So. You Want to Be a Millionaire. Get the Right Coach.

There’s a million dollar—no, a multi-million dollar—tip in this post. Actually there’s more than one. Get ready. I’m going to talk to you about your mindset.

We’ve been having a little discussion around here lately about coaching. Specifically we’ve been talking about the kind of coaching people want. I’ve been speaking with a lot of colleagues about this too. And surprisingly (to me) it seems most people are looking for a coach who will tell them what to do…step by step.

The online conversation is here:

What Would You Be Doing Right Now if You Had a Coach?

Your Mind vs. Paint by Numbers

So, let me throw a little gas on the fire.

And I’ll fly in the face of what most people are saying while I’m at it. Step by step coaching is nice… but it won’t turn you into a millionaire.

How you think will.

I agree that step-by-step coaching can be effective. The idea of “building success, upon success, upon success” as a good friend says, is a powerful motivator. Yet how you think, and what you bring to the table in terms of mindset, will magnify your small successes ten, one hundred, even a thousand fold.

Let’s buy an apartment building.

Think about it this way. What if you wanted to buy an apartment building but you knew your funds were limited?

Say you go ahead and hire a coach to direct you on how to buy an apartment complex. So far so good. (And I will stress that it is important to become educated in any new endeavor before blindly jumping in.)

You start looking for apartment deals with your new found real estate investing knowledge. Your coach helps you learn to run the numbers on deals. She helps you study the market. She suggests some online sites where you can find real estate listings. And ultimately, with the funds at hand, you end up buying a fourplex… a four-unit property rather than the large apartment building you envisioned.

You’re the disappointed owner of a fourplex. You hired a coach that did what you expected. She coached you on how to do everything yourself. By yourself. Step by step.

But there were limitations.

Now let’s really buy an apartment building.

Let’s say you hire a coach who understands that your psychology plays as big a role as your newly acquired fundamental knowledge of deal analysis and real estate acquisition.

This coach has you start looking at big deals immediately. And making offers on those properties. She has you start interviewing and meeting top real estate professionals in your market. Professionals dealing exclusively in multi-family investing.

You start building a team. This is not a do it yourself endeavor.

You connect with mentors in the field. With brokers. With other apartment owners. With vendors. And contractors.

Rather than find a property on LoopNet (the multifamily equivalent of the MLS) you source deals that haven’t been shopped around yet. And through your connections and networking, you find a great off market apartment deal.

But wait a minute! Didn’t I say earlier that you had limited funds? I did. You heard me right. Here’s the beautiful thing about this story. Coach number two had you thinking in terms of abundance. In terms of building a team. Not going solo. She had you connect with professionals that brought very specific knowledge to the table.

She showed you how to believe big. How to surround yourself with other people who had the knowledge you lack. She didn’t expect you to know how to do everything yourself. She didn’t expect you to DO everything yourself. She showed you that you could fund a big deal with other people’s money. The big OPM.

And here’s what a lot of beginner entrepreneurs never realize.

When you find, or create, a great opportunity (business, real estate, you name it) the money will find you. People don’t pass on great deals.

But you’ve got to believe it.

Your awesome coach helped you think in terms of abundance. She didn’t offer do it yourself, step-by-step coaching. She helped you think in terms of building a team. In terms of overcoming great fear. In terms of being more capable than you would have ever believed possible. Of doing bigger deals.

So, ask yourself this. Which coach would you rather hire? The one who is going to show you baby steps to a fourplex? Or the one who’s going to scare the cr*p out of you? And in so doing show you how to operate with a mindset that you can apply to any endeavor you want, any time in the future?

Okay… it’s your turn. Can’t wait to hear what you all think of this post!

Related posts:

1. Starting a New Business: Where Oh Where Do You Begin?
2. What Would You Be Doing Right Now if You Had a Coach?