Mentors / coaches are very valuable. Post 159

Coach Mitch’s REFLECTIONS™

 

We all need help

It is no secret. We all move forward more quickly with the help of others. It certainly helps if you were born into wealth, but America is full of “self-made” stories.  And, the next generation will have many women to emulate.

The addition of woman to the ranks of business is a growing trend. The “sisterhood” has caught on quickly, by joining the Chambers of Commerce, by taking part in politics, by joining mentoring groups, and by creating their own “good ole girls networks.”

We are not islands

We do not live in a vacuum. All around us are people, situations, jobs, desires, futures, stresses, goals, needs, habits, etc. How do we make sense of all this and move ourselves forward?

Get a mentor or a coach

We all need someone to rely upon, someone who can guide us and tell us when we are about to mess up. We need someone who will care enough to be tough with us, even though it hurts us and them.

A mentor can help you overcome procrastination

We all procrastinate. Thomas Edison, in answering what the key to success is, said, “Perspiration.” Thomas Edison worked hard, he did not procrastinate.

Why do we procrastinate? We will feel great when we achieve the goal, we know that. However, although we want something, somehow we keep putting off doing what is needed to achieve the objective. The good mentor will understand that some emotional barrier is blocking you and it must be overcome so that we can proceed.

Often, we do not want to do the unpleasant “work” that must be done to accomplish the goal. It might be making phone calls, filing, doing something that brings up a bad memory, or a project that entails doing something we hate.

Me too

I’m no different. In my case, I no longer care to do construction work, and so, the commode keeps running water, and the crown molding in the kitchen is still not up, to my wife’s distress. Imagine that, a real estate investor that doesn’t like to do physical labor? It should remind you of the story about the cobbler’s son not having shoes.

The good mentor will call you on the lack of progress and try to identify what is causing you to procrastinate. Rather than simply moving forward with the action plan, some time should be spent in understanding the emotions of fear and frustration. Only after we have dealt with these very real obstacles can we hope to move forward.

Q How do you eat an elephant?      A One bite at a time.

The tuned in mentor will help you break your action steps into micro steps and follow up to verify activity. Finalizing each micro step is a victory. Each victory is a step forward. With enough steps forward, you have accomplished your goal; the elephant is eaten.

BTW, after you have eaten an elephant, you won’t be hungry for awhile.

That is a metaphor for saying, once you have achieved a good sized goal, then you will have the confidence to move forward on your own, until you lose that confidence and falter – again.  That is really when you need your mentor the most; to remind you that “Not only can you do it, you’ve already done it, so just face the issue and do it again.”  See, it’s not hard.

Cheerleading

This aspect of mentoring is not spoken about much, but, I believe, it is a most important part of mentoring.

A mentor is more than an educator; they are cheerleaders. A mentor will help us keep our focus on the action plan, but they also must buoy our spirits by telling us that: we “can do it,” that we, “deserve success,” that we, “have responsibilities,” that we, “serve as a good example,” that we, “did a great job,” etc.

Feelings are important

Please understand that we make decisions based on emotion, not on intelligence. We buy on emotion, and we justify that purchase with facts. This is well known.

What I do

• I teach selected students how to negotiate real estate transactions successfully, particularly those involving tax delinquent property.

• I like to look into a student’s personality and promote those parts that will work in our favor. Where there are traits to overcome, I confront them directly and work to reduce them.

• I teach students to be aware of the smallest details, because they all have an emotional impact on the sale. The littlest thing can cause the seller not to trust you.

• I teach that we must be on our guard 100% of the time. This is a bit nerve racking, especially since it is necessary to act “natural.”

Equation

Coach Mitch’s Real Estate Investing Formula:

MS + REIT + GNS = ST+

Motivated Seller + Real Estate Investing Technique + Good Negotiating Skills = Successful Transaction +

+ indicates all the added benefits of good negotiating techniques

For instance, proper negotiating gets:

• Seller gives you a lower purchase price
• Seller is OK with not taking a down payment
• Seller gives you more trust, admiration
• Seller chooses you over all overs to deal with
• Seller gives you the benefit of the doubt
• You get it, when you ask Seller to hold a mortgage – at 0% interest
• You can sell at higher selling amounts for higher profits
• All this and more is available because training was done properly.

Now is the time to act

Professional investors know that to insure a profit, purchase at a low price. And the best time to buy low is to purchase during a bad market.  The seller knows it’s a bad market; they don’t hold to prices and they’re happy to be speaking to a serious buyer.

If you are thinking about taking advantage of the current real estate investing climate, then consider giving me a call and we can explore the possibilities that personal coaching can accomplish for you.

See Coach Mitch’s “Ridiculously Simple System…” ™ for details.

Thank you,