Real estate investing is a unique industry—and that’s putting it mildly. In countless ways, being a real estate investor doesn’t follow the “normal” systems and workflows other entrepreneurs and business leverage in their day-to-day. For some, that can be a real challenge.
It makes sense. In most industries, success is all about having the right education, the right mentors, the right opportunities and the right journey from day one on. While that’s all well and good as a real estate investor, it’s far from the be all, end all. The reality? In this business, two investors can hop on the course at the same point with the same background and, seemingly, the same opportunities to excel. But one winds up a seven-figure investor—and the other winds up flat broke. At first pass, it’s virtually impossible to answer the big question:
WHY?
For newly-minted real estate investors, that can be enough to throw them off course—why try if there’s no guarantee of success? Why attempt to build a business and build meaningful long-term wealth if the basics—education, hard work and opportunity—still aren’t enough to get ahead? WHY dig into something that seems like a crapshoot?
The answer? It’s simple.
You can succeed.
You can build a powerhouse business.
You can drive long-term wealth.
Your education, experiences and focus do matter.
Success in real estate investing isn’t a crapshoot. But it does come down to shifts in thinking and shifts in action. That starts by changing your MINDSET.
THE REAL ESTATE INVESTING MINDSET
No matter their goals, backgrounds, experience levels or cash in the bank, all successful real estate investors have one thing in common: real estate investing mindsets. It’s a mindset that keeps them all-in and moving forward towards the next goal—and the one after that and the one after that. It’s a mindset that keeps them head-down focused. It’s a mindset that keeps them confident and in the game, even if convention—and all the naysayers—tells them it’s crazy to launch a real estate investing business. In other words, it’s the headspace you MUST be in to excel as a real estate investor, whether you’ve been doing this for decades or are just starting out today.
That mindset shift is essential from day one. With your head in the game, the next step is to stay the course, stay focused and stay this high momentum headspace every single day—even when the road gets a little bumpy. To help you do that, the best real estate investors harness the power of their unwavering mindset to map out a long-term plan for success, which involves:
#1. Planning the work, then working the plan
This business is filled with quick hits and even quicker WINS. That said, though, those up, up, ups can come with down, down, DOWNS—downs that, sometimes, leave you more than a few steps BACK. Your job? Plan the work and work the plan. Know what you want in the long-term—think three to five years in advance—and focus on THAT.
To that point, don’t let the temporary missteps and market shifts deter you. You’ve got a goal. More importantly, you’re going to get to that goal. That latest crisis? It’s par for the course—every few months you’re probably going to run into something that seems epically bad. Maybe it is, maybe it isn’t. It really doesn’t matter because, no matter the circumstance, you pick yourself up, dust yourself off and keep moving forward. That resilience is a big part of the real estate investing mindset—and will be a big part of what pushes you closer and closer to SUCCESS now and in the future.
#2. Keep your head in the game
Real estate investors are notoriously self-motivated and self-disciplined—ARE YOU? Be honest—and don’t worry if the answer is, “sometimes…” or “maybe NOT so much…” You CAN get there. You CAN leverage your real estate investing mindset to become a more disciplined, more focused version of YOU.
The simplest strategy? Just DO IT. Do what you know you need to do—the business building activities, the networking events, the reach-out-and-call-a-new-contact to-dos. It might be tedious, exhausting or out of your comfort zone. But the reality is it doesn’t matter. This is YOUR life and YOUR business, and you need to do everything you can to get the job done. There’s a great quote to remind yourself of when you need a little pep talk here. That quote?
If you do what others WON’T, you’ll have what others DON’T.
You want to excel as a real estate investor—that’s not something everyone can say or do. So, to get there, you need to dig in and DO IT—the hard work, the sheer focus and the total determination. Because if you do—if you do what others WON’T—you WILL excel and you will achieve what others don’t.
#3. Have a WHY
It’s easier to excel when you have a concrete goal in mind. But being an entrepreneur and real estate investor isn’t always easy. So you need an even bigger, more meaningful goal. Don’t simply say, “I want to make money” or “I want to quit my day job.” Come up with your goals then ask yourself WHY.
“WHY do I want to make money?”
Then ANSWER…
“I want to make money so my family can have financial freedom.”
WHY?
“Because I want to send my kids to college without worrying—and want to eventually retire!”
WHY?
“Because we’ve worked hard, and this is where I want my life to go.”
Ask WHY until you can’t answer anymore. That’s your goal. That’s your WHY. That why will keep you motivated when you hit a snag—which, again, is an inevitability of this business.
#4. Have a strong WORK ETHIC
This isn’t about clocking 40 or 50 or 60 or 100 hours per week. This is, instead, about rolling up your sleeves and digging in. Don’t waste a minute of your day. If you do need to put in more hours than you’re used to, JUST DO IT. Especially in the beginning, every ounce of sweat and elbow grease you put in is an investment in YOU, your business and your future. Be proud to do it. Be EAGER to do it. The more you are, the less it will feel like work—and the further you’ll go as a result.
#5. Focus on HIGH-VALUE activities
It’s easy to “work” and not see the fruits of your labor. We’ve all done it. We start off with great intentions and, hours later, are browsing online videos or chatting with friends on Facebook. In short, don’t fall into the trap. Focus on high-value activities FIRST—and, in the beginning, exclusively.
That doesn’t mean just eliminating the distractions and the socializing. It means cutting out anything that ISN’T driving revenue. It might be great to have professional looking stationery but, really, are you going to use it right now? Even if you are, will it drive revenue? Probably not. So stop doodling designs for it and start marketing your business, scouring leads or returning calls. THAT is high value because THAT will drive revenue.
#6. Assess the COMPANY you keep
You are influenced by your inner circle—it’s that simple. If you surround yourself with motivated, encouraging and forward-moving—and forward-thinking—people, you’ll naturally find yourself more focused and better positioned for success. Likewise, if you’re surrounded by negativity and distractions, you’ll inevitably fall into the trap. It’s human nature.
Focus on surrounding yourself with the RIGHT PEOPLE—the people who will help catapult you and your business forward. Find them at local REIA meetings and industry networking events. Search Facebook groups for like-minded entrepreneurs. Connect with real estate investors in your market. Get a mentor or a coach. This will help you keep your head in the game and ensure your mindset is spot-on, even when you hit a bump. Your network is your net worth. Really think about what you want YOURS to be.
#7. Learn and TEACH
No matter how far you go in this business, you should always crave learning and self-improvement—and, likewise, you should focus on helping others achieve those goals. Be a lifelong student and teacher. This is part of being a successful, mindful entrepreneur and real estate investor. By continuously learning about the business, the trends and the new developments, you’ll stay ahead of the curve and ensure you’re moving forward now and in the future. By teaching others, you’ll be giving the greatest gift of all: yourself, your knowledge and your time. That will always pay you back exponentially.
#8. Accept SUCCESS
Successful real estate investors have the right mindset—a mindset that tells them they will NEVER FAIL. They take smart, strategic, calculated risks knowing they’re probably going to come out on top. And if they don’t? They get right back in the game. They know they’re going to succeed in the long run. All they need is the consistency and persistence to keep pushing forward. If they have it—and they DO IT—nothing can stop them.
Be that person. Embrace, accept and EXPECT success. If you do, you will achieve it. And you will maintain that all-important real estate investing mindset for your entire journey. That, ultimately, is POWER—and THAT is what separates the success stories from the pack. THAT is where you want and NEED to be to excel in this business.