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What`s Your Underlying Reason For Investing?

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RussellWestcott

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Tris...



This might be a bit off topic, but I'll keep it short.



If you are interested, in raising money beyond Joint Ventures, I have recently completed an audio interview with REIN member Chris Black around the topic of forming LP's, Offering Memorandums, and raising money from the general public. >> click here
 

bizaro86

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[quote user=TangoWhiskey]On the subject of mentors helping you build a portfolio, I am personally only interested in those who have already done what I am setting out to do, or directly helped others do it. Since my goal is to create a portfolio of several hundred units, there is enormous value in getting the input of someone like Thomas who is really one of this forums biggest assets, or perhaps from a really experienced private equity guy who's done a bunch of syndications. I would be happy to pay a lot for this oversight. However, I personally find no value in hearing from someone who has not created this type of portfolio.





It's always seemed ridiculous to me to hire someone to teach you how to do something they haven't done.



Further, I would strongly question why someone who has built a portfolio like you're discussing would be interested in selling their time in that manner. It seems extremely likely that someone that successful would be able to more effectively use their time in their own business. If they can't, why not?



If they're looking to give back, fine, but you don't need a slick website/marketing to do that...



Just my opinion, coloured by years of hearing how great paid mentoring is from people who sell mentoring/education...
 

2ndstory

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I read lots of books, but I always read them with a critical eye. I think the same has to go for paid mentors or real estate / investment seminars. When I read books or hear people talk about their proven systems or what have you, I always wonder if they are making more money off their books or subscribers to their programs than any actual investments that they've made.



I guess that's what I appreciate about Don Campbell. The fact that the proceeds from his books go to Habitat for Humanity says a lot to me about what kind of person he is. His encouragement to "look behind the curtain" also applies to any would be mentor or mentorship program.



Many "mentors" or "investment coaches" or "financial advisors" are in fact, SALES PEOPLE. They have a product, and they want to sell you it. You can go to Edward Jones or Freedom 55 and have a financial advisor make a plan for you, but it usually ends up being a selection of mutual funds with exorbitant hidden fees. Canada is the worst for these fees by the way. You would do much better to open your own online brokerage and by an ETF that follows the S&P 500.



I guess I'm leery of the paid mentor idea. Research into that person and their personal investments needs to be done. Like any investment. DUE DILIGENCE FIRST.



Nik
 

RedlineBrett

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[quote user=bizaro86]



It's always seemed ridiculous to me to hire someone to teach you how to do something they haven't done.



Further, I would strongly question why someone who has built a portfolio like you're discussing would be interested in selling their time in that manner. It seems extremely likely that someone that successful would be able to more effectively use their time in their own business. If they can't, why not?







Great insight here. I think a lot of coaching is BS from people who like to hear themselves speak. As the saying goes... those who can't do... teach!
 

2ndstory

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[quote user=RedlineBrett]

Great insight here. I think a lot of coaching is BS from people who like to hear themselves speak. As the saying goes... those who can't do... teach!






Close. It's actually, "Those who can, do. Those who can't, teach." :) That is a saying that rings true in some respects, but, as a professional educator and real estate investor, one that I myself am trying to disprove at the same time.



Nik
 

JoeRagona

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You are exactly bang on.



That's what social proof is all about. REIN has it, and so many of the mentors I associate with have it, MY personal coach Greg Habstritt has it, and so on.



What each person needs to decide is, is there someone that can bring me to the point I want to go? Has what I've been doing up to now satisfied my true mission, my belize etc?



Due Diligence is the MOST important when hiring a mentor/coach because most ARE sales people.



It's why I LOVE the REIN model of people on stage who have walked the last 30 feet and have nothing to sell you from that position. If you WANT to go out and buy their book or course, great, but it's not why they are on stage.



Coaching is only for a select few - those that know where they are today is a result of what decisions they have made .... or ignored ... those who understand they cannot "see" themselves.



I agree with you that most investment and financial coaches have a 'product' to sell. I however, (and some other great valued coaches I respect) have a ONE thing to sell ... and that is YOU / YOUR LIFE. If you see it, great, if not - the time is not right for you ... it's really that simple.



