Real-Estate coach for hire!

General Real Estate Investing
1

I keep coming in contact with an endless stream of real-estate coaches that are wanting me to hire them to coach me. Prices have ranged from the several thousand dollars on up. I’ve successfully countered the sales pitch, ummm, I mean argument that Michael Jordan has a coach, but his coach was hired by the team owner, not by Michael Jordan himself. However, I haven’t found a counter argument for Tiger Woods’ coach: Tiger Woods himself did hire a well renowned coach to improve his skills.
Anyways, what are people’s thoughts on the real-estate coach thing? Does real-estate investing actually need a “coach”? Has anybody done this? Or known of someone that did? What were the results? If one of you were to seriously considering hiring a coach, what would you want that coach to do for you? Thanks.

Dean

2

Sports and Real estate are 2 different things. In REI, new investors will go out and seek or hire a mentor that will help them aloing. Show them how to find deals, build a power team, teach the technics, basically show them how to start and finish a deal in a certain area usually.

In sports, we hire a coach to show us what we are doing wrong or to push us to do better. REI coaches are in the biz to and they need to make money so many mentors do not stay with you long term. They help you get your feet wet and partner with you on deals. Basically give you the tools, and you do some of the ground work for them on a deal.

Remember " Those who do, do, those who can’t teach"

A coach would not help me invest better. If I want to learn a certain area, I look for local investors that are masters in that area and work with them… You can get alot of information from a few lunches together

3
However, I haven't found a counter argument for Tiger Woods' coach: Tiger Woods himself did hire a well renowned coach to improve his skills.

You don’t need a counter argument - just hang up or delete their e-mail. You don’t need a paid coach. Go to your local REIA and make friends with the SUCCESSFUL investors in your area. Your new friends will be happy to help you for FREE!

Good Luck,

Mike

4

Getting started in real estate investing can be a nerve-racking experience (I’m still there). It’s reassuring when you have an “expert” to guide you. I suspect these “coaches” are playing on those emotions to get some quick cash out of you. The first time you run into an unexpected expense or problem those coaches will be long gone.

5

I have had many coaches, and I don’t regret it. It is a personal preference, experience, and budget. The thing about coaching is that you need to find someone who is good, not just anyone.

The argument that sports, copywriting, real estate, yada yada are different is not true… Real Estate is a business… You can learn from your mistakes, or learn from others… It is more than just buying and selling…

Did you know that Ron Legrand for example pays $10k a year plus traveling expenses to visit his coach till today? he has a copywriting coach though not real estate coach… someone to teach him how to better find deals…

6

I think this site is FILLED with people who are excellent COACHES or better yet, MENTORS. Consider it your own personal support group with the experience to help you. Oh and by the way, its FREE!! But if you’re looking to spend your money on a coach. I can tell you the SECRET for just 10 easy pmts. of $299!! :shocked :biggrin. Seriously, I think you can spend your money on better things to get you to your goal. That my opinion… For what its worth… :biggrin

7

If you pay a coach he is then committed to being able to tell you what to do in every situation. I coach people, but I only coach on what I know how to do. If one of my friends asks me how to flip a house, I tell him I don’t know. Nobody can do everything. So what I recommend you do is like what propertrymanager said. Find somebody that is doing what you want to do and doing it well and do what he is doing. Those who can do those who can’t teach. Learn from those doing…they know more.

8

[b]Those that know, do. Those that understand, teach.

Aristotle Circa 322 BC[/b]

9

My best mentors have always been the people doing what I want to do.

10

Sounds like a teacher??

11

One of the arguments that I have being pro coaching is that up until this very instant you have done the very best that you can do. You can truthfully never do any better or any worse then your best, and your best got you to where you are today.

Sure you may think “Well I haven’t tried my hardest yet”. But, why haven’t you? I would say you haven’t tried your hardest because there has been no reason for you to do so. Meaning that you have been unable to motivate yourself, so perhaps a coach is in order. You can’t keep putting the same inputs into your life and expect a different output. Do you follow?

My argument against coaching really has nothing to do with coaching or coaches. I am against coaching for people who actually have no intention of ever doing anything with investing. Meaning, not even a coach will get there lazy A$$ up to make some progress. In cases like that Coach always wins, and client always loses.

I have personally run into customers who fell victim to russ whitney coaching $35,000, Carleton Sheets Coaching $5500. Neither of these people would buy anything that I did not recommend, and my recommendations were free. So they could have saved a bit of money.

