If you interview just about any successful real estate investor you'll typically find they have drive, determination, and stamina, but every good investor also has a strong advocate in their corner, watching and encouraging them every step of the way. The most prolific investors have a coach – or mentor – giving them solid advice and helping them to avoid some of the roadblocks, detours, and traffic jams that can delay or prevent their coronation as successful investors.
There are four stages of investing where coaching makes sense:
1. Before You Get Started – At this stage of your career you have more questions than answers. You're invigorated and excited about the future, but you're also afraid of making costly mistakes. A lot of investors fear failure so much they delay investing – spending thousands on one real estate investing course after another – trying to convince themselves that they're investing in their futures, when in reality they're hiding from it. A coach can help you adequately assess your preparation and see if you need more education or a gentle nudge towards the playing field.
2. After you get started and you're doing well – You may have left the gate with the zeal of an Olympic sprinter, but you need to realize that real estate investing is like a marathon. If you don't pace yourself, you can get winded, slow down, and drop out. A coach can help you to find opportunities you may have overlooked – and to avoid mistakes that could throw you off track.
Starting strong can generate income, but good coaching can help you build sustainable wealth, instead of a quick infusion of cash followed by extended periods of inactivity. What's the best way to segue from one stage to the next? How do you evaluate the current market and accurately decide what the future holds? A good coach can tell you that – and more.
3. After you get started and you're struggling – An immediate stumble out of the gate can cause some investors to question the wisdom of their decision. This problem can be compounded by listening to family and friends who are married to the idea of earning just enough to get by. Accustomed to failure – or at least mediocrity – they assume that you are, too. The worst thing you can do is elevate all the Doubting Thomases in your midst to positions of influence.
A real estate investing coach doesn't have the mindset of finding you a graceful exit strategy from real estate investing. They'll show yow new ways to face your fears, assess your strengths, and turn things around. It won't happen overnight, but a coach can give you the guidance you need to turn around and get headed in the right direction.
4. Any time you're ready to move to the next level – Regardless of where you're at in your investing career, you'll face moments of self-doubt and confusion about the best move for your career. You're traveling in what is to you uncharted territory. An investing coach knows the lay of the land and how to reach your financial destination. Are you taking advantage of every opportunity to advance your career? What could you be doing better?
Whether it's learning advanced investing techniques or better utilization of your credit, an investing coach can show you multiple options for getting where you want to go. You may have considered some and discarded them due to misunderstanding their significance. A coach will help you see the light without shoving you into the path of an oncoming train.
As you can see, a coach is needed no matter where you find yourself on the real estate investing success track. You can easily falter or stumble, but with an investing coach there to guide you, you can plan on reaching your financial, personal, and investing goals more quickly. A coach can't guarantee that you'll never falter or stumble.
What they can do, however, is help to ensure that a stumble doesn't precede a painful fall to the rear of the pack. Hire a good coach to catch you if you fall, to direct you when you stray, and to celebrate you when you succeed.