Friday, September 30, 2011
The Mind of the Real Estate Investor
By mindset, I mean your way of looking at, and approaching your real estate investment business. This includes the way you perceive your business. It also includes what you allow to impress and intimidate you, also what challenges and excites you.
Note: This article is the introductory session in a soon to be released mini-course entitled “The Mind of the Real Estate Investor” and the full course will soon be available to Rehab Real Estate Central newsletter subscribers. This course will be a free service of Rehab Real Estate Central.
Why bother with “mindset?”
Simple. Because the cost of NOT adjusting your mindset is outrageously expensive (in opportunity loss)! If your mind isn't conditioned to think like a wealth-building investor, you are like a sailor paddling around in a boat with holes in it. If you bail water quickly enough, you'll keep it afloat, but you will eventually tire…and sink!
ALL money-making endeavors begin with a thought. They are all ideas born in the mind of an investor. Some have more and better ideas than others. Why is that? Are some minds better conditioned than others? I say "yes!"
In our society there is often resistance to conditioning one's mind, but nobody thinks a thing about going for a jog, or hitting the gym to condition their body. Does that make sense? If you walk the entrepreneurial path, mental conditioning is central to your business.
The six concepts that I will unfold in this course are powerful weapons of the mind. If you condition your mind to these concepts will make you a lot of money, and you will KEEP making a lot of money.
Simply put, if you don't develop, and then fine tune your mindset you will either:
- Never quite get around to investing in real estate (if you have not yet begun) and forfeit the wealth you want to attain for you and your family.
- Never quite get where you want to go in your investing (if you are already investing), and forfeit the wealth you intended to attain for you and your family.
You see, a lot of people have enough knowledge to invest in real estate. Far fewer DO it. Why is that? Because far fewer have bothered to develop the mindset that conquers fear and other hurdles to investing in real estate. Frankly, it doesn't matter how much knowledge you possess about investing in real estate, you WON'T do it if you haven't conditioned yourself to think like and investor.
Usually I write and teach practical matters of rehab real estate investing, but for this course, I'm breaking from that in favor of talking about what you can do to adjust your thinking…change the way your mind works. Since the investing won't be successful without a properly conditioned mind, it can be considered the most important aspect of learning to be a real estate investor!
Mindset is the foundation of real estate investment. In other words, if it's not solid, you cannot invest successfully. I don't know how to put it any plain-er.
I've known scores of folks who have WANTED to invest in real estate. These are usually acquaintances who find out somehow that I invest in rehab real estate. Invariable I here, “I've thought about doing that.” Sometimes I hear “I looked into that.” Sometimes they proceed to ask questions, but I find that most of the time the next word after the previous phrase is “…but” and then I hear an excuse.
These excuses range from “I couldn't find any property” to “the numbers scared me” to “I couldn't get a mortgage.”
What I'm thinking to myself is “these excuses have solutions, but they don't yet have the mindset to overcome these relatively minor hurdles.” In fact, unless someone ASKS me for specific advice on overcoming these hurdles, I don't offer advice. That's not because I don't want them to succeed! It's because their mindset is not yet right.
Let me tell you where I'm coming from on this topic.
My mindset was screwed up for 10 years! I was a real estate guru junkie! For a decaded I consumed every book about real estate investing on the market, attended seminars, and bought courses. I had “book knowledge” running out of my ears with ZERO property.
Finally, one day I realized that I was about to “retire” from the Navy, I REALLY didn't want to get a job, and my family still liked to eat! I changed my mindset, and put thoughts into action. The rest is history. What changed? Not my knowledge! My way of thinking changed.
Facing the end of my Navy career was the catalyst that got me started. If you haven't started, there IS a catalyst in your life, you only need to find it and capitalize on it. Are you satisfied in your job? Want more time with family? Want more disposable income? Want to build your retirement savings? This list could get long!
This course is aimed at helping you capitalize on your action catalyst by developing your real estate investor mindset.
For those that are already investing, this course will serve to fine-tune your mindset to make you more profitable. The VERY SAME mindset ideas that make people launch successful real estate investment careers are the ones that keep investors successful over their real estate investing careers, be it 2 years or 20.