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?
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
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.
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!