Making the shift from the corporate world to the entrepreneurial way of life of Real Estate Investing requires more than just packing up the cubicle and learning how to execute Wholesaling. It requires a dedicated and focused mindset, becoming a Real Estate Investor doesn’t always come easy for those used to working a 9 to 5.
This tends to be true for first time Real Estate Investors. Individuals making the transition from employee to Real Estate Entrepreneur often find the biggest obstacle isn’t the lack of industry knowledge or being savvy in Real Estate Investing, but rather cultivating a positive mindset to help them take massive and focused decisions for Real Estate Investing goals.
Even though it certainly takes months, if not years, learning what it takes to be a successful entrepreneur, here are four keys to developing a successful first time Real Estate Investor mindset:
4 Cultivating Ways To Becoming A First Time Real Estate Investor
Focusing On Value Over Spending Time
Sometimes first time Real Estate Investors must face uncomfortable truths, especially those that come from a more traditional work setting. As an entrepreneur, you are compensated by how you produce (meaning the deals you complete), not necessarily by the time you spend working on a project.
This sounds simple, but it’s an agonizing issue many first time Real Estate Investors bump into time and time again. If you’ve spent time working for somebody else, you’ve been conditioned to think about (and organize) your work time according to an eight hour day, in which you’re paid based on how long you sit in a chair, not really based on what you physically produce.
Whether a deal takes a week or five months, you are not paid for the amount of blood, sweat and Real Estate Investing tears expended on a project. But once you master this key entrepreneurial mindset, you’ll find yourself working more focus and clear, not to mention at your own speed.
Real Estate Investing Plan
Having a Real Estate Investing business plan in place is a first step to succeeding in Real Estate, it’s a fantastic tool for laying the course for your future business, and it helps to ensure that you stay on track through the twisted maze that would be your first time Real Estate Investor career.
Although business plans, or any other kind of plan, is only valuable to the extent that they inspire you to take positive action towards the business.
Real Estate Investors try not to spend hours perfecting a business plan, and fill it with pretty charts and graphs that would make a 9-5 employee delighted, it’s important to get your Real Estate Investing plan established before you get started. Try not to worry, many elements of a Real Estate Investing plan will change along the way. It’s always better to get started now, and improvise as you go.
Your Real Estate Investor Network Is An Asset
New Real Estate Investors will get people advising them about the power of networking, probably since high school. While the term “networking” can sometimes have the image of stuffy hotel conference rooms filled with eager professionals handing out business cards to also “network”, there’s absolutely no question that networking is a vital ingredient to being successful as a first time Real Estate Investor.
But what many first time Real Estate investors and entrepreneurs don’t realize is that networking isn’t a contest where the goal is to get more “connections” than anybody else. Instead, it should mean that your “network” is an ever changing, organic element to your business that cultivates and is appreciated, in order to reap in the benefits.
Real Estate Investors Visualize Success As If It’s Already Happened
First time Real Estate Investors should use positive visualization strategies to create a “goal picture” of them buying a first investment property as if it’s already happened. Now, this isn’t to say that a successful beginner real estate investor mindset is the only thing you’ll need to reach for your investing goals. Your beliefs have to take action too, in the form of consistent Real Estate Investing commitment.
Whether you’re trying to secure your first Wholesaling deal, or just learning what a rental property and a Rehab deal is, it’s important to take note that as the mind goes, so follows the body. With being focused and having a positive mindset you will maximize your potential as a first time Real Estate Investor, and reach investing heights you wouldn’t of dreamed of.
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