You might not come across “the one” the first time (or second, or ninth…), but when you do, everything you went through becomes worth it.
The general purpose of dating is to find the person you want to marry or spend your life with. You want this person to make you better, understand you, and want what’s best for you.
Most of the time, you just know when it’s right. You’re on the same page, moving in the same direction, and generally compatible.
When it comes to starting out as a real estate investor, the same may apply with a successful coaching relationship.
Notice that word “relationship.” I emphasize this because relationships are HARD! And they are a two-way street. Both members of the relationship need to be committed, willing to work, and communicative.
Check out this article on effective coaching relationships. I particularly like the part about partnership building, because that hits the nail on the head. You and your coach are partners, and you both have to be equally committed, persistent, and respectful.
I previously wrote posts about the various reasons to hire a coach and the importance of the getting into the right mindset before hiring a coach. The overwhelming response to these posts was, “Great! Now how can we find one?”
Hiring a coach is not something that you should take lightly. The decision needs to be well thought out, and you need to be sure to choose the right coach for you.
Here’s how to get started.
7 Steps to Finding the Right Real Estate Investing Coach
Step 1: Do some soul searching.
Figure out if a coach is what you really want. Be sure that you are ready to commit and take it seriously.
Ask yourself: Will you do everything that’s asked of you? Will you take the advice of your coach?
If you’re hesitant here, you might not be ready for a coach! If you’re willing to pay someone for guidance, direction, and advice, it’s critical that you’re able to take it and act on it.
Hiring a coach doesn’t mean you’re going to automatically achieve your goals. You still have to do the work!
Step 2: Find a coach that’s good at what you’re looking for.
If you’re pursuing multimillion dollar commercial properties and syndications, a coach with experience only in residential real estate with a focus on single family homes might not be the best fit for you.
If you’re a newbie, find someone who enjoys new investors and has a successful track record working with them.
Step 3: Do a background check.
What is their experience and training? Why are they qualified to coach you? What success have they had?
There is no right answer to these, but you want to know up front what you’re getting into and have realistic expectations.
Step 4: Figure out their style.
Do they use tools and techniques that will work for you? Do they care about the way you learn? Will they tailor their approach to you, or is it a generic coaching program?
I would strongly advise that you stay away from the one-size-fits-all program. No two investors are the same, so their coaching program should not be the same, either. Coaching needs to be tailored and specific to the individual.
Step 5: Figure out what it’s going to cost.
It’s OK for this number to be a little scary. This will force you to take it seriously and make the most of it. It has to be reasonable though, and this investment must come with a return.
While there’s no way to know what the exact return will be, you can balance the results and outcomes you are looking for with the cost. For example, let’s say your goal is to buy one house per year for the next 20 years until you retire.
If each house in your market will average $3,000 annually, it might not make sense to spend $30,000 on a coaching program. It would take you four years to recoup that investment with the earned rental income.
On the other hand, if you have $100,000 sitting in a savings account, and a $30,000 coaching program will teach you how to double or triple that remaining $70,000, it might be worth the investment.
Step 6: Do a consultation and be really honest about the outcome.
Did you learn something? Was communicating with this person easy or natural? Do you feel inspired and ready to get out there and do something?
Are you confident in this person’s knowledge? Do you trust them? Are they genuinely interested in you, your goals, and your plans?
If the answer to any of these is no, I would advise you to keep looking. This isn’t your coach.
If you’re not “wowed” from the first conversation, you’re going to be disappointed and frustrated that you wasted money.
Step 7: Ensure the coach has time for you, and is willing and able to coach you.
If the only time they have available for you is 6 p.m. every third Thursday when you’re having dinner with your family, I would say keep looking! You need to be able to get in touch with this coach when you really need something, and waiting three weeks for a response simply will not suffice.
I’m not saying your coach needs to be at your beck and call 24/7, but you need to ensure that your needs will be addressed in a timely manner and both you and your coach have realistic expectations before moving forward in a relationship.
These steps will get you started on your journey. Above all, trust your gut! Whether it’s a good feeling or a bad one, explore it before making a decision.
Lastly, look for a money back guarantee and a willingness to give away quality content and advice for free. The best coaches do it because they love it. They aren’t afraid to help you before you even commit to working with them.
Furthermore, if they believe in what they teach and are willing to put a guarantee on their coaching, you will be able to rest easy knowing that they are as committed to your success as you are.
See the post on Biggerpockets.com.