Is it Worth using a paid real estate coach?

Question

Hello I am considering signing up with a Real estate coach and am not sure if it is worth it. I am a Real Estate Broker so I understand and have dealt with REO, short sales and other deals for my clients. However I have not taken the steps to build my own Real Estate Investing business.  I am thinking about joining Lou Castillo at Investor riches. It is $7500 up front and the rest is taken out of future deals. Anyone had any experiences with him? Thank you for the feedback.

Account Closed · Answer

A paid coach is only as good as the foundation you have prepared. if you have not studied the basics of real estate,contracts,valuations,construction,renting,etc you will be wasting a lot time .If you have no basic knowledge,that you researched and studied on your own(widely available for free) you will not be able to evaluate your training and be susceptible to being under the spell of a guru. The result way too much money spent for little return. There is nothing new or secretive to uncover as

@Bill Gulley mentioned

Bill Gulley · Answer

Yes, you need to have a good BS Meter in this business!  LOL

Might check out my blog about a good BS Meter. :)

Faisal Sami · Answer

I have used a coach and mentor. It helped me direct my real estate investments to what was suitable for ME, not what was being pushed by gurus. A coach can help you define what kind of real estate can work for YOU based on your available cash, time, knowledge and experience. Working with a coach/mentor can make the difference between success and failure.

Rachel H. · Answer

It really depends on the person. People learn in different ways. Just be sure that if you do sign up for a program, you're getting exactly what's promised to you. As in any program, results depend on you and your willingness to take action. Good luck!

Bill Gulley · Answer

So long as you're only spending about 1% of your available cash and savings you probably won't get hurt too much by any coach, mentor or guru! Just don't go to 25 of them!

I suggest paying a mentor by what they provide, make your payment tied to performance.

Define what you mean by real estate business, are you growing your agency or talking about your personal portfolio? As to your personal business, there are no trick, no secrets and everything you really need can be had for much, much, much less if not free!

Is it worth it? Not to me, never was, what you may get is real estate folklore. You can do this stuff yourself, really. :)

Mark Creason · Answer

Erik,

I would say no, but if you write me a check, I would cash it.  I would recommend finding a mentor who does not need a check up front.  When I was buying and flipping houses, I had my father helping me.

Mark

Account Closed · Answer

Even pro athletes at the top of their games use a coach, no matter what the sport.

The right coach can shorten your learning curve, pay for him or herself, and put money in your pocket.  The operative word in the above sentence is "right".

Tiger Woods did great when he had the right coach.  He lost that coach and has struggled since, going through a lot of different coaches.  (Well, that's not the only reason, but you get my point?)

Personally, I used a coach to get started in this business and still use one today.  I have found him very worthwhile more than paying for himself.

If you want to use a coach, find out what others have to say about him or her, and more importantly, have them show you concrete evidence of the results they obtained.  By concrete results, I mean show you copies of checks they got as direct result of using that coach.

William Jones · Answer

I'd google any coach before I hired him.  Just to help you with due diligence.  Also, references are required.  Absolutely required.

Otherwise, a good coach is, well, a good coach!

Erik Hosch · Answer

Thank you all for the responses. I have studied the basics of Real Estate Investing and I think a coach might help with structure and accountability. Anyone have direct experience with Lou Castillo. I know he has been around awhile. Again thanks for all the feedback I truly appreciate it.

Mike Hurney · Answer

@Erik Hosch Welcome.

Get a paid coach? Nah, you can figure it out all by yourself. Just like you can walk to work and you don't really need a car.

I'm kidding of course;-)

"However I have not taken the steps to build my own Real Estate Investing business."

That tells me you do need a coach. If you're comfortable with Lou, Do It!

Mike

PS You could see if @Mark Creason 's father is available?

PPS Or check out the speaker we're having at our next REIA meeting (site in signature below) VERY high marks for RE success by his students.

Is it Worth using a paid real estate coach?

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