How important or recommended is it to have a coach/mentor?

Question

I've got a couple of wholesale deals under my belt now while being a student of a system. This isnt coaching or mentoring just following a system. So Im wondering how much I can benefit from having a mentor or coach? I feel like I still have many questions all the time, and at a point where I feel like I have no direction or where I should be spending most of my time and prioritize certain tasks. What are your guys thoughts on mentors/coach's?

Tyrone Green · Answer

This thread speaks volumes to me...

I gave myself the title of RE investor last September, not knowing what I should do next after self crowning myself.

I stumbled on the idea and plan of how I would get my WA broker's license and be a rehabber that would sell my own properties, thus keeping all commissions in house.

I studied for my license on line and got up to the very last exam before paaing the entire course when I met my now business partner and mentor.

I do not look at my attempt at getting my license an ill- fated move at all- it actually "schooled" me in the ins and outs of basic RE knowledge.

Overall, I think that reaching out to a mentor will solidify your business foundation-

In other words, don't build your house of cards on a crooked table like so many other have.

Much success!

Dale Stevens · Answer

Here are my thoughts on this topic.

1. I have a mentor/coach and I wouldn't change it for the world. I don't think I would be where I am at without him.

2. I live in Chicago. The Hawks have been around forever, and have had some solid players. but it wasn't until they hired Joel Quennville that they are now being talked about as a dynasty. While Kane and Toews are great, without Quennville would they have CUPS?  the same can be said for the Bulls under Jordan. I might be showing my age here as this was in the late 80's early 90s, but the Bulls had Doug Collins and nothing to show for it. Enter Phil Jackson, 6 titles. How important is a coach... Jackson goes to a loaded Lakers team that had no titles, and secures 3 more titles.

3. So using the above, not only do I feel a coach is important, but the key is to get the RIGHT COACH. I, like many others, squandered money on a coach that is a "name" used to market an education company that is just a call center based out of state. Mine as in utah. They told me some high level stuff, but until I got a local guy that walked me into the county building, showed me where to record items, search records, challenge tax assessments, showed me eviction court the local rules, laws, etc.  I lost money on deals prior to that. The phone coach said to find 3 local contractors for quotes on rehabs. The local mentor said, Call these two guys i use for quotes. Which would you want?

So there is my bias in a nutshell. Let us know if you get one and how it goes!

Brian Gibbons · Answer

@Steve Vaughan

Thanks for the ping and shout out Steve

You are a great coach in your own right even though you haven't  been here on BP that long, I always recommend people in WA state read your posts and PM you

@Pedro Oliva

Look at this graphic

I think the key skill in real estate investing is effectively talking to the home seller and showing them all of their options and still make money yourself

If you're interested in coaching, PM me and we'll set a time to talk for free for 30 minutes

Best wishes

Brian

Christopher Salazar · Answer

I have done several wholesale deals and am always looking for mentors or experienced investors to start a mutually beneficial relationship with. Also, if you ever have any wholesale questions, feel free to reach out to me. I'm sure we can help each other out.

Steve Vaughan · Answer

I know what it's like to have nobody to ask but yourself.  Coaches/mentors are like anyone in any industry - there are good ones and bad ones.  Vet wisely. Have you tried networking at your local REI or meetup @Pedro Oliva?  Having done a couple deals already makes you a lot more attractive to someone to take you under their wing a little bit.  A new person with a general idea of wanting to make money are about the most annoying out there.

I will ping @Brian Gibbonsfor you.  He is all over BP offering helpful suggestions and has been for a long time.  He does have a coaching program and I believe he is one of the good ones, though I have not taken his 'course'.  Good luck!