“NOTHING WILL WORK UNTIL YOU DO” – MAYA ANGELOU
Note: this article was written in collaboration with Mike Taravella
Changing Your Mindset is absolutely critical for your success. The title of this article is the famous quote by Maya Angelou who believed and applied this concept in her own work.
How often have you told yourself that you can’t do something?
- I can’t invest in real estate because the real estate market is going to crash.
- I can’t invest in real estate because there are no good deals left.
- I can’t invest in real estate because there are no syndicators I trust.
- I can’t invest in real estate because I don’t have the time.
- I can’t invest in real estate because I don’t have the experience.
All these “cant’s” will not allow you to grow as an investor. The cant’s provide an easy way to fail.
Instead of saying you can’t do something, ask yourself “how can I”. Here are a few examples of the subtle shifts from saying “I can’t” to “how can I”:
Limited Believe #1
Instead of: I can’t invest in real estate because I don’t have the capital to invest
Replace with: How can I find the capital to invest in a deal?
Answer: I can find work side jobs via Upwork, Lyft, or Uber to obtain more capital. I can leverage the equity in my personal residence to invest. I can find partners to help me obtain capital when executing a deal. I can leverage my retirement accounts to provide capital to invest in real estate. I can help an existing syndicator with an aspect of their business in exchange for equity in a deal.
Limited Believe #2
Instead of: I can’t invest in real estate because the real estate market is going to crash.
Replace with: How can I invest in real estate investment that will sustain the recession?
Answer: I can diversify my portfolio to mitigate risks of an economic downturn. I can invest via syndications across a variety of asset classes such as multifamily, mobile home parks, storage units, or residential assisted living. I will underwrite deals to see if they will continue to cash flow with increased vacancies or no to minimal rent increases.
Limited Believe #3
Instead of: I can’t invest in real estate because there are no good deals left.
Replace with: How can I find good deals?
Answer: I need to build more relationships with brokers, property managers, and sellers to generate more leads. I need to change my marketing tactics and reset my target criteria to identify more motivated sellers. I need to drive for dollars and do direct mail campaigns to find more sellers. I have to create and run direct mail campaigns to contact potential sellers. I have to create a meetup that caters to potential sellers where I can provide value to them.
Limited Believe #4
Instead of: I can’t invest in real estate because there are no syndicators, I trust
Replace with: How can I meet more syndicators I trust?
Answer: I need to attend local meetups or nearby conferences attended by syndicators. I need to find syndicators on Bigger Pockets and schedule calls or meetings with them. I need to ask my network if they know of any syndicators that they trust. I have to locate syndicators found through podcasts’ interviews.
Limited Believe #5
Instead of: I can’t invest in real estate because I don’t have time.
Replace with: How can I make time to invest in real estate?
Answer: Leverage virtual assistants to help free up some time. Use services like Instacart to get your groceries delivered. Read Bigger Pockets blogs and articles instead of checking your social media accounts. Wake up 1 hour earlier and dedicate that time to learning real estate. Listen to audiobooks and podcasts during your commutes to/from work or when exercising. Find ways to passively invest in real estate such as via syndications as it requires a lot less time. It also allows you to become investor without significant interruption to your day to day life.
Limited Believe #6
Instead of: I can’t invest in real estate because I don’t have a finance degree or real estate experience
Replace with: How can I learn how to invest like an experienced real estate investor?
Answer: Become an unpaid intern to an experienced investor. Offer to provide value to your potential mentor by offering to help with whatever they need help with. In return you will be able to learn and see first-hand how they operate their business. Read books, Bigger Pockets forums, and articles related to real estate. Listen to real estate podcasts and audiobooks. Hire a coach or take online courses that will teach you how to invest.
There are many more ways to answer each of the questions listed above. Understand how changing the statement from “I can’t” to “How can I” changes the paradigm? Once you ask yourself “how”, you begin to brainstorm ideas that would help you narrow down the solution to the problem. You begin to think creatively and will find the answer to help you progress towards your goals. Once you find the answer, you need to consistently take actions to achieve your goals. This paradigm change can be used in all facets of life and has been powerful in my growth as an investor.
What limiting beliefs do you need help changing? How can we help you change your paradigm as an investor?