subject: Creating A Mindset For Success In Real Estate Investing [print this page] Creating A Mindset For Success In Real Estate Investing
There are different things that motivate us to push towards our dreams of success.
For some people planning and working towards goals is a normal part of their life. However for other people the ability to stay on task is not always so easy. Then there are some people that are only motivated when a crisis hits their life.
Many many books have been written on the importance of goal setting and having the right mindset. This is no different in the world of real estate investing. You MUST have clearly defined goals in place that you diligently work through each day in order to accomplish the success you want.
If you are the type of person that expects money and fortune to fall into your lap then you will always be broke. You are the only one standing in the way of your success.
If you are the type of person who is lazy and not easily motivated you will need to overcome this in order to be successful. Taking away the things that tempt your time like T.V. and sports will GREATLY enhance your ability to concentrate on your goals.
Your MIND is the KEY to generating wealth in many levels, but it does take work.
Thinking about your goals is not enough. You need to write them down which studies have shown increases your chances of obtaining that goal. The next thing you need to do is set a deadline for achieving your goal. A goal without a deadline is just a conversation.
This is worth repeating.
A goal without a deadline is just a conversation. You also need to consider balance in your life when goal setting. You should have different types of goals. You need financial, physical, personal development, family and spiritual goals. Can you see that if you set goals in all of these areas then you will also have balance in your life?
Once you have your goals set then you need to determine the activities required to achieve your goals. Just remember, do not confuse activity with productivity. You must produce to achieve your goals.
Let's talk about applying this to your real estate investing. You need to set your investing goals to include cash, cash flow, and equity. Each time you purchase a home you need to run the numbers to add up these three items for the property.
How much cash can you get out in the refinance, what will the cash flow be and how much will your net worth increase after you purchase the property? You could even use a spread sheet to keep track.
I also want you to keep track of your return on the equity in your property. If you have $20,000 equity in a property and your cash flow is break even, what is your return on equity? Zero! This is one that you should sell and invest the equity somewhere else to get a return on your money.
The last thing I want to do is give you some questions to ask yourself before you set your goals.
Am I reading the books that will take me where I want to be?
Who do I have in my life as friends, family, co-workers? Are they a help to my goals or are they a hindrance?
Do I have a coach or mentor that I can call on?
How do I feel physically?
If I get what I want will I be happy with what I have?
All of these questions sound simple but you need to ask them to yourself. After all, you don't want to work your entire career climbing the ladder only to realize it's leaning against the wrong tree.
Creating a wealth mindset will catapult you to the lifestyle you desire. Without it you will drown in a sea of mediocrity with everyone else.
Only you can determine your future success through the discipline of your mind now.
