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Author Topic: Mentors/Coaches  (Read 19344 times)

Offline satarnag

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Re: Mentors/Coaches
« Reply #30 on: May 14, 2012, 11:41:31 pm »
Here's my problem with mentors. Knowledge is great, but applied knowledge gets you paid. I can charge you $500/month but if I do nothing to get you rich, then you are basically throwing your money away. Instead, I would not even charge you. What I would do is look over any potential properties you have found and work with you on the best way to profit from them for a hefty portion of the spread. We will continue to do this until you are able to utilize every investment strategy available and negotiate a higher cut or just leave the relationship all together. That way, there is no risk in losing your money and your motivation to learn determines your wealth.

Let's face it, real estate investing is finding sellers willing to sell and buyers willing to buy. You find the sellers, regardless of their situation, and I will find a way to profit from the transaction.

Offline the maestro

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Re: Mentors/Coaches
« Reply #31 on: May 15, 2012, 09:40:09 am »
satarnag, let me know how that goes for you.  Look, I've been coaching and mentoring for five years now.  And, in those five years, I've tweaked and changed my program many times.  I've done a down payment with monthly payments.  I've done no down payment and only monthly payments.  I've done a flat, one-time payment.  I've done profit splits.  And, I've even done free coaching for a split of the deals, when a person has sent me an email the length of War and Piece, saying how they don't have money but only need an opportunity. 

I've tested it all.

From my experience, when a student has nothing invested, they have nothing to lose.  That means that when they feel like quitting (and let's face it, everyone feels that way at some point), they do.  Why?  Because they have no skin in the game.  Nothing invested = easy to quit.

Also from my experience, if a person doesn't have money to invest in coaching, then they probably don't have money to invest in their business.  If you have to choose between investing $400 a month in coaching, vs advertising, then you are not giving yourself the best chance to succeed.  With that being said, I understand that coaching is not a necessity.  However, it has always proven itself to me as a smart investment. 

I had a coach and I know that I would not be where I am today without him.  In addition, I continue to have coaches.  Not in real estate, but in other ventures.  Coaches and mentors, IMO, are invaluable.  But, all coaches aren't the same.  You need to do your due diligence and research when choosing one.  More often than not, your top wholesalers/investors are not your best coaches.  I can use any number of sports examples if you need it...

And one more point.  Your description of flipping houses is absurdly basic and simple.  What you left out was all the ways to find the deals (marketing that converts), negotiating with sellers, using the correct contracts so as to protect you, negotiating with buyers, pulling comps and determining ARV, determining what to offer, extending a low ball offer and getting it accepted, assigning or double-closing, working with title companies, collecting deposits, and using the most effective tools and resources to manage your business.

Explaining wholesaling as basically just brokering a deal between a buyer and seller is telling about 5% of the actual story.

Look, if there wasn't a market for coaching, I'd be in a different business.  But, there is.  And it's not because this business is easy to learn on your own.  Everyone has different mindsets, intelligence and ways they learn.  Some people can learn to play the piano just by watching someone else do it.  But, those people probably make up less than 1% of the population. 

For everyone else... we need to be taught how to do it.
www.WholesaleCoaching.com - The most personal, direct, hands-on and 1-on-1 wholesale and REO coaching program on the planet!

Offline dukefan2014

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Re: Mentors/Coaches
« Reply #32 on: May 15, 2012, 05:53:13 pm »
Great comment Maestro. I agree that coaching is not an absolute necessity but it definitely helps a ton and can obliterate the learning curve of wholesaling. Having a coach has definitely proven to get someone to their first deal much quicker than not having a coach.

A coach cannot guarantee you success but they do help a ton. You definitely need an undeniable sense of motivation on top of anything to succeed in this business. It's both YOU and THE COACH that is going to make you successful. There is NO success without the YOU part of the equation.

I for one, did not go the coaching route. It's not that I didn't have the money (I'm sure I could've scrounged up a few thousand for fees if I truly wanted) its just that, at the time, I thought I could do it alone and save money.

Looking back now, a coach would have propelled me and got my business started a lot quicker and a lot more efficiently by cutting down the learning curve. In my opinion, if you have the money to hire a decent coach (only after doing your due diligence) you should definitely pursue it, as they can add HUGE value to you as an REI.
Looking for Deep Discount Properties in Chicago?!
Go to http://illinoiswholesaleproperties.net/ NOW to get on our list!

Offline kelle711

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Re: Mentors/Coaches
« Reply #33 on: May 16, 2012, 10:27:42 am »

Looking back now, a coach would have propelled me and got my business started a lot quicker and a lot more efficiently by cutting down the learning curve. In my opinion, if you have the money to hire a decent coach (only after doing your due diligence) you should definitely pursue it, as they can add HUGE value to you as an REI.

And if you don't have the money to hire a coach but only have enough to start your business, do you wait until you have enough for both, or do you go ahead and get started?
Goal set. Plan. Execute.
www.webuydcmetrohouses.com

Offline Real Estate Seller

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Re: Mentors/Coaches
« Reply #34 on: May 16, 2012, 11:46:37 am »
It will depend on how much money you are starting with.
I am the king of short sales.

Offline dukefan2014

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Re: Mentors/Coaches
« Reply #35 on: May 16, 2012, 09:42:04 pm »
And if you don't have the money to hire a coach but only have enough to start your business, do you wait until you have enough for both, or do you go ahead and get started?

