Is a Real Estate Coach Right for You?
By Brianna Bobola, Marketing Writer, B2R Finance
Investors in single-family rental properties can benefit from real estate coaching, but how do you know if a real estate coach is right for you?
Answering this question may depend in part on your learning style. If you’ve found it valuable in the past to learn from a mentor, then real estate investment coaching may be a good option. If you are a person who likes structure and needs someone to motivate you to reach your goals, a coach can provide that.
If you prefer to find your own way, to learn as you go, or to learn from your mistakes, then you might prefer a go-it-alone style that doesn’t mesh well with professional coaching.
Coaching can provide you with insights you won’t immediately discover on your own and may speed up your growth trajectory. There are many ways to become successful in real estate investing, so learning how someone else achieved success can provide you with a new set of investing tools.
“Starting out, you definitely want to get with someone — whether it is someone you hire or a mentor — to help you along the way because there are so many pitfalls you can find yourself in,” said DaJuana Miller, owner of WorldWide Home Investments in Fort Worth, Texas. Miller has been investing in real estate for 15 years in Fort Worth and its surrounding suburbs.
A coach can offer a variety of services, such as help in setting goals and avoiding mistakes. He or she can teach you the specifics about a particular style of real estate investing such as buy-to-hold or buy-to-flip.
You may find you want coaching in a very specific area, such as how to evaluate a property for possible purchase, how to make the best offer on a property, or how to best manage maintenance expenses on existing holdings.
How to Find a Coach
Often the best coaches aren’t national names with fancy websites and big price tags. They likely are fellow investors in your city who have found an impressive level of success. How did they do it, and are they willing to teach you?
Although Miller has never hired a coach, she’s had mentors and has mentored investors as she has advanced in her own experience.
“Getting with someone who has experience in the niche you are interested in would be beneficial,” she said. Miller said she regularly talks with several mentors and they help each other.
“We swap information and exchange ideas,” she said.
Investors are a pretty friendly bunch even though we may, at times, be in competition for properties. Oftentimes, however, our metro areas are vast, our investing criteria and geographies are slightly different and, as a result, the opportunities seem nearly endless.
Find a coach by attending investment clubs in your region. Talk to attendees and speakers to get names and ideas. Coaches can also be found online, but be sure to talk to current or past clients to get referrals. Always ask questions about costs and services provided. Some coaches may require a one-year contract, so make sure you understand the agreement if you are asked to sign anything.
So, is a real estate investment coach right for you? Only you can answer that, but we hope we’ve provided some food for thought.
B2R Finance offers rental investors innovative lending products to help unlock equity from existing portfolios and provide the cash needed to build rental portfolios nationwide. For more information about how B2R can help you obtain rental property financing, just call 800-227-8107 or visit www.b2rfinance.com/borrowers and follow us on Twitter @B2RFinance.
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