If you want social proof just for the fun of it (because I don't want you to think I'm soliciting you) I invite you to talk to our clients because it's much easier to hear from the result/outcome than the 'salesperson'.



Email me at [email protected] and I'll gladly send you their information.



Great long thread here !!! Love it!
 

JoeRagona

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Hi Nik,



With regards to your ?



there is not enough room to explain here, but in a nutshell, if you don't have any business experience, and you continuously buy properties without a mission statement, a WHY, a clear picture etc, you will get caught in chaos.



In my experience, there are more people who buy real estate without full direction and the least amount of business applications than the opposite - it's why so many drop out after a few years or get caught in market swings etc, constantly work days and nights struggling with their 'other business'.



If you want to discuss further, I'd be more than happy to schedule a chat with you because you obviously have important questions about a lot of this.



[email protected]
 

2ndstory

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[quote user=JoeRagona]Hi Nik,



With regards to your ?



there is not enough room to explain here, but in a nutshell, if you don't have any business experience, and you continuously buy properties without a mission statement, a WHY, a clear picture etc, you will get caught in chaos.



In my experience, there are more people who buy real estate without full direction and the least amount of business applications than the opposite - it's why so many drop out after a few years or get caught in market swings etc, constantly work days and nights struggling with their 'other business'.



If you want to discuss further, I'd be more than happy to schedule a chat with you because you obviously have important questions about a lot of this.



[email protected]





I was more just curious why you didn't finish your sentence, but that being said, I consider myself a life long learner and am always looking for ways of improving my business, so a chat sometime could be a good thing. Thanks.



Nik
 

housingrental

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Thanks for your response Thomas



Should I read into from you responses you do not think there should be additional government regulation of this space? Or if so can you clarify on what.



If not, if there had to be at least one legislated requirement to protect the investor, what do you think would be most desirable policy?





[quote user=ThomasBeyer]I think it is a good idea, but NOT a requirement. People should have the right to arrange their business affairs as they see fit. Alignment can be created even if one party has no money invested.



If someone does a JV with you, and screws up and loses half your money, and loses her/his reputation and worked for free for 3 years, who loses more ?



We usually always invest money into our JVs to increase investor comfort ! [However as asked by Adam, it should not be a legal requirement in my opinion, but is a good indicator for the investor]
 

housingrental

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Thanks Joey



I did and read through a bunch of sites but did not really get the info I wanted.



From a superficial look through the internet it seems he's just an adverting person - which leads to wondering:



What basis does he have for defining someone's relationship with money this way?



(It seems like arbitrary classification - and if I made a 5 stage system of people's relationships with marketing and was able to effectively disseminate it, it does not make it inherently meaningful or of benefit to anyone.)



[quote user=JoeRagona] Hi Adam,



Just Google him - I follow, study and absorb a lot of information from a lot of great people - Eben is one of the worlds' leading online marketing people. When you are in the world of business, outside of Real Estate, there are so many people to learn from - he is one -



Everyone values mentors differently, and I absorb so much information from all of them mainly because I'm so addicted to learning - there is always something I can pick up and pass on to others.
 

housingrental

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Great post TangoWhiskey!

I'd like to add to it I think fear of failure is the biggest thing holding back most people.





[quote user=TangoWhiskey]For some people failure to go for wealth is really just laziness and/or cowardice at the prospect of all that hard work.
 

housingrental

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What do you want to develop in your business and life and how does their service help you get there?



Who is Mike?





[quote user=JoeRagona]I



Personally, I continue, like Russell has mentioned many times, to pay tens of thousands for personal develpment in my business and life.



f how Mike (my partner) and I drill down to
 

housingrental

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Hi Tango

This does not make much sense to me - can you clarify in detail? Who is the source of this information to you?

