All Forum Posts by: Jennifer Gligoric

It depends on the coach.  With any mentor or coach you need to do your due diligence.   I would ask for a copy of the mentor contract, read the fine print on what he states he will provide, and then spend the time & money to research him.  Does he have a payment plan, is there a guarantee - what exactly are you getting?  The first screening I'd do would be to make sure he has this all written out.  Most professionals will understand that they need things in writing to protect themselves as well as set the customer's expectations.

Look up with the Secretary of State the entity he lists in the contract, any DBA's and the name that you are going to be giving your money to, and make sure his business is up-to-date (If he's incorporated). There are numerous places (Intellius, Instant Checkmate, Dun & Bradstreet) you can pay nominal fees to do background checks. For $3600 - I wouldn't spend over $100 in background checks because you can probably get most questions answered by researching his social media / LinkedIn and reaching out directly to anyone who comments on his posts or references he publicly lists. The social media checking is time-consuming but free and can answer a lot of questions - or hand you a ton of red flags.

Also, lLet the coach know you are going to do this and then gauge how open is he to providing information to you and how reasonable is the information you received compared to the investment he's asking.  Obviously, anyone is going to bristle if you demand a cavity search over $3600.00.  However, reasonable requests for a break down of services they'll provide and what they won't provide, references and testimonials is not asking too much.   Neither is asking "OK well I'm going to do some research and also check out your company.  Is there anything you want to tell me before I get started?"  

I'm a huge advocate of coaches & mentors and believe that people deserve to get paid a fair compensation for trading their time / expertise.  Sometimes it's worth it, sometimes it's not - and with just a little due diligence on your part taking control then you can feel a lot more comfortable with whatever decision you make. 

@Ezra Harris  LOL it IS awesome to be able to "Pivot!" (in the voice of Ross Geller lulz) when we need to.

As far as flips versus buy and holds, I'm a huge fan of diversification especially in the current economic climate. I think that if you can do both, even if it is one rental for some steady income and then buying & flipping if that is your bag is best. I am not a property manager so have to rely on others. I run my own company as COO & simply can't be running around like a good property manager should.

It really depends on the property, budget,the property manager and where I'm at at the time.  What is my best business that fulfills me may not be yours. That's another thing that is awesome about real estate investing - you create what works for you and I just love that so much.

With me I always ask myself, "What is the highest / best use of my time & talent?" and that is the best starting point.   I wouldn't always use the money equation either.   Sometimes it's incredible satisfaction.   However, if it would make me a "10" Satisfied to custom lay shower tile in a unique pattern but my time, the value of the pattern compared to me working doing research at the courthouse or going to an auction while a skilled craftsman who has the tools, skills & follows the pattern I want isn't worth it - it isn't worth it.   It depends on how high level of skill you have, tools you have and time - compared to what you can do in other areas.  

So Ezra, when you asked the other poster "Do you think having these skills will hinder you from scaling hirer than a certain number of properties.

Or do you feel that once you reach that “number” it will be easy to transition from doing it yourself to hiring it out?"

It depends on what you feel comfortable letting go of - and trust.   The most successful investors know how to let go of control & have faith in the relationships they've built.  Not blind faith - but professional trust that has been built.