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Why Every Investor Needs a Mentor PDF Print E-mail
Written by Larry Goins   
Thursday, 25 February 2010 19:54

Having a Real Estate Coach Can Make the Difference Between Success and Failure


When I was younger I used to think that having a coach or mentor was something only for athletes and the rich and famous. I also used to think that having a coach or mentor was a total waste of time and was for people who had no self discipline. After all let’s face it, how many regular people do you know that have a coach or mentor in any area of their life, right?

In fact it wasn’t until I started teaching my Ultimate Buying and Selling Machine! system (how we buy and sell houses and never look at them and have them sold in two hours or less all over the country that I started having students ask me about coaching and mentoring them to help them get started or get to the level that we are at buying and selling houses. At first I was thinking, you want ME to coach YOU? What can I do to make you do what it takes that you can’t do on your own or get out of my course yourself? But the more I traveled around the country, the more people would ask me.

So I started doing some research about coaching and mentoring programs, not only in real estate but other areas of life as well. I researched health coaches and what they do; I researched life coaches, business coaches, fitness coaches, spiritual coaches and more. Wow, I had no idea you could find a coach or mentor to help you with almost any area of your life! I found many programs available and prices to fit any budget. Coaching is not just for the rich anymore! There are programs for one on one phone coaching, group phone coaching (fancy term for a teleconference, live group coaching and live one on one coaching and mentoring.

I couldn’t believe all of the success stories I would hear from people who had a coach. They would say things like “Having a coach, forces you to do what you know you need to do to become successful”. “Having a coach keeps you accountable and on track every day”. “My coach is much more than just a coach, he is my friend”. “Having a coach is like having a business partner without having to split my profits”.

I started talking to and interviewing coaches, students who have participated in coaching programs and reviewing the programs themselves for real estate to see what works and what doesn’t. There are a lot of real estate coaching programs available and lets face it, most of them have a very bad reputation. I know as I have been called by some of them also.

On the internet you can read horror stories about good, hard working people who have invested thousands of dollars into some real estate guru’s coaching program only to find out that they still haven’t purchased their first property. Not only that but most of the people selling the coaching and providing the coaching don’t know or understand the speaker’s teachings. This can be very frustrating to the student who just purchased a coaching program, thinking that the coach was familiar with the teachings of the speaker. This is not a good way to start off a coaching relationship.

I’m not saying all real estate coaching programs are a bad investment at all. There are some that are bad, some that are good and a few that are great! All I am saying is that some  are more interested in “selling” the coaching than “delivering” the coaching. But when you find the right coach and program for you, you will literally be amazed at how easy and simple it can be to become a successful investor.

See, a coach not only teaches you the mechanics of how to invest and help you in the areas you need help most, but they also hold you accountable to what you need to do to become successful. A good coach will pat you on the back when you need it and kick you in the butt when you need it too. A good coach also knows when you need each of the above. A good coach is someone you build a relationship with over time and will give you assignments during each session so you have something to work toward and can see your progress. They share your successes and help you through your failures. That’s extremely important if you want to get the maximum results from your coaching experience.

A good coach will lead you in the right direction based on what YOU want to do with your life. They will not try to slam you into a particular area of investing if it is not the area you want to focus on. See, everyone has likes and dislikes in different areas of real estate. For example, I am a terrible landlord. I don’t like it and I am not good at it. When I started investing, my tenants had me trained to come to their house (really mine) to pick up their rent. What a total waste of my time. A good coach will ask probing questions to find out what you like and do not like about real estate. They will find out where you are both financially and personally in your life and then where you want to be. They will then help YOU come up with a game plan for success and how to make the dream a reality. A good coach will bring out your strengths and help you with your weaknesses. They will help you see the big picture and then break it down into small manageable steps so you can see your progress immediately.

When I finally decided to start my coaching and mentoring program I literally spent days traveling across the country and visited marketing firms, coaching companies, and talking to the actual coaches themselves. I found out what they taught and how they did it. I found out what works and what doesn’t. I found out who to model my program after and who to stay away from. I found out what I needed to do to personally train my coaches. See, I wanted to make sure that they knew all about me, my philosophies and how we do business. I made sure everyone on my team knew my business philosophy which is the same as Truett Kathy of Chic Fillet which is to “Put People and Principles Before Profits, Then Everyone Profits”.

If I was going to create my own coaching and mentoring program I wanted to make sure that the students could learn in detail my Ultimate Buying and Selling Machine! system from my personally trained coaches and receive all the help they need to use these advanced strategies. I also wanted a totally customizable program that would be able to teach any investor any area of investing they desired no matter what their experience level or area of interest in real estate was.

I am happy to say that after having our program in place for a while now we already have many many happy students who have been through our coaching and mentoring program and are well on their way to a prosperous career investing in real estate. I get an email almost weekly  that came from a student who did their first or next deal by going through our program. That’s an awesome feeling to know you contributed to someone’s success.

Larry Goins is an active real estate investor and travels the US speaking and training audiences at conventions, expos and Real Estate Investment Associations on his strategies for buying 10-15 properties per month without ever leaving his office.

Last Updated on Friday, 26 February 2010 18:58
 


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