The word coach can mean something different depending on how it is used. Some people think of coaches that watch from afar and shout words of encouragement. Others think that coaches put too much of their own ideas into someone else's plans. These are valid points in sports and other industries where coaches are prominent. Real estate is an entirely different game and experience definitely is one thing that cannot be taught. Experience is something that takes personal time and effort. There are many Gurus that sell informational products that coach students how to purchase property. Finding an experienced mentor by hiring a real estate coach for investment property could put your investing practices into overdrive.
Coaches are great at finding weakness and maximizing strengths. If you purchased an investment property that is now underperforming, it could be the result of more than one negative factor. What a coach does perfectly is assess the decisions that you have made up until now. Not every decision that you make will be the right one. Part of fixing the problem is reviewing where you have been and the choices that you have made. A real estate coach knows how to analyze the steps and decisions you make to find where an error could have been made or how a problem can be turned around.
A coach is unlike a financial advisor or investment coach. These professionals pay the most attention to the profit or loss that investments can go through. A real estate coach is the person that can help you understand why an investing decision is not the right one at a specific time in the market. A coach has no control over your real estate dollars and only makes suggestions how you can improve your ROI and lessen your tax burden. It is normal to hire a coach for advice on whether to sell, hold or buy a new investment property.
Buying a course, DVD or book are some of the ways that you can find a potential real estate coach. There are other free ways that do not require you to make a purchase. REI clubs (real estate investment clubs) are in almost every U.S. city and are usually organized by successful real estate professionals. Not every coach requires payment to coach or to mentor you. Some do it for the passion and some do it to build more contacts to further their real estate career.
The important thing to know about real estate coaches is that you should not be shy or embarrassed to ask questions. The only way to learn in real estate without spending your hard earned money is by asking questions and taking initiative. You could find that hiring a real estate coach for investment property is an excellent way to improve your investing success. It is perfectly normal to find more than one coach to learn from. You could find a coach that specializes in related activities like vacation property, wholesaling or buying REO property.