Epic Real Estate Investing - When Is the Best Time to Hire a Coach? | 3rd Degree Thursday

Episode Date: December 11, 2014

Today Matt shares his experience with hiring coaches, and how they have saved him time, money, and frustration.  Then he explains why the best time to hire a coach is as soon as you are clear that you want to be a real estate investor.  Enjoy! ------- If you have a question, comment or concern that you’d like Matt to address live on the show, send it to him at [e-mail] and type "3rd Degree" in the subject line… or leave him a voicemail on the Epic Hotline at 1-888-891-7203.   See you tomorrow for a new episode of Financial Freedom Friday! What interests you most? E ducation P roperties I ncome C oaching Learn more about your ad choices. Visit megaphone.fm/adchoices

Hello and welcome to another episode of Third Degree Thursday, the show where I subject myself to you so you can give me the third degree. And today's question comes from David Sapp. And David writes, I actually got this a little bit a while ago. And I responded to his, I kind of inadvertently mentioned him in a past episode as well. And so he writes, hey, Matt, I got a chuckle at your mentioning me how I had written letters but hadn't sent them during yesterday's episode. It wasn't yesterday, but it was a while back. you are correct. I have to be in the game if I ever want to win it. Thank you for not publicly outing me, although I wouldn't have really minded if you had. I want to let you know that as a result

of the additional motivation provided by you and Mercedes, 39 absentee owner letters went out with Wednesday's mail the following week. From those 39 letters, I got a call, email, and a text response that covered a number of the basic categories. It mean mean and not interested, nice, and not interested. Thanks, but it's already sold. It's actually not ours, but we can talk when we're looking to sell. Okay, make an offer, but not motivated, and potentially motivated, and let's talk. I actually got a 20% response rate to my first mailing, 8 of the 39, although I do understand that's not typical. Nevertheless, I've been very pleased with the education I've gotten from handling the wide variety responses. Saturday, I even had my first meeting with a seller,

exclamation point. Good job. The seller seems motivated as a burned out landlord, but I think the appraisal she got is not justified based on nearby recent sales in Zillow. She is willing to take $40,000 under the appraisal, but I think the price is still too high given the comps. I think it's possible for me to get control of the property for a loan payoff, but even then there isn't a very comfortable spread. For now, my primary goal is to learn the art of helping people solve their real estate problems. I know that as I learned that skill, profit will follow. for the work you are doing to help that. By the way, I'm open to coaching.

My thinking is that I went to get, oh, my thinking is that I want to get the foundation of a deal and lots of mistakes under my belt in the Real Estate Investing School of Hard Knocks. I believe that once I have that, I'll be better prepared to make the most of a coaching program. It may not be the fastest approach, but I think it will make me a better student

to be an actual player of the game before I get a coach. Does this make sense? I'm curious to know what you think. Perhaps this is a good question for third degree Thursday. So here we are. When is the best time for a new real estate investor to start receiving formal coaching? After he's failed for a while, immediately, or somewhere in between.

Thanks for all that you and your team are doing. Regards David Sapp. Okay, so thanks for the question, David. And I'm going to respond to it right after this. Your portfolio has seen better days. But this two shall pass. And the best for you is yet to come. Together, we'll get you there faster.

We're cash flow savvy. And we'd like to share some information with you that will show you how you can take control of your financial future and accelerate its arrival. Go to cashflow savvy.com. More building, less waiting. Cashflow savvy.com. All righty, David, thank you for listening to the podcast. And your specific question is, when is the best time for a new real estate investor

to start receiving formal coaching or to start receiving. formal coaching to start receive formal coaching. This is a question, I guess, David, depending on who you ask, you're going to get a different answer. Now, David, you're asking a coach this question. So my opinion is going to be slanted. I don't know, maybe. You know, looking back on, you know, every endeavor that I've ever taken on, it's clear

to me that I would have been better off had I started working with a coach right from the beginning. Hindsight is 2020. You know, it's kind of like, you know, when you go shopping for a new team, you know, it's kind of like, you know, when you go shopping for a new TV or the newest gizmo. I remember specifically when I first got interested in becoming a disc jockey. And I needed two turntables and a mixer to become a disc jockey. I had to have the two turntables and I had to be able to mix the music back and forth

between those two turntables. And those are the tools of a disc jockey. So I proceeded to mosey on down to the nearest radio shack. I remember, didn't even have radio shacks anymore. I don't even know. I haven't seen one in a while. But that's where I purchased two turntables. and a mixer.

I think it only cost me $200 for everything, something like that. And when I got home, I noticed that I wasn't really able to do what I wanted to do. I wasn't able to do what I saw other DJs doing because I had purchased belt drive turntables. I didn't know that I needed direct drive turntables. So, you know, after a while,

I had to just kind of make the best of what I had, what I had to work with. And, you know, after a while of saving some money, It was time to upgrade. And I purchased direct drive turntables this time. Now to the tune of about $400. And then again, I discovered in a very short period of time that I didn't get the right turntables. I needed commercial direct drive turntables, not the consumer direct drive turntables,

not the one that your grandparents would listen to their records on. I needed commercial grade direct drive turntables. So those were way too expensive for me at the time. And so I had to wait to save for those. those. But once I did, they were $400 each, so now it's $800 investment. And when I finally got those, hey, then everything was kind of groovy. And I looked back that if, you know, if I had had a mentor or a coach to ask, not only would I have, you know, two fewer journeys to the Radio Shack store or the electronics store, but also would have saved $600 if I had just purchased the right turntables

off the bat. If I had to purchase those expensive turntables first, I would have saved the $600 I spent on the two rounds of the not right turntables. You know, and I've kind of seen that pattern several places in my life. I went through it several times when I built my recording studio back in the day, constantly upgrading. And I did it again when I got into biathlons. I was doing run-bike runs. I didn't do the triathlon because I wasn't up for the swimming part.

But I did biathlons where I was run-bike run. And buying a bike. And I upgraded there a few times. And, you know, if I had just bought the good bike initially, I could have saved thousands. You know how expensive those bikes are? I could have saved thousands if I just bought the good bike initially. And just last year, I guess I'm kind of a difficult learning in this respect. I did it again when I was building my green screen studio here in my office.

I purchased four different sets of lights before I got it right. And, you know, when I hired my business coach last year, it was clear to me how much time I could have saved myself, how much money I could have saved myself, if I had just hired a business coach right from the get-go. Oh, and I also did the same thing building the Epic Pro Academy. I built the entire thing on my own, just listening to other people's podcasts on internet marketing. And then when I finally joined Internet Business Mastery, that's whose podcast I was listening to mostly, to build the academy, when I finally joined their academy, I really, I saw clearly the several

types of errors and mistakes that had made that all just made it so much harder in myself. So I guess I am still learning because this happens all very recently. So if you ask me for advice on when to hire a coach, David, I would say as soon as you have decided to commit to your real estate investing, as soon as you've made the commitment that, boom, this is what I'm going to do. That's the time to hire a coach. You know, as soon as you're clear that this is not some flash in the pan interest for yourself, hire a coach. Even if you can't afford it, do what you got to to afford it. It's going to

save you so much money in the long run. I have several examples of this in my life with coaches and just different interests that I've had. If I just bought the right stuff up front, I could have saved all that headache, all that hassle, and a whole lot of money that I spent up front as well. Okay, so thanks for the question, David. That's it for today. I'll see you tomorrow for a brand new episode of Financial Freedom Friday. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.