5 Mindset Keys for Real Estate Investing Success
Mindset is a journey, it is never a destination. It is an aspect of yourself you should always be working to improve, because it is never perfect. If you ask yourself how you can improve, you will always be making progress. Not only will your mindset progress, but you will also make progress in your life.
Never get too complacent or comfortable in your personal growth. The moment you think you’ve got everything together and figured out, you will find that you don’t. Thinking this way is not thinking with an open mindset.
Mindset is everything.
Not only do you need to pay attention to your inputs, you must watch your outputs as well. Inputs include what you are looking at, who you are listening to, and who is in your circle. All of those inputs have an affect on you. They can subconsciously or consciously change your behavior or thought process. As you think, that is how you will behave. This means you need to think in a certain way to achieve the success you want to have.
As for your outputs, what is coming out of your mouth? Are you negative all the time, are you sad, desperate, or feeling that things aren’t going your way? Be mindful of what you say, because it will come true. Warren Buffett once said, “Until you can manage your mind, do not expect to manage money.” This is great advice, because people are constantly trying to manage “the thing”, or whatever issue it is that they are having. The truth is, you have to take a step back and manage your mindset. When you have the right mindset, the things that come into your mind will be positive. Until your mindset changes, “the thing” will always be an issue.
If your “thing” is money, such as wondering why you don’t have more of it and worrying how you’ll make more, you need to take a step back and ask yourself how you’re thinking about money in the first place. Ask youself why you think you don’t have enough, and where that scarcity mindset comes from. You need to move from a scarcity mindset to an abundance mindset. Even if you solve the money issue, this scarcity mindset will manifest again in another “thing”, until you fix your mindset.
Be positive.
Develop a positive mindset. Some people are naturally positive. Other people have been worn down. It is important to be constantly aware of your thoughts and building a positive mindset. One good way to do this is to avoid things that bring you down, such as watching negative news shows that will cause you anxiety. This is another way of watching your inputs. By building a positive mindset, you will have greater success in real estate investing. Whether you think you can, or you think you can’t, you’re right.
Whatever your focus is on today, focus on your focus. Are you thinking about it from a negative perspective, or a positive abundance mindset? Tell yourself little positive affirmations, such as, “I can handle it,” or, “I will be positive today”.
Think beyond yourself.
You must be in this business not just for yourself. How would you like to better your community and your peers? You ARE part of the greater community that you want to help. How can you help your community and improve the lives of the people in it? Focusing on serving others can help you become passionate, when times are tough, and keep you in a good mindset.
It is also good for you to think about long-term results instead of instant gratification. Instant gratification keeps you from thinking long-term, and keeps you focused on yourself. What would you like to do for your community long-term? This helps you cultivate endurance, resilience, and perspective.
There is no perfect time.
There will always be something going on in your life or in the world. Even in the pandemic, the stock market is soaring, and real estate is doing amazing. Whatever is happening, the perfect time is NOW. You need to just start. Every reason and excuse needs to be shoved aside. Just tell yourself you have done all you can to research and prepare and now is the time.
Research, Network, Plan, then ACT.
You can do all the researching and networking in the world, but you need a plan to go along with it. Without one, the other two are meaningless. When you have a plan, you execute it. When you have a plan, don’t let it sit there, act on it. Anything worth having takes work. Once you’ve put in the research, you’ve networked, and you have support it is time to ACT. If you’re unsure where to start, you can schedule a free 15-minute consultation with Epic Impact Investors to start coming up with a plan.
In Closing
Before 2020 ends, start to develop your plan. This can be anything from buying a condo and renting it out for passive income, or passively investing in a renovation. By coming up with a plan and executing it, you can impact not only yourself, but also the economy and health of your community.
EPIC Impact Investors is a Black-owned hard money lender in Chicago, IL with a mission to source and use capital to cultivate communities through hard money lending while developing capital investors who want to transform communities of color from the inside out.