610: 10 Steps to Successful Real Estate Investing – Mindset Matters!

April 1, 2022bmanasseroUncategorizedNo comments

SHOW NOTES FOR EPISODE 610: MINDSET MATTERS!

Now that we’ve learned the 10 Steps to Real Estate Investing Success, it’s now time for implementation! In this episode, Bill shares the most vital ingredient necessary for true real estate investing success and it’s all about mindset!

Previous episodes of our 10 Steps to Real Estate Investing Success series have thus far included:

Recap

Is REI for you
- It’s not for everyone
- It takes a lot of time upfront
What type of real estate
- Fix ‘n Flip
- Rentals
- Airbnb
- Syndications
Putting your strategy together
- Building a strong foundation
  - Know your Why
  - Do your research
  - A mentor?
  - Mission/Vision
  - Setting goals
- The numbers
  - Understanding the fundamentals
- Treating REI as a business
  - Set it up right so you can enjoy the benefits
    - Asset protection (LLCs, etc.)
    - Tax advantages
    - Profit First strategies
  - Bookkeeping
- Building a team
  - Key to success
    - Good lawyer
    - Good CPA
    - Bankers, Mortgage brokers
    - Realtors, agents, brokers
  - Gurus can be good but…
- A strategy that fits you
  - Finding a niche
- Finding the best markets
  - Best to stay in your back yard
- Your Strategic Plan
  - Writing an evolving, living document that will help you succeed faster and more profitably
  - Constantly revising and refining
- Just Do It!
  - The biggest step to success

Mindset Matters!

Introduction

So that’s it! The 10 Steps to Real Estae Investing Success! That is all you need to succeed! Or is it?

The most important step or “ingredient” is not necessarily something you can learn – yet it’s critical to your success! It’s not a step, it’s the MINDSET!

I have interviewed literally hundreds of successful real estate investors and those who succeeded best were the ones who had something different! Some were actually to naïve to ever consider the fact that failure was an option – they may have seen various degrees of success – but failure was not even an option!

In their naivety, they had built in a guarantee of success!

In so many regards, we look at the stupid ads with the guys with their exotic cars and bikini clad girlfriends, in front of the mansion, saying that they are doing a disservice, tricking people into paying their ridiculous coaching fees and planting false hope – seeing them as taking advantage of the naïve newbies. But, in some ways, they actually birthed the believers who see real estate success as something easy! Of course, we know it’s not really that easy! In fact, it’s a lot of hard work and headaches!

But there are some who see it as not only obtainable but a quick way to wealth!

To these people failure is not an option!

And they end up achieve just what they set out to do because they happened to have the right mindset!

So how do you get the right mindset?

Everyone is different!

Mine was based on my faith in God!

You can’t go into this with doubts, fear of failure, living in the worst case scenario. Yes, you must know the worst case scenario to be prudent and be a wise steward of your resources – but don’t let that drive! Be driven by the fact that you WILL succeed – and HOW successful you’ll be wholly depends on your mindset as you move forward and how you those mistakes into “success lessons.”

I’ve had close friends and relatives who started out great, hit rough times and sold everything off at a loss, only to regret it years later!

The true achievers only see one option – success!

They live by very simple rules:

Don’t be discouraged!
Don’t give up!
Be persistent!
Learn from your mistakes and the mistakes of others!
Re-engineer and keep moving forward!
Run from Analysis Paralysis!!!

It’s no coincident that many of the most successful real estate investors that I have interviewed are engineers! And I honestly think it’s because they are professional problem solvers! Fixers! They don’t get easily discouraged when faced with a problem or challenge because their job is to be a professional problem solver! They covet challenges! They’re always looking for the best solution to a problem or dilemma! And it doesn’t hurt that they happen to be “numbers guys & gals” on top of it — who love to solve puzzles! They look at real estate investing challenges as just another equation to be solved!

If you haven’t listened to all 10 episodes of the 10 Steps to Real Estate Investing Success series, go back and have a listen.

If you haven’t started investing yet or maybe you’re just frustrated because things are taking too long or maybe you just hate landlording – Whatever may be your situation… I think listening to the series will help encourage and motivate you to get things going! Real estate investing – Now more than ever — and in especially in today’s volatile market! – I still feel it is still one of the best – if not THEE best place to put your money!

When you see how truly easy it is, maybe you will be one of those with the “never fail” mindset!

Thanks to all of you who have been listening to this series. I hope it helps!

IF YOU LIKED THIS PODCAST, we would love if you would go to iTunes, Stitcher, GooglePlay, iHeartRADIO and Spotify and Subscribe, Rate & Review our podcast. This will greatly help in sharing this podcast with others seeking to learn real estate investing as a means to achieve a successful retirement.

Check out our other podcasts at olddawgsreinetwork.com.

Get a FREE copy of our 3-Minute Rental Property Analyzer at olddawgsreinetwork.com.

Additional Episode Sponsor: Meno Studio – menostudio777@gmail.com