You get started NOW! If you wait until the "perfect" moment to get started, you'll be waiting for a lifetime. There is no perfect moment.

Do anything and everything you can do now to get started. If that means networking with like minded individuals that do what you want to do, then do that. If it means contacting a few potential sellers with the hopes of learning the art of talking to the seller, then do that.

Just do something to get started. You don't have to know how it's all going to work out in the end. But you do have to start somewhere.

So think of what your ultimate goal is. Then, start with something small, and then build on that everyday. Each day, do something that moves you toward your end goal, and you will eventually get there.
Looking for Deep Discount Properties in Chicago?!
Go to http://illinoiswholesaleproperties.net/ NOW to get on our list!

Offline satarnag

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Re: Mentors/Coaches
« Reply #36 on: May 17, 2012, 10:00:05 pm »
<SNIP>
From my experience, when a student has nothing invested, they have nothing to lose.  That means that when they feel like quitting (and let's face it, everyone feels that way at some point), they do.  Why?  Because they have no skin in the game.  Nothing invested = easy to quit.

Also from my experience, if a person doesn't have money to invest in coaching, then they probably don't have money to invest in their business.  If you have to choose between investing $400 a month in coaching, vs advertising, then you are not giving yourself the best chance to succeed.  With that being said, I understand that coaching is not a necessity.  However, it has always proven itself to me as a smart investment. 

<SNIP>

And one more point.  Your description of flipping houses is absurdly basic and simple.  What you left out was all the ways to find the deals (marketing that converts), negotiating with sellers, using the correct contracts so as to protect you, negotiating with buyers, pulling comps and determining ARV, determining what to offer, extending a low ball offer and getting it accepted, assigning or double-closing, working with title companies, collecting deposits, and using the most effective tools and resources to manage your business.

Explaining wholesaling as basically just brokering a deal between a buyer and seller is telling about 5% of the actual story.

Look, if there wasn't a market for coaching, I'd be in a different business.  But, there is.  And it's not because this business is easy to learn on your own.  Everyone has different mindsets, intelligence and ways they learn.  Some people can learn to play the piano just by watching someone else do it.  But, those people probably make up less than 1% of the population. 

For everyone else... we need to be taught how to do it.

I see no difference between a new real estate agent that joins my brokerage or a new person interested in investing. Those motivated enough to learn, will do so. The skin in the game is their motivation. As a senior person, the less experienced but highly motivated the individual is, the more profitable it becomes.

As a new agent, I wouldn't pay anything to learn, I expect that if the senior person is worth their weight in gold, then they will take me under their wing and we enjoy a mutually beneficial relationship.

Offline Real Estate Seller

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Re: Mentors/Coaches
« Reply #37 on: May 17, 2012, 10:18:40 pm »
I have seen over the years 85% of mentors always leave out the part how to do a double closing, provide a title company info that will do a double closing, assignments, subject2. We always tell new comers tell the mentor I have no problem paying for your services but on the first deal I will look over your shoulder and watch you complete the first deal and always ask the mentor which title company do you used to do double closing and if the mentor spit out the name move forward but if the mentor look to the sky or fail to answer your question you need to hold your wallet and run.
I am the king of short sales.

Offline the maestro

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Re: Mentors/Coaches
« Reply #38 on: May 18, 2012, 10:33:09 am »
Wow!  That is shocking to me.  I mean, how can a coach/mentor leave out the closing process?  That's as integral a process as anything there is.  I have a relationship with several national title companies, that are investor-friendly and routinely engage in double-closes.
www.WholesaleCoaching.com - The most personal, direct, hands-on and 1-on-1 wholesale and REO coaching program on the planet!

Offline mulhern

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Re: Mentors/Coaches
« Reply #39 on: May 18, 2012, 12:29:58 pm »
check out sean terry on itunes podcast, very good stuff

Offline kelle711

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Re: Mentors/Coaches
« Reply #40 on: May 20, 2012, 11:04:02 am »
And if you don't have the money to hire a coach but only have enough to start your business, do you wait until you have enough for both, or do you go ahead and get started?

You get started NOW! If you wait until the "perfect" moment to get started, you'll be waiting for a lifetime. There is no perfect moment.

Do anything and everything you can do now to get started. If that means networking with like minded individuals that do what you want to do, then do that. If it means contacting a few potential sellers with the hopes of learning the art of talking to the seller, then do that.

Just do something to get started. You don't have to know how it's all going to work out in the end. But you do have to start somewhere.

So think of what your ultimate goal is. Then, start with something small, and then build on that everyday. Each day, do something that moves you toward your end goal, and you will eventually get there.

That is what I think too. Besides $400 a month is enough to get started with bandit signs and a website. From there it is more time than money to put ads on Craigslist, and to increase traffic to your website the organic way, and to put out your signs consistently. You can post bird dog ads for free on craigslist too. You can get 250 business cards for $20 and start networking with friends, neighbors, everybody and anybody. You can network with people at your local REIA to find buyers. You can call FSBOs and FRBOs. And if you don't know what to say, how to analyze the deal or what paperwork to use, that information is all available free on the internet. And if you don't know which title company to use, just ask around at the local REIA, you will get plenty of recommendations.

As newbie, you are looking for your first deal, not to start a wholesaling empire overnight. Besides, I have always found that scarcity breeds creativity. Writing a check to a mentor is easy. But scraping together something from nothing because inaction is unacceptable and failure is not an option, that's real motivation.
Goal set. Plan. Execute.
www.webuydcmetrohouses.com

 




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