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« Back to articles from category "Real Estate"

The following article was published in our article directory on August 23, 2016.
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Mentors and Coaches Provide No-nonsense Preparation & Support for New Real Estate Investors

Article Category: Real Estate

Author Name: Philip Elmes

For most newcomers to real estate investing the goal is real estate wealth– where to find it, how to get some for themselves. Lacking is legitimate guidance in how to make it happen. Spoken or not, what is desired is mentoring or perhaps coaching, some sort of credible instruction in how to become a successful real estate investor.

Too often these newcomers are told real estate success is easy: It's about "flipping" or "wholesaling" (neither of which is said to require experience or capital), "creative financing," the no-money-down deal and more.

Enter the Real Estate Guru– The most cursory internet search will turn up heavily promoted proprietary "guru-based" programs making overblown promises of "insider secrets" and fast-track strategies. High tuition costs are defended by the promise of extraordinary profits to be made.

Some visit or join "investor clubs" to get Insider Secrets promising to speed them on their way to success. Sadly, successful investors seldom hang out at investor clubs (and why should they take an interest in a newbie?).

Of course there are always books and tapes, sometimes sold at an awful premium because of too-good-to-believe promises of secret strategies guaranteed to work... Others may invest in "distance coaching" sold along with the books and tapes.

In sum or in part these sorts of preparation are surely better than none at all. At the very least one "learns the lingo".

Mentorship and coaching inform and support the new investor

Urban Rehabber Program members and students are successful: Since 2000, program members have successfully reclaimed over a quarter $Billion in affordable housing and neighborhood revitalization. And the work continues today.

Yet the one thing we have never focused on with clarity and determination is a structured approach to Mentoring and Coaching. Each approach is useful and important to supporting our members and students. That said, each is a separate and distinct approach, using tools and techniques unique to particular objectives. I will explain–

The goal of Mentorship is mastery of one or more skills. Coaching focuses on the application of skills, and actual achievement of your personal goals.

The Urban Rehabber Seminar™ and workshops are fundamentally about Mentorship at its most basic: Here the mentor serves as Teacher and, arguably, an expert in the subject. The approach is hierarchical, with the mentor at the "top" and the students assembled as "under-studies", in training to step into the leading role, at "center stage".

In this context, your teacher (or mentor) serves as role model, having "been there and done that". The message is: "study and practice the techniques demonstrated or described and you will be successful..." In some respects this approach resembles an apprenticeship.

The content of Urban Rehabber workshop coursework is proscribed, laid out in keeping with the mentor's understanding and experience in "doing the work". Templates are provided: Some might call them blueprints or road maps, presumably to be followed as closely as possible in completing the job.

The overall objective of mentorship, then, is for you to acquire the Skill-Set necessary to accomplish your goal. In our case, this is the buying, fixing and selling (or holding) income-producing real estate–of any description (housing, commercial, retail, etc.).

Coaching focuses on applying what you know

Coaching, on the other hand, builds on Skill Sets already in hand and in need of application to achieve some objective desired by the client (or Coachee as some professionals prefer). Coaching relationships are generally consultative, one-on-one, rather than a matter of group process (as in a classroom).

The overarching purpose of coaching is Self-Empowerment: your ability to function and achieve your goals and objectives independently of others. Unlike a mentor, your coach is generally non-directive: direction and goals are set by you the client, not the coach.

Your coach serves primarily as "facilitator" not teacher; he or she cultivates an environment where things appropriate to your needs "happen". All activities are measured and evaluated by how the particular activity contributes to achieving your declared goal.

In a sense, accomplishment of each task in turn is actually achievement of a lesser or interim goal in pursuit of accomplishing your major goal. The work is incremental, taking one step at a time, testing that step for its effectiveness and identifying the next step or steps to be taken to advance your progress.

Your coach is successful to the extent you develop for yourself steps and strategies that draw on your own experience, aptitudes, skills and strategies. 
Importantly your coach holds you, the client, accountable for success or failure in completing each incremental step. Where misstep or failure or neglect is experienced, your coach works with you in understanding how or why that happened, and how better to proceed in future.

In each step along the way, both your coach and you learn by the doing. All the while never losing sight of your End Goal. #    

© Philip Elmes 2016

About the Author: PHILIP ELMES is an expert when it comes to REAL ESTATE,INVESTING,TRAINING,COACHING. To find out everything about >COACHING, MENTORING,TRAINING,INVESTING, visit his website at urbanrehabber.com/home-2/.

Keywords: philip elmes, phil elmes, real estate, training, coaching, investing, rehab, flipping, coaching, urban rehabber program

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