When hiring a real estate investing mentor or coach to help you get started in real estate investing, there are several key points you need to understand. There are several big name “Individuals” that sell coaching and training, that have a bit of a bad reputation. This is because their product does not meet the expectations of their clients. Below are 5 things to consider when hiring a real estate investing mentor:
- Are they local? Real estate investing is a business about location. A mentor is much more effective if they have specific experience in your market area.
- Are they Active? The best mentors are still active real estate investors. Be leery of those that are now full-time teachers.
- Are they available? Many “mentor” programs are centered around “coaching calls”. Great deals don’t always wait for a conference call.
- Are they transparent? Many mentor programs have a point of sale that is based on of an emotional offer. Never purchase something like this without the time to evaluate the successes and failures of others, and the company.
- Are they stable? Consider the long-term stability of your mentor before hiring them. How long have they been in business, and are they a real company?
Unfortunately, this industry is full of “wanna be” real estate investors that are better at marketing than they are at buying and selling houses. Many of these “experts” put together a massive marketing machine, designed to separate you, from your money, at the back of the room.
Anything that is only available NOW at the back of the room, is probably not the right thing.
If this “mentor” or “coach” will not allow you the time to conduct proper due diligence, then it seems to me they don’t know the first thing about buying real estate. As a real estate investor, success revolves around due diligence, and forecasting. That cannot be done in the back of a room at a seminar. What do you think?
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Tim, I equate every guru with Shiny Object Syndrome, at least what I call it, every new guru comes in with a “get rich quick” program and people, who are desperate for change are prayed upon by the guru, the local REIA says nothing because they make money with the guru, and it is a tired and old way for people to become separated by their money.
I am hoping that my Connected Investor group that I am building with another base leader, can educate people while allowing them to share information with us on what they are comfortable in doing. The CI program, started by Ross Hamilton, I think offers a fresh program for Real Estate Investors, much like REI, but it puts people, local people in charge of helping people outside of the REIA meetings. I think there is too much pressure in the REIA meetings to buy and sell.
Your thoughts? Great piece on Rich Dad, or Rich Dud, I guess. Maybe you can do one on Ron Legrand and his failed restaurants (he just closed his 2nd one in Jacksonville).