Need a really good West Virginia real estate coach and mentor? All high level performers have coaches. No one is "self made". Behind every thriving real estate magnate is an amazing real estate coach and mentor. But how do you find one that can aid you to be successful in West Virginia? Contemplate these 3 questions:
# 1 - Are You a Creative or Traditional Real Estate Mogul?
There are really only 2 main approaches to invest in real estate, creative or traditional. Lots of people are traditional. Traditional investors use, cash, credit or both to purchase real estate and therefore they accept the risk connected to having to put real money into the property. Traditional works well if you are already rich. But, what if you're not? Instead, what if you are wanting real estate to make you affluent? That's where Creative enters the picture. With Creative, in place of using cash, credit or both, to acquire real estate, you apply unique strategies to buy real estate without down payments, conventional loans, cash, or credit. And, you also steer clear of the risk but hold onto the rewards. Which one of those particular descriptions most closely fits you? Note: If you need to learn more about the differences between Traditional vs Creative, please look at the following article: Creative Investing or Traditional Investing.
Picking which type of investor you prefer to be is extremely important because it determines which type of West Virginia real estate coach and mentor is best for you.
Traditional = Local
If you're planning on being a traditional investor, a nearby West Virginia real estate coach and mentor is perhaps the best choice. The very best traditional investors can access a lot of quick cash to invest in property. They are usually first class at continually digging up very inexpensive, very well-performing contractors. They have the power to move on with great deals speedily (because most traditional deals demand on the spot action or you get left behind to someone else.) Traditional investors fully understand the local area quite well, which communities are good, which communities are bad, the direction of development, etc. Successful traditional investors understand regional trends and adapt as necessary. Traditional investing is rather localized and so the most effective type of a real estate coach and mentor will likely be a person living in West Virginia.
Usually, a superb "investor-friendly" real estate agent can be a very good traditional real estate coach and mentor. And since they may also be an authority in your local community, a Realtor can also educate you on mortgage brokers, closing attorneys, skilled tradesmen and so many different people that can be imperative to your traditional investing achievements.
Creative = Nationwide
If your target is to be a West Virginia creative real estate investor, you may be astonished to hear that a nationwide real estate coach and mentor may be your best choice. Creative investing formulas usually apply in each and every region as it is often based on the idea of motivated property sellers and motivated property won't be region specific; they are everywhere. Individuals who need to sell their home speedily are required to do so for good reasons that typically have nothing to do with the area of the country, including divorce, economic issues, death, facing foreclosure, etc. So a very prosperous creative investor can relocate into a very different region and stay as productive. Certainly there are state regulations that may be a benefit for a particular creative procedure above the other, but almost always, productive creative investing is not based upon how well you understand your area.
Since creative real estate needs considerable creativity, thinking outside the box and watching how different creative investors are up to all across the country fosters extra ideas and superior ways to creatively buy and sell real estate. Plus, sometimes creative investing involves very specialized team members and if you happen to only pulling off of the West Virginia area for those people, you are confining yourself. Some of the finest mortgage brokers for no-title-seasoning financial products and title companies for concurrent closings we employ deliver countrywide or regional services. Whereas in case you can primarily draw from title companies or mortgage bankers in West Virginia, you couldn't get the deal closed.
Most of all, the number of motivated sellers willing to sell their house creatively is restricted with regards to the size of the marketplace. The saying that, "there are sufficient deals to serve for everybody," is garbage when it comes to creative real estate investing. The more creative investor competition that exists in a locale, the more difficult it may be to search for motivated sellers. Usually, the most impressive creative investors in a local community steer clear of revealing their best tactics to stay away from competition. Personally, although I mentor investors throughout the US, Canada and the Caribbean, I don't mentor anyone in my hometown because I do not wish to establish a immediate competitor.
What some local "mentors" may do is perform like they'll tutor a novice what to do, but what they actually do is just teach them simply enough to be able to discover deals in their own business. Here's exactly why. Every creative investor is actually seeking out extra motivated seller leads as effortlessly as they can. Certain lead generation strategies call for time and effort, for example motoring areas attempting to find vacant properties or For Sale By Owner signs. Since the mentor does not have the amount of time to do it himself, and instead of employ a staff member, they get a local rookie to do all of that running around for them in return for "teaching them the ropes." Local "mentors" are notorious for teaching newcomers to be their birddogs, not successful, independent investors. The reality is that motivated sellers are really a limited resource and competition is not beneficial to active, profitable creative investors.
