Coaching & Mentoring Program
Hi Guys,
Almost always when you attend a free Real Estate seminar or workshop (there’s usually one or two every month where we live) it is followed by an offer to join their special Mentoring and coaching program which is quite expensive around $4000 - $5000 dollars
I was wondering if anyone has taken it and would give me some feed back!
Thank you.
Todd
rtodd7,
You will find that most post on this forum is not supportive of paying for an education as a real estate investor.
Most will discredit Coaching & Mentoring Program and play them off as swindles and frauds without understanding the value of education.
Many will tell you that you simply can learn from forums, reading books, buying courses on ebay and the list goes on. This does indeed provide some help with the knowledge base.
Entering the real estate profession on a full-time basis offers several advantages over a part-time commitment. Being successful requires you to develop knowledge in many aspects of real estate, and more time focused on real estate leads to greater knowledge. The to buy rental properties or diversify your holdings in the stock market. The point is that you need to satisfy your cash flow needs before you can start "investing" your money.
One point you should consider is whether you want to be self-employed and along with that comes a lot of hassles such as dealing with marketing, office cost, supplies, tax returns, setting up your business, managing your time well, finding deals, acquiring deals, selling deals and the list goes on.
Starting out you will need to make many sacrifices in both time and money! Education will cost and you will have to investigate what teacher will reach you deep down in side, you want a teacher that speaks to you, that will motivate you, that will drive you to success and not the one that makes this sound easy, the one that implies the "get rich overnight" type of motivation as this will only take from your finances.
You will face personal sacrifices starting out such as loosing weekends, family time will be compromised, hobbies will be limited and the list goes on but I will say that over time real estate investing with the proper education has great rewards.
Starting out you should also:
Establish your real estate business
Determine the business set up
Develop a business plan
Order business cards, letterhead, and any office supplies and equipment
Set long-term and short-term goals; determine the results you want to achieve; focus on the goal and not the journey. Goals must be:
Specific and measurable
Use action words
Believable and achievable
Include target completion dates
Visit Courthouse
Obtain property information and valuation at the County Tax Assessor’s office
Locate deeds and mortgages at the Recorder’s office
Become familiar with researching data
Locate and identify legal newspapers
Study types of legal proceedings, lawsuits, judgments, etc…
Use Trustee’s Sales and Sheriff’s Sales to find upcoming foreclosure auctions
Attend a foreclosure auction
Learn process and terms of the auction
Identify what the financial requirements are when purchasing at an auction; which mortgage holder is foreclosing; what happens if a bid is successful; and what are the penalties for non-performance
Establish a working relationship with a realtor. This relationship:
Can help you obtain property comparisons known as comparables or COMPS
Can be mutually beneficial. You can provide leads to the realtor for listings and sales
Make business contacts
Build your power team of: bankers, title companies, attorneys and accountants
Join real estate investment club in your area
Spread the word that you are now a real estate investor
Distribute business cards
Build a referral network
Complete sample contracts and agreements
Familiarize yourself with the necessary real estate forms
The value of education can only be determined by you, but the cost of ignorance only leads to poverty!
Good luck.
[addsig]
wow thanks for those good words john. What is some good courses and books. Thanks[ Edited by TheShortSalePro on Date 06/03/2005 ]
Quote:
On 2005-06-03 11:06, DonaldTrump wrote:
wow thanks for those good words john. What is some good courses and books. Thanks
<font size=-1>[ Edited by TheShortSalePro on Date 06/03/2005 ]</font>
Donald.
The search for a good REI type training can be a daunting process at best.
Truly, you want to avoid cattle call type training as this will limit if not void your ability for any hands on type training.
Give you an example a few weeks ago I was invited to speak to a group of 57 people for 5 hours and if a Q&A was allowed this part of the session would have easily turned into 8 to 10 hours and this is by no way a discredit to large groups but if you want the ability to do the Q&A as this is a vary important part of the learning process you need to seek out teachers who focus on small groups.
You will want the future coaching to be a part of the cost not in addition!
Be careful of mentoring programs that do not take you hand and hand and from negotiation to negotiation!
I prefer courses that allow me to record sessions for future reference just like when I pursued my university studies.
I can not refer any teacher directly, as I have no ideal what type of REI studies you are seeking.
[addsig]
John,
Thank you very much for putting everything into perspective. Looks like you had put great deal of thoughts and effort into compiling this message and I appreciate it.
Anyway, having digested the wealth of great information you provided, I need to take this slowly as in one step at a time! Which mean study some books and perhaps do the Real Estate investing on a sort of part-time basis – and put the steps to recommend into motion on a priority schedule. I have actually short listed the following area in which I’m interested in investing:
(1) Single family unit pre-construction
(2) Buy and flip
(3) Tax Lien/Deed
Since I’m not a handy person I would probably not do any Rehab, Foreclosure is perhaps something for more experienced and seasoned investor.
Having said that would my approach be any different or simpler than you outlined?
Todd
RT,
Its always good to buy informational books or whatever but when it comes to training and paying 4-5K, i dont think it will be profitable as much as you taking 4-5k and getting an actual piece of property. I know people that spend thousands on training seminars and all the training they received, I got the same information by being on here and reading posts that people submit. Plus I recently bought my first property without attending any of the so called mentoring courses. Just have faith and keep reading posts.....good luck
[ Edited by Jose71 on Date 06/05/2005 ][ Edited by Jose71 on Date 06/05/2005 ]
Trump
if you have any questions or help on getting properties let me know......maybe we can work on someting and help eachother out......