Real Estate Coaching
Member since 2020 · 239 posts · 104 votes
Real Estate Coaching
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Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes
2y@V.G Jason Lots of high-performing individuals have personal coaches for many things including CEO's, professional athletes, and entrepreneurs. I'm in a mastermind group called Gobundance and I know people who have multiple coaches for different areas of their lives. And they don't hire coaches because they "can't succeed on their own". They hire coaches because they want to accelerate their success using leverage from others' experience and mentorship.
@Mario Morales isn't a fool to pursue coaching, as you insinuate. He merely wants to accelerate his investing journey so he doesn't have to listen to hundreds of hours of podcasts, read all the books, and sift through thousands of forum posts.
If one values their time, then maybe it makes a lot of sense to hire the RIGHT coach. Clearly, coaching is not right for you Mr. Jason, but that doesn't mean it isn't right for others. And it certainly doesn't mean they're lazy or "don't know how to succeed".
36 Replies
- 2yV.G JasonPro MemberInvestor · Member since 2022 · 3k+ posts · 3k+ votes
Quote from @Mario Morales:
Does or has anyone used a real estate coach, such as laying out all your financials, explaining your goals and getting advise on how to proceed?
Why would you need that? Do you not know your own goals, understand your own financials, and not look at how to proceed?
You can ask for tips, but don't take a predatory coach.
- Member since 2020 · 239 posts · 104 votes2y
Well, just to share, there are some very succesfull people out there who have done it and recommend it, in the chicago market. Explaining your goals mean, sharing your goals with an advisor and getting advise. This is why I am asking here to avoid a predatory coach.
- 2yV.G JasonPro MemberInvestor · Member since 2022 · 3k+ posts · 3k+ votes
Quote from @Mario Morales:
Well, just to share, there are some very succesfull people out there who have done it and recommend it, in the chicago market. Explaining your goals mean, sharing your goals with an advisor and getting advise. This is why I am asking here to avoid a predatory coach.
Wherever you ask, and whoever suggesting it to you will likely be just that predatory coach with something to sell you.
- Member since 2020 · 239 posts · 104 votes2y
@V.G Jason i think you don't get it, but thanks
- Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes2y
@Mario Morales Are you looking for a tactical real estate coach (how to do x, y, z, etc) or more of a mindset coach to help chart your course, assess your goals, and keep you motivated?
It sounds like you're looking for more of a mindset coach in the beginning, but one that can help you with tactical stuff once you figure out your goals.
Do you have a rough idea of what your goals are? One way to start figuring that out is to describe what a day in your life will look like in 5 or 10 years. Be as detailed as possible!
Good luck!
- 2yJason WrayPro MemberBanker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
Mario,
You need to talk to a seasoned Banker or Loan officer not a realtor when it comes to financials and the ability to buy or afford REI properties. The goal of the Banker/Loan Officer is to help you find and grow your real estate portfolio in a cost efficient manner. Its also our job to help you understand which programs work best and save as much money on things like down payments, overall costs.
You also get help running the numbers prior to making an offer to calculate the ROI of the property. Being able to evaluate the market analysis and even examine ARV options based on sale price/renovation costs and MLS/AVM comparables. Bankers/Loan Officers can do all of the above and are the only ones that can run the approval and numbers to start the calculations based on your criteria/approval.
- 2yV.G JasonPro MemberInvestor · Member since 2022 · 3k+ posts · 3k+ votes
Quote from @Mario Morales:
@V.G Jason i think you don't get it, but thanks
No, I get it. I think what you don't get is the stuff required to succeed on your own. Or forget succeed, more like even proceed.
The tools are all here. Identify what you can afford based off disposable income to invest, find an area that fits that criteria to where you can invest in. Get a great real estate agent, lender, property manager(if OOS) and proceed by making offers that are fit for your criteria. You don't need a coach to tell you that. If you can't understand what your criteria is, I pose the question of why are you investing?
And as you proceed, you'll adjust your risk appetite based off your income, experiences, regulation, etc. A coach won't be able define that for you. This forum can tell/teach you a lot more than some "coach".
- Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes2y
@V.G Jason Lots of high-performing individuals have personal coaches for many things including CEO's, professional athletes, and entrepreneurs. I'm in a mastermind group called Gobundance and I know people who have multiple coaches for different areas of their lives. And they don't hire coaches because they "can't succeed on their own". They hire coaches because they want to accelerate their success using leverage from others' experience and mentorship.
