, and what will give you the best return on your investment.

I wish you the best!

Sincerely,

Eric H.