Consulting and mentorship programs are everywhere for one simple reason: having a teacher can unlock your potential faster than anything else. Many real estate investors have realized this after benefiting from someone’s teaching. As a result, the real estate investing world is full of mentors and coaching programs. The question is, which one is right for you?
There are a lot of great coaching programs available, and the one that you should enroll in will depend on a number of factors. So instead of giving you a list of coaching and mentoring programs that we recommend, here are several questions you should ask yourself to determine which mentor is right for you.
Where are you at in your wholesale real estate journey?
How much you know about wholesaling real estate will play a large part in who you pick to be your mentor. Because you’re likely paying for mentorship, you don’t want to invest money in a program or a leader who teaches skills above or below your current level.
For example, if you’re a one-person team and you’re learning how to comp and land wholesale deals, you don’t want to invest in a program that’s focused on scaling and building out a team. That information may become helpful to you in the future, but right now it will probably distract you from the parts of the industry you need to be learning.
What real estate investing skills are you lacking?
When you set out to learn something new, it’s easy to dive in head first and try to learn everything all at once. Unfortunately, this is one of the most common causes of burnout. If you want to become a successful real estate investor, take time to identify the skills you need to focus on before you choose a wholesaling mentor or coaching program.
Some good skill sets to focus on are comping, building relationships with agents, cold calling, and creative finance. There are several training programs you can invest in that will help you hone your skills in one of these areas. However, be aware that they’ll also shape your investing career, so take some time to determine who you want to work with and what skills you want to master before making a decision.
If you want to develop a jack-of-all-trades approach to wholesaling, that’s certainly an option as well. There are many training and coaching programs that teach the entire process without a focus on a specific niche. But if you’re struggling with a certain aspect of the wholesaling process, then picking a program with a heavy focus on that area will probably serve you best.
What is your local market like?
The internet has transformed how people connect. At BatchService, we see it first-hand every time we host a monthly webinar. People form joint venture opportunities in the live chat, whether they’re from the same state or they live on opposite sides of the world.
However, internet connectivity can only facilitate a portion of the opportunities that in-person interactions can create. You should keep this in mind when you choose a mentor. There are great virtual programs, Slack groups, and forums you can be involved in, but if you’re not in the local area where these groups are based, you may not get as much out of your membership as you hoped.
For example, there are several prolific wholesaling groups based here in Phoenix. They have thousands of students across the world, but their Arizona-based students get the benefits of local meet-ups, on-site teaching opportunities, and much more.
Someone from Chicago or Atlanta can learn a lot from these programs, but they may miss these in-person benefits if the program doesn’t have a presence in their local market. The good news for them is that there are thriving real estate communities in their cities as well that still offer in-person opportunities.
That doesn’t mean you should automatically avoid joining a group if it’s based in another state. You’ll still learn a lot from these programs and see your wholesaling career benefit as a result. We just recommend taking some time to think through your options and what you want to get out of the program. Wholesaling coaching programs can be pricey, so if you invest in one without knowing what to expect, you could end up regretting it.
Wholesaling real estate is one of the few entrepreneurship opportunities that offers legitimate and actionable coaching services. Unlike some of the coaching programs from other industries, there are many legitimate wholesaling courses that can help you build a thriving full-time business landing real estate deals.
To take advantage of this opportunity, pick from your potential mentors carefully. Consider what you need to learn, what they offer, and what you’re looking to get out of the program. If you do that, you won’t have any problem identifying the right mentor to show you how to make successful real estate investments.