Thanks





[quote user=TangoWhiskey]. My major goal in getting his coaching would be access to networking forums for raising US capital as supposedly many of the people in his programs are former grads who've made money and are now looking for easier returns through operating partners. T
 

housingrental

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This is a good post



TTT for answers



[quote user=bizaro86]

It's always seemed ridiculous to me to hire someone to teach you how to do something they haven't done.



Further, I would strongly question why someone who has built a portfolio like you're discussing would be interested in selling their time in that manner. It seems extremely likely that someone that successful would be able to more effectively use their time in their own business. If they can't, why not?



If they're looking to give back, fine, but you don't need a slick website/marketing to do that...



Just my opinion, coloured by years of hearing how great paid mentoring is from people who sell mentoring/education...
 

housingrental

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OUCH that seems harsh



I take it REIN members won't be seeing the Redline coaching program in 2012 as the next service offering from your firm :)



Think Hoffaco could make a go of it? If I changed my marketing to "Hoffaco Corp....We care" would people be willing to give me money to talk about real estate with them?





[quote user=RedlineBrett]



Great insight here. I think a lot of coaching is BS from people who like to hear themselves speak. As the saying goes... those who can't do... teach!
 

housingrental

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Hi Joey



What does Greg Habstritt done for you? What sort of experience is the coaching he provides vs what you provide and who / what type of person would each service be better suited for?



Can you explain what you do for your clients? And re the bottom part of your post (anonymously if appropriate) show how you facilitated beneficial change in their life?



[quote user=JoeRagona]You are exactly bang on.



That's what social proof is all about. REIN has it, and so many of the mentors I associate with have it, MY personal coach Greg Habstritt has it, and so on.



What each person needs to decide is, is there someone that can bring me to the point I want to go? Has what I've been doing up to now satisfied my true mission, my belize etc?



Due Diligence is the MOST important when hiring a mentor/coach because most ARE sales people.



It's why I LOVE the REIN model of people on stage who have walked the last 30 feet and have nothing to sell you from that position. If you WANT to go out and buy their book or course, great, but it's not why they are on stage.



Coaching is only for a select few - those that know where they are today is a result of what decisions they have made .... or ignored ... those who understand they cannot "see" themselves.



I agree with you that most investment and financial coaches have a 'product' to sell. I however, (and some other great valued coaches I respect) have a ONE thing to sell ... and that is YOU / YOUR LIFE. If you see it, great, if not - the time is not right for you ... it's really that simple.



If you want social proof just for the fun of it (because I don't want you to think I'm soliciting you) I invite you to talk to our clients because it's much easier to hear from the result/outcome than the 'salesperson'.



Email me at [email protected] and I'll gladly send you their information.



Great long thread here !!! Love it!
 

TangoWhiskey

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[quote user=housingrental]Hi Tango

This does not make much sense to me - can you clarify in detail? Who is the source of this information to you?

Thanks





[quote user=TangoWhiskey]. My major goal in getting his coaching would be access to networking forums for raising US capital as supposedly many of the people in his programs are former grads who've made money and are now looking for easier returns through operating partners. T




These are great questions and ones I have myself. There has been a bit of shifting ground in answers to questions. On one hand Lindahl's books are the best real estate books I've read and have been very important to me especially in realising it makes no difference between 2 units or 22 or 222 if you have confidence in your due diligence and the ability to raise capital. Excellent reads and highly recommended. I also find his multi family audio course a great action oriented complement to the REIN multi family boot camp course. He stresses we're in the marketing game, which is a different paradigm for how I've seen multi-family so far presented.



The Lindahl group has provided me names and numbers for Canadians buying big complexes down south for me, who I haven't contacted yet, and lots of testimonials. I also spoke for 45 min with a coach in that organization and other various office staff and I think the coaches are the real deal, sometimes owning more than Thomas. Whether or not money partners are easily located through their organization is a different story... but at the end of the day its always about connections and that means finding a place where people are doing what you want to do. The bigger the better. They claim 1500 Canadians are taking their course every year - up to 20 % of students at each boot camp.



