Picking a Coach or Mentor

As we go though our goals, many of us will start looking for help accomplishing those goals. Many times, that comes down to educating ourselves. Coaches and mentors are great for that, but that is not the real benefit of a coach. They are much better for accountability. Learning enough about real estate is not that tough. In fact, we offer enough free education to make you successful. The problem that I see is getting the confidence to actually go out and do something and being accountable for your successes and failures. These are by far the most valuable assets of a coach.

It makes me sick to my stomach when we get calls from some of the national real estate guru students. In most cases, the student will call us asking for a loan to do a deal, but they are out of reserves and don't have the ability to do the deal on their own. They are out of reserves because they spent their last dime paying for the coaching they are going through. When we start asking questions about their deal, we soon realize that $30,000 or $40,000 did not buy a lot. In fact, it is not uncommon for us to spend a little time on the phone and teach them actual principals that they need to know, but sadly do not. We have had instances where the student will tell us they learned more in a 20 minute call with us than they learned from their coach.

I just launched my book, , on Amazon and was getting questions about me coaching 'would be' investors. We do not offer coaching and do not plan on doing so; therefore, you know this article is written with your best interest in mind, and not written to sell you a coaching program. Honestly, I am writing this because it is sad to me that these poor people are being taken advantage of and if I can stop just one person from falling into this, I want to. If you plan on a coach, and most of us should, I strongly encourage you to look locally.

Some questions you might consider asking when interviewing a coach:

1. First, it would be nice if you can actually talk to the person that will be coaching you.
2. What are the costs and what do I get?
3. Please provide some references.
4. Tell me about the last deal that you personally did. How many and what types of deals are you currently doing?
5. Tell me about your experience in my market.
6. How many students have you had and what is the success rate of them actually doing a profitable deal?
7. What is the process if I have a deal that I need help with?
8. What is my biggest benefit working with you?

You should have a great understanding of what you aregetting into after you get these answers. You can find these coaches at the local real estate meetings, clubs, classes, and referrals. Whatever you do, do not go to a free two hour seminar and purchase something on emotion. Even if you think it is the right thing to do, go home and think about the decision. Trust me, you can get the once in a life time price by calling them or attending another free two hour seminar, so don't fall into the buy now or pay later trap.

For those of you that have purchased the $30,000 mentor-ship; do the best you can to take full advantage of all the perks you get with the coaching. Also, don't get down on yourself for making the decision. You did what you felt was right at the time with the information you had, and if you think about it, you only have to do a deal or two to make up for that cost. If you did spend the big bucks on coaching, and it got you going in this business, then of course it was worth the price. Understand though, that if you hear something in your local market that contradicts what you learned in your boot camp, there is a good chance the information in your boot camp is out of date or not relevant for your market.