Have you heard the discussions bashing coaching and mentoring for Real Estate Investors? Yes, there are some bad apples out there, and you should not have to mortgage your house to get into their programs, but there are some good coaches that do not charge enormous fees.
There have been many people that have scraped up enough money to pay an earnest fee on a property only to discover they did not calculate the numbers relating to the project correctly and they lost their money, or worst yet continued in the deal and lost even more money.
When analyzing a project, there are many factors to consider. The evaluation of the neighborhood, correct After Repair Value, reasonable Rehab Costs, different funding options, the cost of the borrowed money, the monthly carrying costs affiliated with a rehab project, correct insurance requirements, protections in the closing process, aligning yourself with a title company that fully understands how an investor buys and sells houses, deciding to sell or rent the completed project, and the legal requirements of either. Miss the mark on any of these, and you are placing yourself at great risk of losing much money.
Even if you can establish the correct numbers above, do you know the neighborhood? The level of rehab depends on the neighborhood. What are the demographics of the neighbors? It could be mainly young couples or single people as roommates, older citizens, or parents with kids. Each neighborhood would have specific patterns. Property values go up and down within a few streets. A local coach will know the ins and outs of the neighborhoods in your city.
A local coach or mentor can help you properly structure your business to provide protection, develop your systems, and teach you how to evaluate the numbers of a deal. They will show you the steps that are needed throughout the entire process, helping you find funding and trusted service providers. They can share lessons learned, saving you costly mistakes. A good coach will be with you personally, giving you guidance, confidence, and protection.
As coaches, we have had students bring a deal they wanted to do; after careful evaluations, we were quick to point out that the deal was not a good deal and helped our students save themselves from a painful and expensive lesson.
We offer our students in-person classes in houses going through actual rehab projects. We do weekly one-on-one coaching calls. Once a month, we tour two houses and teach the students how to walk through a house and develop a realistic rehab cost estimate within twenty minutes. We spend up to two hours per house discussing possible renovations, such as adding/removing rooms/baths and why. Our students can call us whenever they find a deal and have questions. We also meet students at prospective projects to analyze the property to determine if it is a good deal.
We are not a course you buy and put on the bookshelf. We guide our students from the start of establishing their business to purchasing, rehabbing, and either selling or renting the property. We monitor your process and motivate you via our weekly coaching calls.
Yes, you could scrape up the money to do a deal and jump off the high dive into the investing waters without any education or anyone to guide you, but that is a very risky endeavor. Your other option is to align yourself with a coach or mentor that will guide you in every step of the process, eliminating some of the risks.
Contact MyMentor@Invest-Success.com to see how we can help you start your investing business and be with you every step of the way.