Where I live and invest the announcement of the 25 billion ship building contract has resulted in an immediate jump in seller expectations, and more outsiders sniffing around. This is a sellers market in a small universe to start with. The US is a buyers market and Thomas has confirmed for us that yield in the US can be similar even accounting for currency and inflation risks. You can also get 30 year debt there, which makes inflation very profitable on moderately leveraged buildings.



Why someone like Dave Lindahl would expand to include coaching is totally obvious to me anyway. Its a complementary business model that has a high return on time and capital from the actual education .... but the real bonus has to be that a bunch of motivated people have paid to fan out across the US and find great deals. Lots of those people won't have capital, and will approach their coach/teacher for possible partners. You then get to cherry pick the best value plays for either yourself or a capital partner. Brilliant business model and the student gets wealthy as well, so I think its fair.



Supposedly the big majority of people who take any form of RE training never do anything with it. If people want their hands held in defining a game plan for themselves in anything, there are lots of people happy to take their money. Anyone from a REIN background at least stresses cash flow positive, or should do. For me, high quality coaching on deals in a foreign country is part of the cost of due diligence.
 

JoeRagona

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Hi there Adam, you've asked a few questions here so I'll try and answer some of your posts without repeating what I've already wrote as this thread has gone off track a bit.



Perhaps the best thing for you and me is to chat on the phone - I'd be more than happy to tell you exactly what you want to know and it saves typing - just email me : [email protected] and we'll schedule a time to talk, I think you will be very surprised at the results.



Greg has helped me REALLY define what I want to do in my business, and has helped me 'see' what has distracted me all these years...from simply having an 'excuse' of why an accountability list (weekly taks list) won't work for me. He told me one thing that I will NEVER forget and one that I share with ALL my clients "you are exactly where you are because of the decisions you've made" if you read between that, it means TO ME, I've only gotten so far because I CHOOSE not to be accountable for a simple weekly list.



Of course, this is just one minute piece of help he has given, but it should get your mind wondering about how much we all push away thinking we can do it on our own. I have more than 30 years of business experience and thinking "what could he or ANYONE else for that matter, teach ME about business?" In the past six months alone, I can tell you my entire attitude toward business has changed.



What I do for my clients is the same thing - I dig very deep into what their challenges are ... ALL of them THINK they know, but as I've mentioned before, ASK THEM and you will hear stories of how we've changed their lives.



One of the most impressive is one who came to us wanting to build 'systems and clean up the back-end' whom lacked confidence and wated to raise JV money. In less than 90 days, he was able to raise just under 1 million dollars.



OF COURSE this is exceptional, and he already had a pipeline of people, but he lacked the confidence ... some had said 'no' before and with our support, technique in handling people etc, he now is in a completely different mind set. He will gladly talk with you or anyone about his transformation.



Secondly, we've managed to take people and the overwhelming conditions in their lives and slow them down, to focus and point out why things are 'stuck'. Time management is a huge issue and although you can go find a book on how to manage your time, it may not be suitable to the way you work. WE find that way, WE tell you what we see from the outside, WE suggest things you may not see, or choose to ignore.



The reason paid coaching works is because YOU have decided "it's enough" we only choose to work with someone with self-determination & persistence, who is constantly improving, will do one thing after another & actually put what we teach into action!



Sorry Adam and others, this was suppose to be a short post :) but I just get so jazzed up when I talk about the success I've had with Greg and how that ripples out to my clients.



Have a look at the website listed below if you want to read more.
 

JoeRagona

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Adam,



Constant personal and business growth leads to opportunity - and that is not just monetary. Because I've been a serial entrepreneur all my life, and if you recall my stage presentation, working 14 hour days just to be "successful" didn't do it for me and everything around me suffered.



My dad did the same thing for 60 hard years of his life which ended in 2001 AT age 60. What I learned from him I will never forget ... the good, the bad and the fact he was unable to really live out the fruit of his labour.



People who are in the position of success & life balance that I want are the ones I constantly read, hang around & PAY to have teach me.



I relate this to what my Kung-Fu teacher told me at 17 years old "there is always someone better than you" when after 7 years I thought I was Bruce Lee.
 
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