3 Reasons Newbie Investors Should Hire a Coach
As a new investor, real estate can be very daunting. There is so much to learn: various strategies to pursue, financing options, deal structures. Then, there’s the challenge of finding the deal, running the numbers, and doing your due diligence.
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No wonder so many people never buy their first property!
If you’re a new investor and you find yourself feeling overwhelmed, it’s OK to ask for help! In fact, it may be one of the best investments you ever make. Finding the right coach could change everything for you!
This investment in yourself is something that can never be taken away. No recession will put it at risk, and no market turn can damage its value.
The most successful people in our society, from athletes to corporate executives to artists, understand the value of coaching. These individuals know that a coach can up their game in a way they might never be able to on their own. They are willing to pay tens of thousands of dollars to harness this power in order to get to the next level.
Please don’t misunderstand me and go out and spend $25,000 on a coaching plan before you’ve even purchased your first property. At this point, you don’t know if investing is even for you, so let’s scale this back a bit. There are plenty of programs out there for new investors that won’t break the bank.
How Can a Newbie Investor Benefit From a Coach?
Eighty-four percent of study participants claimed that coaching led to improvements in their performance and goals. Seventy-nine percent also found that coaching allowed for more complete use of their talents and potential.
Let’s take a look at how a newbie investor can benefit from coaching.
1. A coach can give you much-needed direction.
As a newbie investor, figuring out where to start can be a challenge in and of itself. There is so much learning material available that any investor can easily become overwhelmed and even distracted.
Figuring out where to start with your education is critical! And ensuring that you build the right base is paramount. Only once you understand the basics and the true power of real estate can you really navigate the various strategies available to pursue.
Coaches can help with this. They can put you on a path, starting from a point that makes sense. And once you understand the basics and figure out the strategy (or strategies) you want to pursue, coaches can help tailor your approach and continued education.
2. A coach can save you lots of time.
And I don’t mean a few hours a day—I mean coaches can save you weeks, months, even years! This could be years spent waiting and thinking or years floundering with the wrong approach or strategy. Coaches can help you find another way and get out of “race mode.”
A good coach will help you determine exactly where you want to go and why. Coaches can help you get to the root of your motivations, so you know what is driving you. This will allow you and your coach to strategically set goals that enable you to get to your desired end state as quickly as possible.
They can also help you navigate a path that will keep you on course and get you to your goals much more quickly than you likely could on your own. The truth is, even the most motivated individuals can easily get derailed and mis-routed. A coach can hold you accountable and keep you moving in the right direction.
3. A coach can provide encouragement and motivation.
Buying your first property is incredibly daunting. There is so much at stake, and you don’t have any experience to rely on. This is why most wannabe investors fall prey to analysis paralysis and never actually buy anything.
A coach can help you get through this and reiterate a good deal or steer you away from a bad one. This second set of eyes and reinforcement can be exactly what an investor needs to take the plunge.
They can also help you out of a slump. And we all have slumps! If your motivation is lacking, or you just need some encouragement, a coach can remind you of your goals, where you’re aiming to go, and why you wanted to go there in the first place.
Once you decide that a coach is right for you, you have to be willing to commit. This will require resources—both financial and time resources—as well as a commitment to your personal development.
Have you ever hired a coach or considered it? Why or why not?
Share your thoughts in the comment section below.