@Mario Morales isn't a fool to pursue coaching, as you insinuate. He merely wants to accelerate his investing journey so he doesn't have to listen to hundreds of hours of podcasts, read all the books, and sift through thousands of forum posts.
If one values their time, then maybe it makes a lot of sense to hire the RIGHT coach. Clearly, coaching is not right for you Mr. Jason, but that doesn't mean it isn't right for others. And it certainly doesn't mean they're lazy or "don't know how to succeed".
- 2yV.G JasonPro MemberInvestor · Member since 2022 · 3k+ posts · 3k+ votes
Quote from @Doug Spence:
@V.G Jason Lots of high-performing individuals have personal coaches for many things including CEO's, professional athletes, and entrepreneurs. I'm in a mastermind group called Gobundance and I know people who have multiple coaches for different areas of their lives. And they don't hire coaches because they "can't succeed on their own". They hire coaches because they want to accelerate their success using leverage from others' experience and mentorship.
@Mario Morales isn't a fool to pursue coaching, as you insinuate. He merely wants to accelerate his investing journey so he doesn't have to listen to hundreds of hours of podcasts, read all the books, and sift through thousands of forum posts.
If one values their time, then maybe it makes a lot of sense to hire the RIGHT coach. Clearly, coaching is not right for you Mr. Jason, but that doesn't mean it isn't right for others. And it certainly doesn't mean they're lazy or "don't know how to succeed".
Pretty much the exact example of what I was warning against. A guy in a mastermind suggesting coaching being the right way to go. Teetering on predatory.
You have got some great intel here. Some excellent, knowledgeable individuals on this board. Pose the questions, after you've searched and you'll get some feedback. Give it a try before you jump ship.
- Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes2y
@V.G Jason Spoken like someone thats never had a coach or been in a mastermind!
- 2yV.G JasonPro MemberInvestor · Member since 2022 · 3k+ posts · 3k+ votes
Quote from @Doug Spence:
@V.G Jason Spoken like someone thats never had a coach or been in a mastermind!
Right, cause I don't need one. And don't need to convince others to join a cult to back my reasoning.
- Member since 2020 · 239 posts · 104 votes2y
@V.G Jason. Doug's perspective is correct. I own several properties, and the time has come to expand further. Seeking advice from experienced investors reflects my humility rather than a lack of initiative. I find it perplexing that my quest for knowledge is perceived as an indication that I don't understand how to succeed independently. Most people in this group are supportive, while your approach seems more inclined towards arrogance rather than offering assistance. Rather than questioning my motivations for investing, perhaps we should consider why you may be perceived as presumptuous.
- Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes2y@Mario Morales: I understand what you are asking. Click on the link right below to see if that answers your question. PM me if it does.
Quote from @Mario Morales:
Does or has anyone used a real estate coach, such as laying out all your financials, explaining your goals and getting advise on how to proceed?
- Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes2y
@Mario Morales I think there is a much better way. I have always attended local meetups, and at the meetups I built a network of people who were either one step ahead of me or one step behind me. The folks who were a step ahead of me have leant me their advice and many became friends. I have learned so much from them, and I attribute most of my success to these folks. The folks one step behind me, I have in turn tried to do the same thing for.
I believe you can easily build out a network of like-minded folks in your area of Chicago. The city is so big, but we have a unique culture of sharing here and I think you can safely keep the 25k in your pocket to invest vs giving it to some guru to help you find your next deal, etc.
- Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes2y
Quote from @Mario Morales:
Does or has anyone used a real estate coach, such as laying out all your financials, explaining your goals and getting advise on how to proceed?
im sure you could find hundreds of people willing to coach you, all for the right price. My advice is to find someone doing well, and to hang with them and learn.
Also read up and watch videos like the series at ohiorem.com which teaches you how to get started in real estate investing in Ohio.
- Investor · Fresno, CA · Member since 2016 · 222 posts · 237 votes2y
@Mario Morales Coaching can be a great idea as can masterminds and mentors. Ultimately they all serve a similar purpose: to provide clarity around next steps, an action plan, and accountability to move things forward. Every individual has different needs and desires different things from coaching. I have a bit of experience, having hired several coaches for various things in real estate. Here's my lessons.