12

When should you hire a real estate coach? If you’re committed to investing in real estate, there are a lot of reasons to hire a coach. The main reason is to produce better results in your real estate business and make more money than you currently are. You may feel that you should be operating your business entirely by yourself. After all, real estate naturally attracts the sort of people who like to work independently, and succeed based on their own mettle. Pride is fine, but you’re in this to make money, aren’t you? Wouldn’t it make sense to set your pride aside and do whatever makes sense for your career?
No doubt, you are enthusiastic about real estate investing. If you’re just starting out, though, you’ll no doubt admit you’ve got a lot to learn. Wouldn’t it make sense to find a mentor who knows the ropes, and can help you achieve greater success than you would on your own? If you’ve worked in the corporate world, you know how effective a good mentor can be in furthering your knowledge and improving your skill set. Coaching is different from teaching per se in that it is more focused on setting and pursuing goals. It’s not that different from sports coaching, except that it is focused on real estate investment. Even if you are goal-oriented already, a real estate coach can help you set better, more realistic, more achievable goals without sacrificing ambition.
Even if you are already successful at buying and selling real estate, you might benefit from the services of a real estate coach. A real estate coach can focus your business and your goals, and give you an informed second opinion on your real estate practice. In fact, coaching is a better option for experienced real estate professional than for absolute beginners. Once you know the basics, you can hire a real estate coach to help you close the gap between where you are now and where you really want to be.
You are probably, at this point, wondering how real estate coaching proceeds. Real estate coaching usually moves forward through a series of structured conversations revolving around your approach to your real estate investment business. These conversations are designed to help you set and pursue clearer, more achievable goals, think more clearly about your business, and gain better perspective. Real estate coaching is designed to provide the tools to enhance the process of building a successful business, and helps you approach becoming more accountable to yourself for achieving your goals.
Real estate coaching is often done by telephone. It doesn’t have to be; it can be done in person as well. A good real estate coach will tailor his or her approach to your needs. Before you hire a real estate coach, make they are able to adapt to your unique needs and your approach to the working relationship. If you choose the right real estate coach, you can expect them to give you objective feedback on your business and your approach to real estate investing, thus putting you in a better position to attain your real estate investment goals.

13 
 Little league coaches coach free for the love of the game to pass something on useful. As a rookie in little league find a coach who van get you started. You must show up for practice, bring your glove, and work hard.

 Yes all Pro athletes have a coach, but the started learing the fundamentals in their local playground, ballfield. I wouldn't recruit Bill Cowher to coach my sons midget team. A local coach can get you started and as you make money and learn the fundamentals you can seek more specialized help from experts. A professioanal coach can't get you to the Super Bowl until you can execute the fundamentals correctly. Fundamentals can be learned here and in the field get out and start playing the game.

Knowledge + Action = Results

14

Quite simply, I would want that coach to improve my game and help me be a better player. In the case of real estate, I would want to see some evidence that they know what they are doing and have experience applying what they teach. There are several coaches that actually meet this criteria, the trouble is weeding through the tares.

15

Early in my career in the rental property business, I discovered that my city had a REIA (Real Estate Investors Association). Since I was a new real estate investor, I thought that it would be a good idea to go meet the other investors. I began attending the meetings and made friends with the SUCCESSFUL investors in my area. One of my new friends (who was a very successful landlord) took me under her wing and taught me a LOT about the finer points of being a successful landlord. My other new friends also gave me pointers. At no time did anyone ask for money or offer their “mentoring” or “coaching” services. I consider that landlord to be my mentor and the information I learned from her made (and saved) me tens of thousands of dollars.

Just to be clear, I am a self-motivated person who CERTAINLY does not need someone to set goals for me; give me encouragement; or otherwise hold my hand. In addition, I certainly did not EVER ask her stupid questions that I should have known the answer to. She didn’t spoon feed me or walk me through every step. In my opinion, people that need their hand held have absolutely no chance of succeeding in ANY business.

The really great thing about having a mentor from your local area is that they know local issues; local property values; local laws; your local eviction court; local lawyers, local realtors, local banks, etc. They have the personal connections that you need!

So, my advice is to make friends with SUCCESSFUL investors in your area. Your new friends will be happy to help (mentor) you for free and they will have the valuable local information that you need!

Mike

16

As a new investor, the LAST thing you need is a coach. I associate the term “coach” with “consultant” ie, business consultant.

Someone above mentioned learning the basics/fundamentals of the “game,” and that’s exactly what you need to do first. You can do that by a) coming to sites like this one b) attending your local REIA group (as Mike suggested) and c) doing a few deals.

A coach may be needed AFTER you have determined that you a) can do REI and b) intend on continuing to do REI as a full-time career

A coach/consultant should be able to give you the tools needed/required to go to the next step/level in your REI career. Again, a coach would only be needed if you had hit a stopping block in your career AND you wanted to do more than you are at that point.

Finally, even when the sports pros hired their personal coaches, they didn’t do so by the the COACHES calling them and trying to solicit their business. They called the coaches that specialized in fixing/improving whatever it was that they wanted to do better in.

