Is it a good idea to pay for a real estate investor coach?
If so, please message me with recommendations or tips on good coaches.
This is a very great question. Some people will say you should and others will strongly advise against it. Some questions to ask: What exactly do you want a mentor to teach you? How much are you willing to spend on a mentor/coach?
Here is what I can tell you from people I have known personally and what they did:
1. Rich Dad program - You can spend upwards of $60k, totally not worth it.
2. Fortune Builders - You can spend upwards of $25k-$40k, again not worth it.
3. Dean Grasiosi - You can sign up for a quick $3,500 to get a weekly 30 minute coaching phone call, cheaper but not worth it as you just get someone based out of Utah in a call center who is following a script.
Have you looked to see if you have a local REIA in your immediate or close area? The cost to join and the knowledge and connections you can make will be totally worth it to join.
I dont think its a bad idea to attend boot camps or trainings offered by national speakers as you usually get some materials and several days of training and the average cost I have seen them go for is from $999 - $3,000 on average.
Be cautious regardless of what you do.
Hey thanks for the response,
I am not looking for something commercialized. I am more or less talking about paying someone who is a real estate investor to work with them and learn the business hands on. Reading books and doing seminars only go so far.
I like that idea much better. Will be more difficult to find but dont give up.
@Chris Lynch Like all of life's great questions, the answer is "It depends." I've been doing this for 7 years and have spent a substantial amount of money on coaches and seminars and I don't regret one penny. In fact, my only real regret is that I tried the DIY method for too long. Now, I actively seek out training and info every year to grow my business. More to your point, I have had 2 mentors whom I paid significant amounts of money too and I will attest that I'd probably be out of REI if I hadn't done so.
Mentors will accelerate your growth by keeping you from making mistakes (big and small), teaching you things in hours or days that would take you months or years to learn, and by holding you accountable to do things that add value. All of that being said, they can't do it for you. You have to be in the right place mentally; ready to receive instruction willing to listen and to take action.
So, how do you know you are ready? If you aren't sure you want to be a real estate investor, don't have defined goals for what you are trying to achieve, and don't have real reasons to invest ('making money' doesn't count), it's probably best to wait. A good mentor will make you do things that aren't comfortable. Many people don't like this and give up because they weren't in the right frame of mind to start with. However, if you know what you want to achieve and how you want to get there, find a person who is successful at doing exactly that. You will make more money being excellent at one thing, than being good at 5. Pick the one you want to be excellent at first and find the best person to teach you. If you do this, the price won't matter as it will take you to a level you would not otherwise achieve.
Having a Mentor help me a lot. Initially, when I was hesitant to make offers he pushed me harder. When he ensured I stay focused on my goals. I still have a mentor.
Finding a good one is the challenge. You are asking the right questions :)
I agree that it depends.
From my experience dealing with newbies (mentored or not), the hardest single element of real estate investing is doing the first deal. If you can't pull the trigger, no amount of mentoring is going to help. I've seen too many people all excited with a head full of ideas about complicated schemes, but unable to just buy a property.
I recommend coaching only for people who have actually gotten their feet wet, know what their goals are, and want to take their business to the next level or specialize in a specific strategy.
No amount of classroom hype can compare to the guttural experience of closing a deal. And even the worst real estate agents can walk you through the process and introduce you to lenders, title companies, etc.
Even if you don't get the best deal on the planet, you will come away from it with a much better idea of what you're made of. And you'll own your first investment property.
I think there's also another way to potentially look at this. You should ask yourself what it is that you're hoping to get out of working with a mentor. Are you brand new and looking for someone to teach you the basics? Do you have a specific niche that you're looking to learn more about or are you still trying to figure out what niche is right for you? Do you want someone to watch you do a deal and provide feedback or would you prefer to help someone else out and ask questions while they do a deal?
For instance... I wouldn't consider myself a mentor as this point, but my partner and I would likely be open to sharing our experiences as we went along if someone would help us to fund a deal.
Yes, there are plenty of mentors out there, who want to take your money for the bootcamp and training, but at the end you still struggle to close a deal and getting answers and help when you need them most.
Hire someone (investor/mentor) who is willing to put "money where the mouth is," like split with you on the proceeds for the bulk of their training fee. That is what I do and it is a win-win situation.
Thanks for all the great responses.
Dean Grasiosi not worth it.
Good post- even its a few years old...thanks.
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