Consequently, you're best bet if you are looking to be a creative investor is a nationwide real estate investing mentor. They will unlock their vault on all their hidden tricks since they don't need to be concerned about creating competition and they can use more ideas, skills and associates due to their much larger geographic viewpoint.
# 2 - Is the Person a Good Real Estate Investing Coach AND also Successful Personally?
Being a prosperous investor in West Virginia and also a good real estate investing coach are two different things. A lot of people are excellent at performing a skill personally but are unable to teach others how to do it. Just because you may be able to do something yourself does not necessarily indicate you can teach it. Some have the gift to mentor...and others don't.
On the flip side, some teach real estate when, they haven't been prosperous investing on their own. Which is where the saying ,"those who can't do, teach" stems from. These folks are potentially the most devastating because they may possibly train properly, but whatever they are educating is incorrect. Sadly, the least experienced trainers are also in most cases the least expensive and also, since numerous new real estate investors are on a tight spending budget, sometimes they go with the lowest priced option. That is something you won't want to go cheap on given that you won't be able to learn to be affluent from a broke person. Should you pick the right coach and mentor, the price will be a drop in the bucket anyway. So avoid picking the least expensive option, only work with the best and make certain the mentor you choose is far more successful at investing than you are.
If you would like be a creative investor, you should also ensure that the coach is successful nationwide, and has a record for helping trainees to success on a nationwide basis.
# 3 - What's the Mentor's Motivation to Help You?
This can be a massive error in judgment some people make when picking a real estate investing mentor, They do not consider the actual reason of mentor. Some newbies mistakenly believe they will likely locate an incredibly successful coach who, without significant cost, will lead them to the promise land. However mentoring somebody to real estate investment results is actually a long-term, extended, diligent and determined practice. The advisor needs considerable drive to work with you; and the thought that the guide desires to assist you only because they like you, is positively wrong. It will not operate like that in the real world.
Here are some examples of the real motivation of some West Virginia real estate investing mentors:
- If you're traditional investing and you have got an investor friendly real estate broker mentoring you, the real estate agent's true motivation is for you to purchase real property. That's the way they feed their families, when you buy. But sometimes the most beneficial selection of all will be to not buy the property. Should you not buy the real estate though, your agent isn't getting paid out their commission. When in doubt, the advice of a agent is most likely to be for you to buy the real estate because that is how they make money.
- If you happen to be traditional investing and also you come across a local property investing coach that says he/she will coach you by doing a deal together and all you need to do is deliver the money, look out! That's exactly what got me and my buddy in trouble when I first started. Well, my good friend produced the capital, but I was short of money so I contributed my great credit rating, which is quite similar. If a local mentor is definitely prosperous, he/she doesn't require your money to fund a deal or your credit to finance a purchase.
- Whether creative or traditional, generally a real estate coach might charge you an upfront fee to be your teacher. Although this understanding typically works very well, take notice that, depending on how it is arranged, you can by accident give the mentor all the reason to help you in full beforehand. What stimulus do they have down the road to help you out when you get confused? If they have already been paid their money, you might have unintentionally taken away all of their stimulus to help you. It would be like paying a contractor all of their bill ahead of them initiating their work. Nearly everybody would not sign up for those conditions with a contractor. Preferably, they could compensate the contractor a portion of their total bill in advance for materials and to get the work started, then they might pay some progress payments as work is completed until the entire job is finished.
Best Way to Structure Your Association with Your West Virginia Real Estate Investing Coach
The perfect way to structure your association with your real estate mentor is to create mutually aligned incentives by sharing in the business earnings 50/50 so that when you get paid, the mentor earns money. That way, when you succeed, your coach wins too. And perhaps just as beneficial, if a deal is falling apart, your coach stands to miss out that money too so they are motivated to help put the deal back together. That's how our business operates. We mentor creative real estate across the US by splitting the profits 50/50 with our mentees to ensure success is achieved. For more information, visit our Apprentice Program or call us at 304-207-9370. If you're interested in practicing creative real estate investment, we could be your West Virginia real estate investment coach. But we're a compact, close-knit company so we only have a limited amount of opportunities, we don't want to oversaturate any one area and we prefer to only coach those who are 100% determined to becoming very successful creative real estate investors. So, unfortunately, we can't accept everybody that applies. But, whether or not we are able to work together, hopefully now, after reading this article, you can make a a great deal more intelligent decision when looking for a West Virginia real estate coach and mentor.