Everything starts with mindset. I used to think this was just overrated “fluff”. But I’ve come to realize one cannot have success without the right mindset. For example, multiple people have told me “I could never do what you do”. I’m talking about people who are every bit as intelligent and capable as the average house flipper. They just decided they can’t do it. So they’ve already ruled themselves out and given themselves a free pass not to try. This is extremely common, as I have several close friends who asked me about the business, and as soon as I explained it, gave me the response “I could never do that” or said things like “I’m not an entrepreneur”.
Then there is the lazy person’s mindset. They don’t say “I couldn’t do that”, but they want it done for them. With some difficulty, I was able to convince a relative that a business could be made finding deals off market in his state. Then came his beautiful response, once he realized it’s possible: “OK, so find me some deals”.
As ridiculous as this is, it’s not that uncommon. Only most people would be a bit less blunt. But still want the same thing.
I have a couple good friends who I was happy to mentor, but they would only do this business if I were to do all the work for them.
You also have the person with “shiny object syndrome” who is not able to F(ollow) O(ne) C(ourse) U(ntil) S(uccessful) – FOCUS. They might have a little bit of success and then get distracted by another “opportunity”. This person may even do OK, but will never reach a high level of success unless they focus on growing their business instead of constantly chasing “the next hottest thing”.
Then you have “the dabbler”. They’re not committed to their success (regardless of what they may tell others or even themselves). They’re not willing to put in the time and effort. They’re not prepared to invest in their education. They’re not prepared to take the massive and consistent action that is required for success.
Most people you meet at REIAs (Real Estate Investor Associations) tend to be dabblers.
Then you have the person suffering from “paralysis analysis”. They’ve read the books, maybe also been to some seminars, understand quite a bit, but can’t seem to take action. They overthink everything, are super cautious and not action takers.
So these are the five most common limiting mindsets I have seen.
To recap:
- The person whose self confidence is so low they don’t believe they can do it.
- The lazy one who wants you to do all the work for them.
- The investor lacking focus who isn’t “all in”
- The “dabbler”.
- The overthinker.
So what IS the right mindset for success?
- Be determined that you CAN and WILL be successful in real estate.
- Do not get distracted by other “opportunities” because you realize real estate is the greatest wealth creation opportunity there is!
- Always be networking, learning, and improving your skills. Be willing to spend time and money in your education.
- Take MASSIVE and CONSISTENT action in your business
- Adapt to changing market conditions by making adjustment to your business
To your success!