Unlocking the 5 Mindsets for Success in Real Estate Investing
Real estate investing can be a challenging journey that requires a certain mindset to succeed. I've gone from 0 units to 49 units in less than 3 years by changing the way I think. With no real estate investors in my family, I had to learn the hard way. This post is my attempt to highlight the five fundamental mindsets that investors should adopt to succeed in real estate investing.
Believe in Yourself: The first mindset to have is believing in yourself. Regardless of whether you are starting with no units or own 100, you must believe that you are capable of success. This belief in yourself will be the foundation that drives you to take the necessary actions to achieve your goals. At our core, we evolve, change, and improve; real estate is only a vehicle in which we carry out that evolution.
Embrace Difficulties: Difficulties are inevitable in real estate investing. Successful investors see difficulties as opportunities to grow and set themselves apart from the pack. Challenges require you to get better, change, and improve. While it may be painful, it is an opportunity to learn, just like you learned how to walk, read, and analyze patterns in society. Some potential difficulties will be finding a good deal in this current market, or dealing with a lack of funds, or a subprime credit score. Embracing difficulties allows you to discover new and innovative ways to succeed in real estate investing.
Collaborate with Others: Many novice investors think they can do everything themselves, but that's not the case. Investors are limited by their knowledge and the number of hours in a day. To expand, investors must inspire people to work alongside them. Finding people who can help you find deals, fund the deals, and manage properties is essential to your success. Additionally, your team's quality will directly affect the quality of your investments, so ensure that you find and hire experienced, motivated, and goal-aligned people to shortcut your success.
View Debt as Good: Debt is not always bad. Real estate debt is an amazing tool to help you grow your portfolio. Banks are willing to give you large sums of money to buy properties that tenants will ultimately pay for, which will build your net worth. As long as the deal cash flows and is solid, there is no reason not to leverage a note. Viewing debt as a positive tool rather than a negative one will help you build a portfolio faster.
Treat Properties like Plants: The final mindset to have is to view properties like plants rather than buildings. Like plants, properties require care, attention, and a nurturing environment to grow and thrive. You must invest in your properties and treat them with care to yield a good return on investment. Think of your properties as living entities that require ongoing maintenance, improvements, and nurturing.
In conclusion, adopting these five mindsets will set you on the path to success in real estate investing. Remember, everything starts with your mindset. Your thoughts become your words, your words become your actions, and your actions become your results. If you want to change your results, you must start with how you think.
