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4 Ways to Stay Optimistic About the Future of Your Real Estate Investing Business

by Sharon Vornholt on February 25, 2014 · 25 comments

  
Staying Optimistic about Your REI Business

 Real estate investing is no different than any other start up business. It’s not easy, it always takes longer to turn a consistent profit than you thought it would, and you will spend a lot of time facing that demon known as “fear.”  There will be a lot of times when all you want to do is throw in the towel.

But if all you can focus on are your current and past difficulties, you will find yourself struggling to move forward with the confidence to create the next chapter in your book of possibilities. Thoughts are powerful; so powerful, in fact, that they can shape what lies ahead. So how can you stay hopeful and optimistic about the future of your business when the going gets tough?

Here are 4 Steps to Help You Stay Optimistic About the Future of Your REI Business:

1. Create a Clear Picture of Your Future

Having a clear vision of what you want your future to look like, will help you to create your “next chapter.” It also helps you to hold onto the excitement that will get you through those inevitable rough patches.

It’s important for any business to have a plan, even a simple plan. Aside from the fact that it will be your road map detailing where you want to go and how you will get there, having a plan helps you feel in control during a time when we often feel like we have little control. And when you feel in control, you are more likely to feel positive about the future.

Related: Five Steps to Finding Focus in Your Real Estate Business

2. Let Go of the Past

You can’t change what happened in the past. As you grow your real estate investing business, you will have successes and you will have failures. Unfortunately, what most of us focus on are not our successes but, rather, our failures. Our perceived failures are like anchors that weigh us down and mess with our minds. No one is without at least a few failures along the way. Just chalk them up to experience and move on. Someone once said, “fail early and fail often” in your business.

Let go of the past, so you can create the future that you want and deserve!

3. Stop That Movie in Your Head Called “My Limitations”

I don’t think you will find an entrepreneur out there that doesn’t have their strong points and a bucket full of weaknesses. Everyone does.

But if you take a good look at your perceived weaknesses and be honest; are they really that much different than the next guy? Or have you just focused on them so long that they have become bigger than life? Have you thought so much about what you can and cannot do that they have become your new reality? When you change your thoughts you change your reality.

There will come a day when you can outsource all of those things that you are weak in, and you should do that sooner rather than later, if possible. But in the meantime, let go of that label called “limitations.” Most of those limitations are self-imposed, in reality. 

4. Focus on Today

Probably the biggest mistake we all make, and the one that can be challenging to change, is to stop focusing on our past, weaknesses, mistakes, and fears. It’s important to learn to live in the moment.

Instead of focusing on those things, focus on the seller you need to call, the direct mail campaign you need to get out, or your latest rehab. Push all of the self-limiting thoughts out of your head by just concentrating on what you need to do in this moment. If you can do that, you will be on the way to changing all of those negative thoughts that play out in your mind day after day.

After all, most of what we worry about will never come to pass.

How are you all feeling about the future of your REI business? Let’s cultivate some positive energy in the comments below!

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{ 25 comments… read them below or add one }

JaneG February 25, 2014 at 10:38 am

I always appreciate your motivation and positivity, Sharon.

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Sharon Vornholt February 26, 2014 at 7:33 am

Thanks Jane.

Mastering your “mindset” is so important in this business or any other business. There are so many ups and downs along the way. Thanks for reading.

Sharon

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David Krulac February 25, 2014 at 10:49 am

Sharon,
Buyer’s market, seller’s market, up, down, or sideways. Two givens for me:

1. I’m always buying.
2. I’m always optimistic.

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Sharon Vornholt February 26, 2014 at 7:34 am

David –

It sounds like you have mastered the whole mindset thing. “Adapt to the market and move forward” is a great way to look at this business.

Sharon

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Frank R February 25, 2014 at 10:58 am

Investing in real estate is definitely a emotional roller coaster. Put thought into what you are doing whatever task for the day or future plan your are creating. Making decisions by shooting from the hip and poorly predicitng the outcome will cost you. Have a reserve that consists of cash and people.

A few weeks ago I had a deal fall apart that I spent three months working on. It consisted of a commercial building and a laundromat. Lesson learned… you can spend months of planning, thought, driving, talking and due dilegence, within a few minutes it can all become unraveled.

Frank

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Sharon Vornholt February 26, 2014 at 7:36 am

Frank –

Isn’t that the truth. The bigger the deal. the more complicated the deal the better chance of seeing it blow up before it closes.

Those are great points you bring up. Shooting from the hip can only take you so far, then you actually need a plan. Thanks for your comments.

Sharon

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Jim Pratt February 25, 2014 at 12:32 pm

There’s been a few times I was more than ready to throw in the towel, but the thought of going back to work stop me. Perseverance and determination got me through those hard times. It’s the renters from hell that can ruin ones aspirations and outlook on life.

A cash reserve will get one through the hard times, it’s an absolute necessity.

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Sharon Vornholt February 26, 2014 at 7:49 am

Jim –

I think the very thought of going back to a 9 to 5 “JOB” keeps more people going than anything else. Entrepreneurs will work 20 hours a day, but they want to be able to decide when they will be working those hours, not their boss.

The renters from hell make every landlords life miserable unless you are able to learn to deal with those folks. A lot of folks decide to hire property managers. Then there are folks like me, that decide to earn passive income a different way. I hated being a landlord.

I agree with you about cash reserves. That is probably the biggest thing that sinks investors; a lack of sufficient cash reserves.