Raj

17

I too am of the opinion that one does not need to drop tons of money to learn the RE business. Most local libraries or used bookstores are loaded with books from all the “Gurus” and “experts” and can be had for cheap. Spend some time reading and visting websites such as REICLUB to ask questions and learn. One final note. Spend some time searching the web and you will find TONS of people very disatisfied with the so called experts. Web pages created by the same people that visited all these seminars and felt lied to and ripped off.

18

The hook the salesmen use is that you need a coach to “get you to the next level.” If you don’t know what the next level is, the coach will help you get to whatever the coach thinks the next level is.

For many, the next level is defined in terms of income. If you are basically doing buy and hold, the coach will insist that the real money “multiplier” is in flipping. The coach may have a preferred niche for property acquisition such as subject to, short sale, or lease option; as well as a preferred niche for disposition such as wholesale flip, rehab flip, contract for deed, or lease option.

Many coaches will stress that the buy and sell technique does not really matter because you can make money at each of them, provided you know how to use the technique. If you don’t know, then the “coach” will offer to teach you and get you up to speed quickly.

If you already know the techniques, then the coach will tell you that what matters is volume. If you increase volume, you make more money by doing more flip. To increase volume, you “need” better marketing tools and you “need” an internet presence.

If you don’t know all the details about all the buying and exit strategies, then you can get nearly all the detail you need in the forums at this site. If you need something more specific about a certain technique, there are home study courses you can purchase that will be a lot cheaper than the “coaching” program.

I guess my point is that you need to know what you want, and how to get there. If you know what you want and can’t get there yourself, then you need help. You have to decide whether that help needs to come from a hired coach, or whether you can get it by networking the forums and the members of your local REIA.

For me, the goal has always been financial independence. If there is more than enough passive income to meet my lifestyle needs, then I am financially independent. I have been financially independent since August 1998. As far as I am concerned, there is no “next level” for me.

The salesmen who call to extoll their coaching progams tell me that even Tiger Woods, as good as he is, uses a coach. They then ask if I would agree that a coach could help me get my investing to the next level. When I ask what the “next level” is, the salesmen usually talk in terms of revenue. When I tell them that I am already financially independent, that I don’t have to chase the next deal to put food on the table and that I don’t know what I would do with another $1 million yearly income, the salesmen usually hang up and don’t call back.

Coaches can be useful if you lack confidence or need a push to get motivated. I just don’t believe you need a coach to define your long term goals then develop an investment plan to get there. There is no “secret” blueprint or roadmap to successful real estate investing that only the coach knows. Every one can figure out their own roadmap on their own, develop a plan to reach their destination, then implement that plan to get there.

Chances are you will get there if you sweat your own blood. If you don’t work at it yourself, you won’t be truly invested in your success. If the coach is doing all the hard work for you, chances are you will quit as soon as the coach leaves.

Just my 2¢ worth. Keep the change.

19

Having a good mentor/coach can be a very very rewarding experience for you. Not just the profits you make because of it but the knowledge you gain from someone that is experienced.

The key is finding a good mentor that:

1.Knows investing. Don’t laugh you will be surprised how many coaches don’t have the knowledge to teach because they don’t know nothing or very little about REI.

2.Sticks with you like glue. A good coach is always there when you need him or her. That will hold your hand until you grasp the concept of REI.

3.Knows the niche you are wanting to invest. It’s important to find a coach that knows the niche you are wanting to get into. You wouldn’t want a coach that knows short sales but doesn’t know how to do wholesales or rehabs. Make sure that he or she has the credentials to teach that certain niche you are wanting to know.

Also if you can find one that is willing to mentor you for free than you found a gold mine. If you can’t find one that is free find one that is within your budget and make sure that mentor is worth it. Just because a mentor charges $10,000 doesn’t mean he or she is worth it. To flip the coin just because someone charges say $500 doesn’t mean that’s worth it regardless if it’s cheap. Always do due diligence when it comes to mentors that pay. Find out as much as you can about that mentor before you fork over any kind of money.

20

LOOK GUYS… :banghead

 We keep talking about what makes a good mentor or coach but let us focus on the one thing we have not touched on. WHAT MAKES A GOOD STUDENT OR MENTOREE.


 No one in there right mind is going to take someone under thier wing who does not bring something to the table.
  • Knowledge, arm yourself with as much as possible Read, Read, Read something, anything…
  • Learn your area, city, county. Go look at homes, read the real estae section of paper, look at deed transfers, drive around.
  • Interact / Network with investors, landlords, at REIA’s, tax sales, sherriff’s sales, anywhere you can find people investing in RE in your area.
  • Be responsible financially to build credit and save money you’ll need it if not to invest to sustain you through til the payoff, it is one thing to get a deal financed by another investor but do you really think they will give you 3 months living exspenses just to fund your deal.
    -Learn to show an apartment, house, write a lease, screen a tenant, clean out a vacancy, clean a carpet. Increase your value.
  • Success is measured in years not days or weeks so get this it may take a while but hard work pays off so be enough places and once you’ll be in the right place at the right time.