The German general and statesman Otto von Bismarck said, “Only a fool learns from his own mistakes. A wise man learns from the mistakes of others.” This is essentially the choice you are making when you decide whether to get a real estate coach or not. Are you going to learn from your own, potentially costly, mistakes, or are you going to benefit from the wisdom of someone who has made all the mistakes so you don’t have to.
There are many points where a real estate investing coach can save you from making expensive mistakes.
Help You Properly Value a Property
One of the biggest issues a real estate investing coach can help you with is learning to see the true potential of a property. It’s one of the big hurdles to getting started in real estate investing. Finding the After Repair Value (ARV) of a property properly can keep you from wasting time on properties that will require too much work to be profitable. And it will keep you from missing the opportunity of an ugly house that requires just a few cosmetic changes.
Sure, an inspection can save you from a catastrophic error, but by the time you can arrange an inspection, you may have lost precious weeks meeting with the homeowner, securing capital, and arranging contracts. A real estate investing coach can save you those losses.
Making a Good Deal
In many cases, sellers are eager to get a property off their hands. However, in Colorado Front Range markets like Denver or Boulder where values keep going up, many owners have a sense that their real estate is valuable and are wary of selling it.
Inexperienced buyers can make this harder on themselves, too, because they can spoil a deal in so many ways. For example, your inexperience can show through in how you approach the deal or how you present the contract. This can make sellers think they want to find a more experienced buyer. Errors or omissions in the contract can spook sellers who think you might be a scam artist. Or perhaps being too eager can make a seller think their property is even more valuable than your offer, which will make them want to seek other offers.
A real estate investing coach can help you approach sellers with confidence and with all the tools that make the deal seem like a good opportunity to them.
An Efficient Fix
Once you’ve acquired a property, your profit will depend on being able to improve it quickly and efficiently so that you can fill it or flip it at a good price. A real estate investing coach can help you do this reliably.
Some of the work you can do yourself. A real estate investing coach can help you identify these tasks and even help you acquire the skills necessary. Other work will need to be handed off to a contractor. A real estate investing coach will have contacts that can help here. They can also teach you how to manage contractors so you get a good price on work that is done quickly and well.
Your coach’s help will make it easier to turn around challenging properties.
Dealing with Tenants and Buyers
Your real estate investing coach can help you make a deal that will solidify your profit.
If you’re looking to fill a house with tenants, you have to find the right tenants and charge them a rate that will give you a steady income. You will also have to manage tenants and respond to their demands. Sometimes it makes sense to turn this over to a management company, and other times it’s best to do it yourself. A real estate investing coach can help you make that decision.
Just as there are many ways that inexperience can spoil a purchase, your inexperience can spoil a sale, too. Buying a house is a big investment for most people, and they need to trust the seller. It’s easy for an inexperienced seller to undermine trust. Inexperienced sellers can also find themselves in a weak negotiating position and may sell a property for less than it’s worth. A real estate investing coach can help you overcome your inexperience. Even if this means employing a realtor to help you sell, it can make your property sales more profitable.
A Real Estate Investing Coach Can Help
At every stage in the process, there are mistakes that can control whether you make a profit or not. Many of these are lessons that only experience can teach. The question is whether you’re going to learn them by losing money. A real estate investing coach can help you avoid these mistakes to make all your investments more profitable. Yes, a real estate investing coach may charge a fee, but they are well worth it.
If you want to learn more about how a real estate investing coach can help you make more profitable deals, please connect with Invest Success today.