Mentors: someone who you know like and trust that is willing to understand your unique situation deeply and provide tailored advice in their domain of experience and expertise. This seems to be what you're after.
Coach: paid mentor who can create a game plan to move you forward in a specific area/niche. Some provide accountability while most do not.
Mastermind: group of active doers that come together to share knowledge, resources and best practices. Can be general or specific depending on the aims of the group.
I don't recommend a coach or a mastermind for you. Masterminds are too general if you don't have an understanding of where you want to go. They are very expensive often, and if your business doesn't have high excess profits I would work on getting revenue up before increasing expenses on education. A coach can be helpful, but it doesn't sound like you have a narrowly defined objective with your investing (aka. learn to structure lease options in Kansas City virtually). A coach/mastermind costs money and any strategy they advise will require or be helped by spending money, so you're working against yourself here. Better to get a gameplan from a book or mentor, spend the money on marketing or relationship building and pivot as you move forward from there. Lastly, coaches generally won't become partners or help you do the work in any way.
Try to get a mentor. As others have said, get one from attending local meetups, being a friend, focus on building relationships (buy people dinner and deliver it to their office/jobsite) and try to find someone that is just a little ahead of you. They will take the time to get to know your situation and provide tailored advice for much less than the cost of any coaching programs. Once you run into a specific problem that requires a professional, then perhaps hire a coach if you want to internalize that process (for instance you want to learn to set up PPC campaigns and don't want to hire a service provider to simply do this for you).
Many people have success with coaching, but the percentage of successes is very low. I believe those that would have succeeded would have done so anyway without a coach. It may have just taken them a little longer.
- Real Estate Consultant · Chicago, IL · Member since 2023 · 10 posts · 4 votes2y
@Timothy Howdeshell Could not have said it any better! Great post Tim.
- Investor / Mentor / Contractor · Arcadia, CA Buying Out of State · Member since 2015 · 654 posts · 622 votes2y
@Mario Morales definitely don't listen to @V.G Jason he doesn't know what he's talking about. I am one of those who paid for coaching and have had tremendous success due to them. Not predatory at all or in any way. I did a coaching program with Rich Dad years ago (Robert Kiyosaki) and it was amazing. They helped me in direct ways that no way this site or a casual post could do. Money well spent on my part. Then I spent money with RE Mentor (David Lindahl) and that completely changed my life forever. I own hundreds of apartment units and have a lot of positive cash due to that program. The third one I spent money on is a guy who is no longer around. His name is Marc Garrison and he did Buying Tours and this completely set me on a course to success. I've done more for personal development and health also. The key is to do what you are doing - ask for advise on where to sign up - but not if you should sign up. We all need mentors, coaches, guidance. DM for more info on those programs.
- 2yV.G JasonPro MemberInvestor · Member since 2022 · 3k+ posts · 3k+ votes
Quote from @Tim Ryan:
@Mario Morales definitely don't listen to @V.G Jason he doesn't know what he's talking about. I am one of those who paid for coaching and have had tremendous success due to them. Not predatory at all or in any way. I did a coaching program with Rich Dad years ago (Robert Kiyosaki) and it was amazing. They helped me in direct ways that no way this site or a casual post could do. Money well spent on my part. Then I spent money with RE Mentor (David Lindahl) and that completely changed my life forever. I own hundreds of apartment units and have a lot of positive cash due to that program. The third one I spent money on is a guy who is no longer around. His name is Marc Garrison and he did Buying Tours and this completely set me on a course to success. I've done more for personal development and health also. The key is to do what you are doing - ask for advise on where to sign up - but not if you should sign up. We all need mentors, coaches, guidance. DM for more info on those programs.
These guys got something to sell you, keep believing these types of flameouts. The most lucrative investment he has in his future is something to sell to people like you.
I am not one of those to paid for coaching. Made a great success in a W2 job, then created businesses from it and got into REI this calendar year. I am willing to bet if more people managed risk appropriately and studied their parameters within their job, took calculated risks they can do as well. If not better than me. Tim is small fry that has to prey on smaller fry.