I saw it happen in my city when the market crashed. Solid investors in my area with 100+ houses suddenly had 35-50% vacancies almost overnight. Tenants lost their jobs, they quit paying rent, and even those folks with fat reserves found that those reserves weren’t nearly enough when a situation like this happened. A whole lot of them went belly up. But they are once again buying houses, and building their portfolios. I’m sure they are doing it a lot differently this time around.

Sharon

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Mark Ferguson February 25, 2014 at 1:52 pm

Great article Sharon! Simple, but many times we forget the simple things we can control and worry about the complicated things we can’t control.

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Sharon Vornholt February 26, 2014 at 7:54 am

Isn’t that the truth Mark.

We can’t control so many things like the economy, but we can always control how we react to those things. It’s definitely harder to do than it sounds. I have found that by concentrating on the job at hand, I can push a lot of that negativity aside.

Darren Hardy says that when things go wrong, “We need to learn to have a faster nervous breakdown; then get back to work”. I think that’s great advice. Thanks for reading.

Sharon

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Lisa DuFaux February 27, 2014 at 8:08 pm

I LOVE that idea – “have a faster nervous breakdown.” I have been feeling like I need to control myself and not have one at all but that isn’t very realistic (at least not for me.) Now I’ll give myself permission to have one quickly and then get on with business! Thanks :)

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Sharon Vornholt February 27, 2014 at 10:17 pm

Lisa – That one came straight from Darren Hardy who is the editor of Success Magazine. I love that one too.

In real life we all have those days, weeks and stretches of time when things are just not going well. He more or less said everyone is entitled to their (short) nervous breakdown; have a quick pity party then get the heck back to work. Thanks for reading.

Sharon

Yuliany February 25, 2014 at 2:18 pm

Great article! Earlier in the morning I just learned that my friend is being sued by her former tenant. She is undoubtedly feeling down and stressed out. I will forward this to her hoping to lift her spirit up!

Thanks

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Sharon Vornholt February 26, 2014 at 7:56 am

Yuliany –

Ouch. I’m sorry to hear that. If she has all of her paperwork and procedures in order, hopefully she will be OK. Hanging onto the proper mindset is work in times like that, but it’s far from impossible to do. I hope the article helps her. Best of luck.

Sharon

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Leonard February 25, 2014 at 6:39 pm

Your fourth tip “Focus on Today” is very valuable advice. When I am trying to stay optimistic, I like to keep myself focused on the positives of today. One way I do this is through making a list of all the positive things that have happened throughout the day. This helps me remember that there are more good things than bad, and I get the motivation to keep on trying.

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Sharon Vornholt February 26, 2014 at 8:09 am

Leonard –

Staying focused really does help you stay positive. You don’t have time to dwell on what is “wrong in your world”. Even in the worst of times, there is always something to be grateful for.

Sharon

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Gerald K. February 25, 2014 at 7:32 pm

Great article Sharon. There are many things that are helpful and important in successful real estate investing, but the mind is the most important thing. It’s what makes the plan and the clear vision of the future. It’s what decides to get the work done when you don’t feel like it. Motivation and confidence, they are attitudes that all come from the mind. Step by step, each choice we make, they all come from the mind. Focusing on that clear vision of your future and doing whatever it takes to get it done all originates from our thoughts. It all starts with ideas and plans developed in the mind. So, it’s all up to you. Living in the U.S., there really is no excuse. When you look at the accomplishments many great people here have had, they all made choices, plans, decisions, and had a clear vision that they made in their mind to work hard on. It really is all up to us.

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Sharon Vornholt February 26, 2014 at 8:10 am

Gerald –

I couldn’t have said it better. Great comments.

Sharon

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Glenn Schworm February 25, 2014 at 8:11 pm

Sharon….Wow, great article. Thats all that needs to be said. Seriously, great stuff.

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Sharon Vornholt February 26, 2014 at 8:17 am

Hey Glenn –

I’m pretty sure you have this nailed down, but we all need a reminder from time to time. It’s easy to look up one day and wonder why you are feeling “down or depressed”. I think a lot of times we just get tired. We get physically tired, but also mentally tired. This business is hard at times. Being an entrepreneur is hard at times.

I have to remind myself during periods like that to slow down, really focus on one thing at a time, and look for the good in every challenge or problem. They say problems are really opportunities in disguise. If you can change your mindset, you can usually change the outcome. Thanks for your comments.

Sharon

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Frank Iglesias February 26, 2014 at 11:06 am

I love this “3. Stop That Movie in Your Head Called “My Limitations””
What you can change is your thoughts about the situation or circumstance. It may even turn out that letting the thoughts that are producing bad or negative emotions alone is the best way to go.

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Sharon Vornholt February 26, 2014 at 5:58 pm

Absolutely Frank.

We have a tendency to dwell on what we think are our shortcomings and our failures. All of us need to let that go and move on.

Sharon

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Trevor Mauch February 27, 2014 at 9:20 am

GREAT post Sharon! This kind of mindset stuff is something a lot of entrepreneurs don’t think about before they dive into business… but all of us go through.

Awesome work!

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Sharon Vornholt February 27, 2014 at 9:45 am

Trevor –

Half the battle is getting our mindset right. I think it is a “work in progress” for most of us.
BTW I am loving those webinars. I stayed up late last night doing some tweaks on my site. I need that thing working for me.

Sharon

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Martin Zawarski February 28, 2014 at 5:39 pm

Great blog! I am a very emotional guy with big mood swings but since I got involved with this business 14 months ago my moods have been the best they have ever been. I am a different person since I went on my own , going solo just having a great time buying homes.
I really appreciate your blogs. I will get through them all.

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