I want a coach, any suggestions?

11 Replies

I’ve read 100 books, listen to 100 podcasts, joind Reia’s, been to seminars, talked to people from all areas of the business. I’m ready to jump and need a jump coach. experienced in multifamily and rehab. DM me for pricing. Thanks, Ken Mackey

Rather than a (perhaps remote) coach, I'd seek a local pro that you could partner with.  You could offer to work with them for free - an internship - to get knowledge of the business, and what you learn would be relevant to your local market.  Plus you'd be out time instead of money - and knowledge comes from that investment of time more than the dollars spent on a coach.

Most REI coaches teach the same old stuff you already read in those 100 articles, etc. and they throw in some motivation and accountability. I think the accountability part is super important and, again, you could find someone - a partner, spouse, etc. - to hold you accountable to the goals you set (e.g., did you make 20 calls like you said you would today, did you drop in on 5 brokerages this week, etc.).

Just some thoughts.  I wish you the best and much success!

Hello, Ken. Find someone local with experience (you'll find them on BP or at a local RE networking event). There's no need to pay someone for coaching. 

Amost everything I learned about RE I learned from BP and from personal experience once I started buying multi-family properties. 

As far as learning about rehab, you can learn this from an experienced local investor who's cool enough to bring you along to a new property they've purchased or even a local contractor. Or you can work for a property management company that deals in multi-family and get paid to learn about rehab and much more.

Originally posted by @Dev Horn :

There is only one coach I've ever recommended - @Brian Gibbons.  I put that guy in class above all the "gurus" because I have taken some of his training on how to talk to sellers and it was FANTASTIC.  He shared that with the BP community here > https://www.biggerpockets.com/blogs/3/44570-learn-how-to-negotiate-with-home-sellers

 Thanks Dev, you are too kind.

If you live in Ohio, learn about land contracts.  OH LCs have a unique law re repossession under default for non payment.  The Seller can repossess without a formal foreclosure if there is less than 60 payments and under 20% down payment plus monthly payments (total equity)

IDEA - buy on Land Contract and rent out or lease option.

Here is the statute..

Chapter 5313: LAND INSTALLMENT CONTRACTS

5313.01 Land installment contract definitions.

As used in Chapter 5313. of the Revised Code:

5313.02 Required provisions of land installment contracts.

5301.25 of the Revised Code and a copy of the contract to be delivered to the county auditor.

5313.03 Biannual statements furnished to vendee.

Every vendor under a land installment contract shall, at least once a year, or on demand of the vendee, but no more than twice a year, furnish a statement to the vendee showing the following:

5313.04 Vendee to enforce chapter provisions.

Upon the failure of any vendor to comply with Chapter 5313. of the Revised Code, the vendee may enforce such provisions in a municipal court, county court, or court of common pleas. Upon the determination of the court that the vendor has failed to comply with these provisions, the court shall grant appropriate relief.

Effective Date: 11-25-1969 .

5313.05 Default of vendee.

When the vendee of a land installment contract defaults in payment, forfeiture of the interest of the vendee under the contract may be enforced only after the expiration of thirty days from the date of the default. A vendee in default may, prior to the expiration of the thirty-day period, avoid the forfeiture of his interest under the contract by making all payments currently due under the contract and by paying any fees or charges for which he is liable under the contract. If such payments are made within the thirty-day period, forfeiture of the interest of the vendee shall not be enforced.

Effective Date: 11-25-1969 .

5313.06 Notice of forfeiture.

Following expiration of the period of time provided in section 5313.05 of the Revised Code, forfeiture of the interest of a vendee in default under a land installment contract shall be initiated by the vendor or by his successor in interest, by serving or causing to be served on the vendee or his successor in interest, if known to the vendor or his successor in interest, a written notice which:

5313.07 Proceeding for foreclosure and judicial sale.

If the vendee of a land installment contract has paid in accordance with the terms of the contract for a period of five years or more from the date of the first payment or has paid toward the purchase price a total sum equal to or in excess of twenty per cent thereof, the vendor may recover possession of his property only by use of a proceeding for foreclosure and judicial sale of the foreclosed property as provided in section 2323.07 of the Revised Code. Such action may be commenced after expiration of the period of time prescribed by sections 5313.05 and 5313.06 of the Revised Code. In such an action, as between the vendor and vendee, the vendor shall be entitled to proceeds of the sale up to and including the unpaid balance due on the land installment contract.

Chapter 5313: of the Revised Code does not prevent the vendor or vendee of a land installment contract from commencing a quiet title action to establish the validity of his claim to the property conveyed under a land installment contract nor from bringing an action for unpaid installments.

Chapter 5313: of the Revised Code does not prevent the vendor and vendee from cancelling their interest in a land installment contract under section 5301.331 of the Revised Code.

Effective Date: 11-25-1969 .

5313.08 Action for forfeiture and restitution.

If the contract has been in effect for less than five years, in addition to any other remedies provided by law and after the expiration of the periods prescribed by sections 5313.05 and 5313.06 of the Revised Code, if the vendee is still in default of any payment the vendor may bring an action for forfeiture of the vendee's rights in the land installment contract and for restitution of his property under Chapter 1923. of the Revised Code. When bringing the action under Chapter 1923. of the Revised Code, the vendor complies with the notice requirement of division (A) of section 1923.04 of the Revised Code by serving notice pursuant to section 5313.06 of the Revised Code. The court may also grant any other claim arising out of the contract.

Effective Date: 10-06-1980 .

5313.09 Instrument of cancellation of land contract.

A judgment for the vendor shall operate to cancel the land installment contract as of a date to be specified by the court. The clerk of the county or municipal court in which such judgment is rendered shall transmit an authenticated copy of such dated judgment to the county recorder of the county in which the property is located.

The county recorder of such county shall record such authenticated judgment as an instrument of cancellation under section 5301.331 of the Revised Code.

Effective Date: 11-25-1969 .

5313.10 Terminating land installment contract is exclusive remedy.

The election of the vendor to terminate the land installment contract by an action under section 5313.07 or 5313.08 of the Revised Code is an exclusive remedy which bars further action on the contract unless the vendee has paid an amount less than the fair rental value plus deterioration or destruction of the property occasioned by the vendee's use. In such case the vendor may recover the difference between the amount paid by the vendee on the contract and the fair rental value of the property plus an amount for the deterioration or destruction of the property occasioned by the vendee's use.

Effective Date: 11-25-1969 .