A coach can offer a variety of services, such as help in setting goals and avoiding mistakes, says Miller, who has been investing in real estate for 15 years.
“He or she can teach you the specifics about a particular style of real estate investing such as buy-to-hold or buy-to-flip,” she says.
According to Brianna Bobola of B2R Finance, answering the coaching question may depend in part on the investor’s learning style.
“If you (as an investor) found it valuable in the past to learn from a mentor, then real estate investment coaching may be a good option,” she says. “If you are a person who likes structure and needs someone to motivate you to reach your goals, a coach can provide that.”
If you prefer to find your own way, to learn as you go, or to learn from your mistakes, then you might prefer a go-it-alone style that doesn’t mesh well with professional coaching, she points out.
Coaching can provide insights that an investor won’t immediately discover on their own and may speed up your growth trajectory.
“There are many ways to become successful in real estate investing,” says Bobola, “so learning how someone else achieved success can provide you with a new set of investing tools.”
Although Miller has never hired a coach, she’s had mentors and has mentored investors as she has advanced in her own experience.
“Getting with someone who has experience in the niche you are interested in would be beneficial,” she says, adding that she talks with several mentors on a regular basis. “We swap information and exchange ideas.”
“Starting out, you definitely want to get with someone — whether it is someone you hire or a mentor — to help along the way because there are so many pitfalls you can find yourself in,” says DaJuana Miller, owner of WorldWide Home Investments in Fort Worth, Texas.