By Una Elliott - Investor & Coach

When I first decided to invest real estate, the seasoned investors would always say to me, "If you really want to succeed in this field, you need to find someone who is willing to take you under their wing. Someone who can guide you in the right direction to help you from making a lot of unnecessary mistakes." As I think back about that statement today, I realized they were referring to getting either a real estate mentor and/or coach. Is there really that much of a difference in the nature of the two?

Let me attempt to explain from my own experience and belief on what really is the role of the two and how effective they can be when you are starting your journey to become a successful real estate investor. It's very easy in my option to confuse their roles and what we really need and expect from them. We can sometimes expect far more than what they both give us in return. Especially since "accountability" will still be one of the key factors to the success of a novice investor.

I believe the role of the coach is to create the right conditions for learning to happen and to find ways of motivating the novice investor. A coach does not need to have knowledge of the industry or profession. Seen so often, new investors start out with a certain degree of motivation and therefore a coach's task is to maintain that motivation and to generate excitement and enthusiasm. The role that a coach would undertake will be many and varied and he or she will find at some stage that they become an: instructor, assessor, friend, facilitator, chauffeur, demonstrator, advisor, supporter, fact finder, motivator, counselor, organizer, planner and the "Fountain of all Knowledge".

A mentor in return is an individual, usually older, always more experienced and in most cases, an expertise in the profession who helps and guides another individual's development. This guidance is not done for personal gain. The interaction between a novice and their mentor develops into both a personal and professional relationship as the novice begins their quest to develop their skill levels in investing. And this develops over an extended period, during which a student's needs and the nature of the relationship tend to change. A mentor will try to be aware of these changes and vary the degree and type of attention, help, advice, information, and encouragement that he or she provides.

I can now look back on my own experience and see the difference of how an "incredible" impact both my mentors and coaches have had on my own real estate successes. My mentors are those who have nurtured my growth from day one. As both a past volunteer and former board of director for the local real estate association here in Atlanta, I got to know many of the past presidents and "old timers". I would always make my presence known and asked as many questions when the opportunities were available. I went so far as to buy far many breakfasts, lunches and dinners just to have the opportunity to absorb as much knowledge from those who had already been "raked over the hot coals like wet noodles" in this industry! My mentors were my true advisors; they gave me mental support, moral encouragement and specific feedback on my performance whenever I took on a real estate transaction. It seems like only yesterday when I would spend countless hours on the phone seeking advise before making any offers on properties. And to be truthful, nothing has really changed. Most of my mentors are on "speed dial"!

In essence, good mentors are those who can share life experiences and wisdom, as well as technical expertise. They are good listeners, good observers, and good problem-solvers. They make an effort to know, accept, and respect the goals and interests of the novice. In the end, they establish an environment in which the novice investor's accomplishment is limited only by the extent of his or her talent. On the other hand my coaches held "me" accountable for my shortcomings and laziness. You can recall that I mentioned the word accountability in the beginning. There were many times where their firm and direct words cut sharper than a "Kinsu knife" after realizing that I failed in holding myself accountable for not meeting my goals and objective for that week. There were days I felt like a non-functioning team player that was not pulling my own weight in light of the many adversities that I was faced with in this particular field.

Coaches provide that nucleus for support when you need a swift kick in the pants and not a shoulder to cry on because you didn't get that deal you were working on because of some "fresh-out-of-boot-camp" investor over bided you on a property you really wanted. I firmly believe that both mentors & coaches have extreme value. It's important to choose the must also do your own "due diligence" in finding someone who has your best interest at hand. right one that has the tools and knowledge to help you reach your goals. Now, finding these individuals will be a task in and of it self. Happy investing & much prosperity!

Una Elliott has been investing in real estate since 1991. She gives regular investing tips at her website at: www.realestatewealthmakers.com. She has served on the board of directors for Georgia Real Estate Investors Association. After her stint with corporate America as a marketing representative in 1991, she found herself unemployed. She started partnering and managing the real estate portfolio for out to state landlords. She currently is involved in several aspects of real estate investing to include, wholesaling, rehabbing and retailing. She is a private moneylender and she coaches new investors. Ms. Elliott has founded a mastermind group called, "W.I.R.E. (Women Investing In Real Estate.) She provides a forum for other women investors to come together to help strategize and set goals to becoming financially wealthy investing in real estate. She can be contacted @ 770 745-0930.