What You Need To Know About
Real Estate Coaching
Ratings Chart For All The Gurus
There are several articles and blogs concerning real estate mentoring
- what you should look for, who to trust, what you should avoid, etc. And while there may be a few
worthwhile nuggets in those posts, much of it is just so much garbage written by wanna-be "gurus".
One self-proclaimed "guru" says it is best to work with a successful LOCAL investor. Now there is a bankruptcy in the making. Here's a newsflash - no investor worthy of the name is going to properly train his future competition. If you find a local mentor, chances are he will USE you and take advantage of you rather than TRAIN you. You do not need a local coach - any good investor can mentor you, even from thousands of miles away, since the actual strategies and methodologies do not change.
Another says you should avoid retired investors because they are out of the loop. Not so - since the
actual methods of investing in real estate have not changed since the Magna Carta, written hundreds
of years ago, it does not take much for even a retired investor to "keep up" with whatever minor
changes enter into the picture. The only real changes are local ordinances and/or banking
regulations, which are easily dealt with. And being "retired" does not mean the investor has lost
all interest. Chances are, he or she still keeps up with all the latest news. I do, and I have been
retired for nearly 15 years, yet I still successfully train thousands of new students each year.
Then there are the infamous "infomercial gurus" like Armando Montelongo, Carleton Sheets, Dave Lindahl etc. who make millions each year by suckering folks into paying thousands for boot camps, bus tours and/or "mentoring" that is not even provided by actual investors. Most of them farm out the mentoring to companies that use $10/hour telephone operators using scripts.
And then another so-called "mentor" says you should ask a potential mentor for "addresses of currently
owned rental properties." While that may sound reasonable at first look, it is actually ridiculous,
and shows this guy knows nothing about investing or mentoring. First, many investors (like myself,
for instance) do not want rental properties, or the headaches and the risks associated with them -
just look at the last few years, as property values plummeted. We would rather flip, and put cash in
the bank so we can retire young, as I did at age 38. Second, most investors are too smart to hold properties in their own name - instead, they are held by Llc's or corporations, often making it nearly impossible to determine who actually owns the property.
While it appears that finding a mentor to help you is a complex, fruitless operation. that is not
really the case. Actually, it is rather simple - get a FREE mentor, such as those provided by "The Simple Man's Guide to Real Estate". That way, if it is not working out, it has cost you nothing.
So, here is the short take - first, find a mentor (preferably free) who is a successful investor
with a known history. Then simply tap into his or her experience and expertise. It is no more difficult than that.
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