In today’s blog, I would like to talk about the mindsets you will require for real estate investment. There are two primary types of mindsets, fixed and positive. One leads to growth while the other is risk-averse and more conservative in outlook. I had a traditional upbringing where my family encouraged me to find a safe, reliable job that was secure and paid a good pension. It was not about work-life balance or doing something you enjoy. It was all about job security and getting paid a weekly wage. My father was self-employed as a mechanic, so he understood the challenges and hard work it takes to work for yourself, but at the same time, as a father, he was practical in his outlook on life wanting the best for his family.
Both my parents knew that a university education would broaden my horizons and offer me better opportunities in life. I was very grateful for all their hard work putting me through university. However, I inherited my father’s entrepreneurial spirit. Although I worked for companies that paid a good wage and pension, I felt I wanted to be financially independent and work for myself because I believed in my abilities. I needed to change my mindset to achieve this, and as I was an employee for 20 years, it took a little while to figure out how I was going to do it, but deep down, I knew it would set me free.
So I started to feed my positive and growth mindset and discourage my fixed mindset, which was rooted in fear and doubt. The first step into the unknown is always the scariest one; it’s a leap of faith in your abilities. The most important thing is to believe in yourself because if you don’t, nobody else will. The next most important factor to success is perseverance and persistence. I was met with many challenges when I started my career in real estate, but I never gave up; instead, I learned from all my mistakes and made sure I would not make the same errors again. It was Einstein who said, “ A person who has never made a mistake has never tried anything new”, So I kept moving forward, keeping my mind open to new ideas and working hard to succeed. Along the way, I learned some valuable experiences and below, I will share six tips to help achieve the right mindset for a real estate investor,
1. Do not dwell on your mistakes. Have a positive mindset. Mistakes have the power to turn you into something better than you were before. Make mistakes, learn from them and move on.
2. Believe in yourself. Do not care about what others think. Don’t compare yourself to those that are younger, prettier, from a better background or have a bigger house. The skills you need to be successful at real estate investment are universal. Anybody can do it with the right mindset. So please do not compare, as it sucks the joy out of everything.
3. Control what you can. You can do nothing about the things you can’t control, like interest rates, markets, or economic recessions. All you can do is adapt and look after the things you can control—your properties, transactions and how you manage them. There will always be ups and downs; how you perform in those situations will define you.
4. Be decisive and diligent. Pay attention to detail, do your research and be assertive. Be sharp in your thought process, prioritize and have the ability to make informed decisions quickly and at the right time. Real estate investing, like life, is about timing.
5. Be open to advice and criticism. People with experience who have been there and done it can offer wise advice. Be humble and grateful for any advice or constructive criticism because it allows you an opportunity to grow.
6. Be proud of the services that you provide. Take pride in your work, and don’t expect clients or tenants to live in a property you would not live in. Respect people and their living standards and add your personal touch to furnishings. It doesn’t take much money to add the simple touches that make a property a home; it only takes a little love. Show that you care.
So the above six mindsets are what I believe are required for a career in real estate investment. I hope this helps you on your journey. If you have any questions, please let me know. Please add in the comments if I have missed something. Until the next blog, have a beautiful day.
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