If you went on safari in Africa, or on a mountain trek to the Himalayas, you would need a guide. In real estate, you would need to find a mentor. A mentor coach is someone who has done it and can share insights that are important for you to be successful. It can be expensive but it is well worth the money you will spend for it. It will save you money, but more important, time. The mentor-coach can help you find the finest information at the shortest possible time.
Where I went to obtain a University degree, everyone's tuition was paid for by the government except those kids whose parents owned whole islands or are highl ranking government officials. As we were the scholars of the citizens of the Philippines, we were reminded that if we were not going to work hard, on our own, then if we could please have the integrity to leave so that someone else who was more deserving could take our place. We owed our education to the people of the Philippines who paid taxes. As classmates, we addressed each other formally as Mr. or Miss or Mrs. We were not allowed to miss school, and certainly we were not allowed to borrow notes from each other. If we missed school because we got ill, it meant we were not disciplined enough to take care of ourselves. We could approach our teachers if and only if we had exhausted all avenues and we were stuck. We attended lectures, we went back to our dormitory rooms and hit the books.
I am and will always be grateful for the highest class of education I had. However, looking back, perhaps I would not do it the same. Yes, I would have studied as hard, but I would have certainly asked the help of the people with brilliant minds-my associates and peers.
When I started real estate investing, I did everything by myself. It was partly because of fear. If I did it and I failed, I certainly would not want to broadcast it. The other part was pride. I could do it on my own. These two attitudes cost me and were I to do it all over again, I would have first found a one on one mentor. Experience though is a great teacher and sooner or later, one must experience some setback in order to push forward.
I suggest that beginning investors learn everything first from the readily available literature and get their feet wet. Success builds on success and the more success you have, the more enthusiastic you become.
A mentor who is available to you is invaluable when you really do not know what to do and wish to be reassured. The more confidence you build, the better you become at it. That is what a coach who has experience can help build in you. A good coach will not necessarily tell you what to do, but will share his or her experience that relates to your particular need. He or she will always just prod you to get the answer for yourself. Ultimately you decide and are responsible for your own decisions, but a good guide will make you feel comfortable when you take those decisions.
A good investor learns and learns and learns. Each transaction is unique and is treated as such.
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