How many times have you thought about buying a coaching program?
How many times have you asked yourself, how do I find a mentor to help me get started as a real estate wholesaler?
Probably many times — because these are often the first question new wholesalers or investors ask themselves before getting started.
Well, I was recently asked this two-part question the other day: Which route would be the best way to go? Should I purchase a coaching program, or should I find a mentor?
This is a great question, and my response was: it all depends on a few things. Such a vague answer, but here’s why:
There are a few things that I would suggest before going in either direction. I would like to compare and contrast both options for those who are beginning and wanting to know before spending a lot of time or wasting a lot of money.
I am totally neutral on both because I know that both options are viable, and I do not want to discredit either. I have met some wholesalers and investors who have become successful using either strategy.
Here are a few things that I encouraged the beginner to process, think through, and take actionable steps on before making the decision.
How to Invest in Real Estate While Working a Full-Time Job
Many investors think that they need to quit their job to get started in real estate. Not true! Many investors successfully build large portfolios over the years while enjoying the stability of their full-time job. If that’s something you are interested in, then this investor’s story of how he built a real estate business while keeping his 9-5 might be helpful.
Take a Self Assessment Test
Before choosing a coaching program or utilizing a mentor, you will first need to know who you are and what your strengths and weaknesses are.
Conduct a simple self assessment; many people are unaware of what qualities they possess that set them apart from others, and I would suggest you get to know these qualities. The self assessment will give you the opportunity to know what makes you click and better yet, why they make you click.
StrengthsFinder is a great place to start. This a web-based platform by Gallup, Inc. (American research-based, global performance management consulting company) that helps individuals outline their talents and identify their weaknesses.
There are many other assessment tools that can help you, such as Myer-Briggs, Jung Typoloty, and so many others, but I would advise this being the first step to your success. Not only should you conduct the self assessment, but you should create a plan to work on strengthening your strengths and finding a way to develop your weaknesses into strengths.
Review your assessment quarterly to gage your progress. This is a tool that helps with self discipline.
Gauge Your Time Constraints
Again, either option — coaching or mentoring — works depending on your personal needs and desires. Timing is one of the most critical factors. If you have the time and you would like to build a scalable and sustainable investment career, I would suggest finding a mentor who is willing to help you through any difficulties. This can be done with a coaching program, but the one-on-one tutelage of a mentor is always a bonus. A perk of coaching is that you will be able to learn at your own pace; however, you will need to make progress.
If you are more aggressive and a “bulldog” wanting to get started and get started fast, coaching is a great place to start, especially if you are not afraid of making mistakes and learning quickly. It’s better to do something productive versus being stagnant.
With both programs, you will need to make an effort to keep moving forward. Anything that is not moving is dead!
Understand Your Need for Relationship Building
We all understand the importance of a quality, resourceful team. If you don’t understand the importance of a team approach in real estate wholesaling, read my recent article, “The Beginner’s Guide to Highly Effective Real Estate Networking,” which will give you some insight on the value add teams give you.
Coaching and mentoring will both provide relationship building opportunities, especially if you’re a part of a coaching team that holds you accountable. This is another critical piece to ensure you are working to build small successes. With a coaching program, you have the coach and a small, supportive cast that want you to succeed. With mentorship, you will have the support of the mentor who needs you to succeed, and you will have access to a host of resources.
If you prefer to work as a lone ranger, it will be difficult for you to create the success you are looking for. I am not trying to discourage anyone, and this is not to say that the lone ranger approach is not possible, but the benefit of having a support system is great during times of heartache — and you will have those times. Remember, even the Lone Ranger had Tonto as support.
Evaluate Your Money Situation
Either you have it or you don’t, but as long as you do what your coach or your mentor tell you to do, then you will make some money. Starting out, you definitely need some money, but if you lack the financial resources, then I would suggest you steer towards mentorship.
By partnering with a mentor, you will have the opportunity to learn, build relationships, and make some money, but you still have to have some skin in the game. Maybe your investment is time, scouting areas, answering seller calls or many other things, but you will need to have some investment.
Utilizing a coaching program, you have to start normally with a large initial investment. Again, for some this is a way to get on the fast track to their first deal, but others cannot afford the initial investment, and they must invest their time first. I have found recently that those who utilize the coaching platform and are self starters have found much success buying a coaching program.
Join a Mastermind Group
If you have not explored joining a Mastermind Group, I believe this a must.
What is a Mastermind Group? This is a group that comes together once a month (normally) to offer a combination of brainstorming, education, peer accountability and support in a group setting to sharpen your business and personal skills. This group helps you, and the group members achieve success.
Although with coaching or mentorship you will have a small real estate support group, you need a team that is independent of your field. Please do not fall into the trap of joining a Mastermind Group that is built of all real estate professionals. I implore you not to do this; it will only provide you with one singular viewpoint from a real estate perspective, and your purpose is to build a business.
The Wrap Up
I can conclude with this: Neither option, coaching or mentoring, is bad, but it depends upon your personal preference. I was a coaching basher at one point in time, but I understand now that just because it was not the route that I took doesn’t mean it won’t work for some. Please make sure you evaluate yourself and come to a conclusion on which option is right for you. Do not be swayed by someone else’s bias because you have to be able to make decisions independently of others. Whatever you do, just get started and do not be afraid to fail. The more failures you have, the closer you are getting to your successes.
I would love to hear your thoughts, and I’m sure others would like to hear some more of the pros and cons of both. Let’s help provide as much information to those who are trying to decide which direction to go in as we can.
Coaching or mentorship: What do you think is best?
Leave your thoughts below!