Real Estate Investing Basics

Why Having a Business Coach is Crucial–Even If You Think You Know Everything

Expertise: Business Management, Mortgages & Creative Financing, Landlording & Rental Properties, Real Estate Investing Basics, Personal Finance, Real Estate Deal Analysis & Advice, Commercial Real Estate, Personal Development, Real Estate News & Commentary
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Probably one of my biggest mistakes was that for the first several years after college, I thought I knew everything I needed to know. I went out into the world not knowing what to expect other than entering the workforce. My whole idea of getting ahead was to earn more money, work more, or just keep working harder.

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A few weeks ago, I had the privilege of seeing James Malinchak (of ABC’s Secret Millionaire) speak in Dallas. He was quoting Coach John Wooden of UCLA fame, saying:

“It’s what you learn after you think you know it all that counts.”

It’s funny how our parents or we as parents make sure our children have the best teachers and coaches. My grandson, for example, has a soccer and a lacrosse coach. Many of us, when we were young, even had a tutor for math or reading.

Yet when we graduate, we feel that we no longer need to keep on reading and learning, let alone asking for help or any real guidance/coaching. The majority of us just go it alone.

So, I’m listening to James Malinchak, who by the way is an incredible speaker, tell all of these amazing short stories, filled with great ideas and gems of wisdom, in the most colorful way.

Related: Real Estate Coaching or Mentorship: As a Newbie, Which is Right for You?

One of his short stories was about how he was once chatting with the Oscar-winning actor Sir Anthony Hopkins. He said that even while he was sitting next to him, all he could think about was Hannibal Lector. That’s how good of an actor Anthony Hopkins truly is. He asked Sir Anthony if he had a coach, to which Hopkins said, “No, I have seven coaches.” He then went on to list them (an acting coach, a speech coach, a Broadway coach, etc.).

So, How Come We Don’t Always Have a Coach?

Whenever I’m around the best of the best, they all seem to have coaches. I guess there are a lot of good reasons to get an outside opinion, or 30,000 foot view, on how we’re doing. It can also be someone to hold us accountable. Sometimes we’re just too close to the situation.

My partners and I, for example, have a business coach, and she’s great, especially when we’re debating amongst ourselves what we should be doing. She’s the perfect sounding board.

Related: How Life Coaching has Helped Improve My Business and Life

A mentor or coach can not only give you positive reinforcement, but can also keep you on track toward achieving your goals. In the past few years, I've had some really good mentors and coaches. Although I've invested a significant amount of time and money with some, to be quite honest, their experience and knowledge has always been well worth it.

Then James Malinchak said, “Is what you’re thinking about doing right now contributing to your freedom or contaminating it?”

What a great question for myself and others to ponder. As we all take on more and more things in life, are these really things that are going to lead us to where we want to go?


That day, I learned a valuable lesson from a great coach. Later, I figured out that James was a speech coach. Although he wasn’t selling anything that day directly, he gave one hell of a speech and demonstrated the true value of what a good coach could do for you.

Maybe the best form of marketing is really just demonstrating one’s own success in the space.

So, do you have a coach in your life? How do you decide which coach to hire?

Since 2007, Dave Van Horn has served as president and CEO of PPR Note Co., a $150MM+ company managing funds that buy, sell, and hold residential mortgages nat...
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    Tommy Ruddell from Humble, Texas
    Replied about 5 years ago
    I have been looking for a coach , but afterPPR closed the doors on the mentoring program it is very difficult to find a legtimate trustworthy mentor in the note buying world. Dave do you have any recomndations on where to find a good mentor or can you PLEASE PLEASE open up your mentoring program again :)) Thank you Tom
    Dave Van Horn Fund Manager from Berwyn, PA
    Replied about 5 years ago
    Hi Tommy, I agree that a good mentor is hard to find, and unfortunately I can’t really recommend anyone because I haven’t taken anyone else’s program. We have since changed the direction of our note education program, but we’re now offering free, bi-monthly investor/note buyer Q&A conference calls (which I can DM you the information for). We’ve also just released a a new and improved stand alone 2nd lien course that is available on our website (with a 1st lien course on the way!) And if you’re an accredited investor looking for advice and more networking opportunities, along with other industry leaders I now host a new monthly group called Strategic Investor Alliance with more info on our monthly meetings that can be found here: Good luck and I hope to hear from you. Best, Dave
    Replied almost 5 years ago
    Brilliant! “I don’t have one coach, I have seven!” Someday I hope to be like this as well. Teachers, coaches, mentors, and learning in general has always meant a lot to me. I think that knowing who is helping you to succeed and being respectful towards them is one of the best things you can do for your career.