Jumping into real estate investing without any experience could be a recipe for disaster. Sure, you may have purchased a home or two to live in with your family and maybe you accidentally timed the market right and made a few shekels. Do you know how to replicate your success or was it pure luck?
Instead of leaving this to chance, your best bet is to find a reputable real estate investing coach. Otherwise you could potentially lose tens of thousands or even hundreds of thousands of dollars, destroy your credit, and otherwise sully your good name.
We feel hiring a coach is a much better option. And to find the perfect coach to help you take your investments to the next level, we’re sharing our best tips with you below so stick around to learn the truth.
Determining Your Real Estate Niche
Before you can even begin searching for a coach, you have to determine your real estate niche because there are different ways to make money as an investor. You can invest in mobile homes, probate properties, commercial properties, tax liens, lease back, flipping, rentals, and the list goes on.
Wait a minute. You didn’t realize there were so many different ways to make money in the real estate game? Well, it’s time to visit your local library or your favorite bookstore to learn more about your options.
Rather than diving into the real estate waters with a blindfold on, your best bet is to read about various real estate investing styles first and get a firm grasp of each one. By spending hours of your time and a couple of bucks, you’ll be able to determine your favorite type of real estate investing. And once you do that, you’ll know exactly which type of real estate coach to hire to help you get everything running smoothly from the get-go.
What to Look for When Choosing a Real Estate Investing Coach
Now that you’ve determined your niche, it’s time to get down to the nitty-gritty and really begin searching for a top level real estate investing coach. Coaches are a dime a dozen unfortunately, so you’ll have to put in real effort to find the best person or persons capable of meeting your needs.
To help you make this choice, we’ll share certain characteristics and attributes you should look for in every potential coach. The most important things to learn about your potential mentor include the following:
- Expert status – entering into the real estate investing niche is going to be time-consuming, expensive, and you’ll be required to put your credit on the line in many cases. So, instead of choosing the first real estate investing coach to come along, you need to find a mentor who is considered an expert in their field. You need to find somebody who has already accomplished everything you set out to achieve and then some. By finding this mentor, you’ll have the best possible chance of achieving your goals the quickest. So make sure your real estate coach truly is an expert in their field. They should have written books on the topic, or created lots of videos and podcasts, or other content that proves they are the best and brightest in their area of expertise.
- They teach you how to invest in your spare time – in all honesty, you may want to charge into this field directly out of the gate and immediately quit your job. This is incredibly foolish if you’re brand-new to this type of investing. You need to find a mentor who can teach you how to learn the ins and outs of this niche during your spare time. You need to keep your day job to pay for your bills and other expenses. And who knows, you can even save up more money to pump into future investments in your real estate area of choice. But learn how to do everything in your spare time in the beginning and then transition to becoming a full-time investor when the timing is right.
- They love teaching their students and it shows – unfortunately there are some real estate coaches who aren’t necessarily excited to teach their students. They are more interested in selling information products and books as opposed to providing one-on-one coaching insight to their clients. If it seems like your potential coach is more interested in lining their pockets than actually helping you through one-on-one training, you’d be much better off finding a different real estate mentor instead of wasting your hard-earned money getting somebody else rich while they leave you in the lurch.
- They teach using real-world examples of their personal successful investments – more important than anything else; you need to find a real estate coach with actual first-hand knowledge and experience. Finding a teacher that teaches about real experiences and real successful deals is the best way to learn how to invest in your niche. Otherwise you’re dealing with somebody who’s teaching you theory but has no idea how to implement their strategies in practice. This could be a recipe for disaster if you pay a theorist to coach you so instead find a coach who spends most of their time in the trenches and only teaches real estate investing on the side.
3 Questions to Ask a Possible Real Estate Investing Coach
- How long have you been coaching in real estate? It’s okay to hire a brand-new coach as long as they have the experience and credentials to back up their teaching. But more likely than not, finding a seasoned coach with years of experience under their belt is going to be the best option.
- How many people are you currently coaching? You may want to avoid hiring an investing coach that is already overloaded with coaching clients. Instead, find a more expensive mentor that only takes on a handful of clients and provides personalized attention.
- Do you teach workshops or live classes? Sometimes it’s good to get together with other real estate investors to make connections. But if they do offer live classes and workshops, make sure they are small and intimate. Because if thousands of people are going to be in attendance, you’ll definitely get lost in the shuffle.