- 2yJoe S.Pro MemberInvestor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
The real challenge is to find the right person. In my experience, finding the right person is going to be the challenge. I could go in longer detail, but when a person is typing on their phone instead of a laptop short is best. Lol
I’m not opposed to finding the right person to take me to the next level however, I have talked to many people that claim to be all that and a bag of chips. Then a quick conversation on the phone and I realize they were not any further along than I was.
- 2yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votesBS
Quote from @V.G Jason:
Quote from @Mario Morales:
Well, just to share, there are some very succesfull people out there who have done it and recommend it, in the chicago market. Explaining your goals mean, sharing your goals with an advisor and getting advise. This is why I am asking here to avoid a predatory coach.
Wherever you ask, and whoever suggesting it to you will likely be just that predatory coach with something to sell you.
- 2yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votesI always laugh when I read this type of answer. My comment is simple. You know what you know, and you don't know what you don't know. If someone knows more than you, and paying them to teach you will give you a return larger than what you paid for it,...and that return keeps repeating, why wouldn't you pay for it? Yes there are garbage coaches out there. Find the good one. It's not that hard. You're about to be responsible for more than a billion dollars in cash and RE, so just jumping in and learning as you go, without the benefit of someone else's experience, makes perfect sense. Trouble is, when you go into REI, the goal is to make dollars, not cents.
Quote from @V.G Jason:
Quote from @Tim Ryan:
@Mario Morales definitely don't listen to @V.G Jason he doesn't know what he's talking about. I am one of those who paid for coaching and have had tremendous success due to them. Not predatory at all or in any way. I did a coaching program with Rich Dad years ago (Robert Kiyosaki) and it was amazing. They helped me in direct ways that no way this site or a casual post could do. Money well spent on my part. Then I spent money with RE Mentor (David Lindahl) and that completely changed my life forever. I own hundreds of apartment units and have a lot of positive cash due to that program. The third one I spent money on is a guy who is no longer around. His name is Marc Garrison and he did Buying Tours and this completely set me on a course to success. I've done more for personal development and health also. The key is to do what you are doing - ask for advise on where to sign up - but not if you should sign up. We all need mentors, coaches, guidance. DM for more info on those programs.
These guys got something to sell you, keep believing these types of flameouts. The most lucrative investment he has in his future is something to sell to people like you.
I am not one of those to paid for coaching. Made a great success in a W2 job, then created businesses from it and got into REI this calendar year. I am willing to bet if more people managed risk appropriately and studied their parameters within their job, took calculated risks they can do as well. If not better than me. Tim is small fry that has to prey on smaller fry.
- Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes2y
Hey @Mario Morales - I 100% think you should get a coach! If you are even thinking about it, it's the right thing to do...and you get what you pay for. I've spent tens of thousands of dollars in coaching and it is definitely scary, but taking that leap of faith is a bet on yourself. I've found over and over you get what you pay for.
Coaches help you set the RIGHT goals when you are doing something new and then help hold you accountable. Like anything, it's not about the game it's about the practice so you have muscle memory to make the right decision in the game without thinking.
If you look at anyone at the top of their field they have some type of coach and/or mentor, no brainer in my opinion. If you are looking for someone local let me know and I can recommend some people even as mentors.
Just be aware because everyone is a "coach" these days... vet your coach like you "should" date if you are looking for your wife. Take your time, ask a lot of questions, and find someone in full alignment with your goals and personality type.
Quality Builders4.966 Reviews - 2yJohn O'LearyPro MemberLender · Winter Park, FL · Member since 2021 · 737 posts · 412 votes
@MarioMorales, seeking guidance from a coach is a commendable step. Think of the the best to master their craft like renowned athletes Michael Jordan, Tiger Woods, and Serena Williams, who all attributed part of their success to their coaches. Many accomplished business professionals similarly benefit from the wisdom of mentors. It's crucial to ensure the coach you select has a profound understanding of your specific goals. It’s not about choosing just anyone; it’s about finding the right fit. I had the opportunity to participate in 'The Boardroom Mastermind' led by Kent Clothier, which was an extraordinary experience. Joining such high-caliber networks can be a game-changer, offering investors a 'fast pass' to advance rapidly in their journey. Consider it an investment to expedite your success. Before diving into high-level masterminds, though, it's wise to tap into local networks to build a foundation. It's all about strategic progression and aligning with those who can propel you toward your objectives. Best of luck!
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