For those that haven’t been following, last week I was enrolled in Jon Zorrer’s real estate investing coaching program and mastermind group. What this means is that Jon and his team will be giving me everything I could need to become a successful investor. Since Jon works very closely with Vena Jones-Cox, and even teaches short-sales and internet marketing to her students I can be assured a top quality coach. In fact the very first assignment is right out of Ms Cox’s coaching program.
The coaching program will work in this way…
- Be one year in length
- Weekly assignments to accomplish
- Every Monday there will be an accountability call to make sure we are doing what we need to be doing
- 24-7 access to Jon and his team to answer questions
- partnering up in deals
- Monthly mastermind meetings
- Access to all the documents I may need
- Free admission to any of his events
and there is more, but those are some awesome things right there!
First Assignment: Planning for Success
This assignment is all about finding out what you want out of real estate investing. Just like many of the books I’ve read, you need to find your WHY before you can figure out the HOW. There is an awesome book called Start With Why by Simon Sinek that goes into great detail about why it is so important to work in that order.
Exercise #1 to #4: Determining what you really want in life by listing 70 items that deal with your most outlandish goals to how you would help out your family, friends and loved ones. I actually had a problem coming up with 10 things that I truly wanted to do before I died. Here is the list…
What adventures I would like to go on…
- travel to Ireland and play some of the famous golf courses
- take a road trip around the United States
- learn how to cook a mean rack of ribs
- spend as much time with my family as possible down the shore
- Visit with friends who live around the country
- build a house with my own hands
- Take a month long trip to Australia and New Zealand
- Take a cruise around the world
- Go to Italy and see the Colosseum
- Help my friends and family out any way I could
What would I like to own…
- 3000 Square foot house on a 1 acre property
- A work shed where I could build furniture
- A house by the beach
- Professional grade table saw
- New York Yankees
- Audi R8
- Private Jet
- tablet/convertible laptop
- Professional quality BBQ Grill and Smoker
- Full blown entertainment center to watch movies
That is just a subset out of all the items I needed to think of. After listing all 70+ items, you then had to go through and pick out the most important items and then break then give reasons why you haven’t done them yet and list steps that you should take to get them accomplished. Very good exercise for sure.
The Rest
The rest of the assignment focused figuring out the skills you need and the hurdles you may need to overcome before investing. Such things as…
- figuring out your debt to income
- identifying what skills you can bring to the table
- identify any fears you may have
- Listing 10 things you could do now to move yourself closer to success
- Creating a schedule for doing those 10 things
As you can see, it is very long and comprehensive. No wonder it took me three days to finish.
What’s Next
On Friday I have a meeting with Jon and his partner Kasey to go over my assignment, talk about what is expected out of me and come up with my first weekly action items. I will have to complete these action items before our accountability call on Monday or I face having to tell Jon why I didn’t get them done. It’s going to be a challenge since I have a No Investing on the Weekend policy because that is the time I spend with my wife. So we will see how I can manage it this weekend, stay tuned!
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Wow! this is a great first step. Whe why definitely keep you motivated. I did write my “why” when i was at my daughter’s bedside at the hospital last year and I’ve never looked back since then. You are on the right track. Good luck!
I’m a big believer in finding your [b]why[/b], it’s what keeps you going when things are look bleak.
Thanks Esi
Scott – Thanks so much for posting your “coaching journey”. I am going to follow along and try to mirror what you are doing.
Scott – Thanks so much for posting your “coaching journey”. I am going to follow along and try to mirror what you are doing.
Good stuff Scotty….worth all 3 of those days that it took you to complete.