You can acquire all the knowledge in the world about real estate investing, but chances are, you still have trouble seeing yourself doing the kind of deals you want.
This is because our minds tell us that this isn’t possible, that we’re not good enough, that we’re too young or too old, that we don’t have enough experience, or that we don’t have any money.
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.
Our Mind Can Be Our Greatest Enemy Or Our Best Ally – It Just Depends On How We Program It
In order for our mind to become an asset, we need to BELIEVE. If we can convince our mind to believe something, our mind thinks something is achievable even if reality doesn’t support such an outcome.
But how do we learn to believe? First of all, believing is a lifetime sport – we can get better at it but it’s hard to ever declare victory. Second, believing has a lot to do with VISUALIZING. Visualizing is a way to “convince” our mind into thinking something is real when it’s not.
Here Are 5 Tips To Apply Visualization Techniques To Real Estate Investing.
Since I spend a lot of time looking for and writing about apartment building deals, I’ll apply the 5 tips to apartment building investing, but you can apply these techniques to anything you want to achieve.
Tip # 1: Create a Dream Board.
Create an apartment investing “dream board” with photos of the kinds of apartment buildings you want to own and the positive consequences of that (more income, ability to leave your job, more time with the family, more vacations, etc).
Tip # 2: Visit Large Apartment Buildings For Sale.
If you can see yourself buying a 4-unit building, then tour several 25-50 unit buildings with the broker.
The more you do this, the more you expand your comfort zone, and the more you can “see” yourself actually owning a 50-unit apartment building.
Tip # 3: Create a Sample Deal Package for your Desired Apartment Building Deal.
Pretend that you have the building under contract.
Get a marketing package of an apartment building for sale and create an investor package from it. Then use it to talk to potential investors. Say something like “I don’t have this deal under contract, but when I do, it’ll look substantially like this.
The returns are expected to be between 12% to 15% for the investor, and I’m looking for a minimum investment of $50,000. Do you know anyone who might be interested?” And when you find someone who is interested in talking more about this, you use the Sample Deal Package in your discussion.
The Sample Deal Package is a key visualization tool that not only allows you to visualize you purchasing such a building but it also allows you to approach potential investors long before you actually have a deal under contract.
Tip # 4: Perform Mental Imagery Five Minutes Each Day.
Think about the goal you want to visualize. For example, “I want to raise five hundred thousand dollars in six months to purchase a 50 unit apartment building”.
Find a quiet place and eliminate all distractions. Close your eyes and relax. Now imagine yourself meeting with investor after investor.
At each meeting, you get your minimum commitment of $100,000 and a referral to a friend of theirs who also wants to invest. Picture the 50 unit building: it’s actually made up of 5 buildings. See the parking lot, walk the halls, talk to the property manager, and the tenants.
How are you feeling after you’ve achieved your goal of purchasing the buildings? You are feeling proud that you’ve accomplished something difficult and worth while. You have generated income for your and your family. You are generating returns for your investors. You are taking care of the tenants. You feel a deep sense of accomplishment and serenity. Can you see it?
Tip # 5: Make Positive Affirmations
I frequently use positive affirmations because they make a real difference in my day, my outlook, and my ability to accomplish things I may not be comfortable with.
The key to affirmations is that they are written as if they are already achieved. They should also be measurable. Here are some examples:
- I have closed on my first 25-unit apartment building within 12 months from now.
- I received more investment dollars than I could use for the deal.
- I am making at least $5,000 per month from my investments and am now a full-time investor.
- I am able to travel two months out of the year with my family.
I write these affirmations down and put them in places I see frequently, like on my computer, easily accessible with a shortcut; in the glove compartment of my car; or I post them on the wall of my office.
Key with these affirmations is to share them with your friends and family. There is surprising power when you put your dreams and goals out there into the universe.
Over the years I have constantly been working at expanding my own comfort zone. Several years ago I hard a time seeing myself raising $100,000 or owning anything more than a townhouse rental.
When I had my first 12-unit apartment building under contract, I felt completely overwhelmed. Surprisingly, after having done due diligence on it for 14 days, not only was I comfortable with the prospect of buying the building, but I wished the building was bigger!
Now I can see myself purchasing a $2M-$4M building but I still have a mental block at anything larger than $5M. I continually use these visualization techniques to help me BELIEVE that I can do anything I put my mind to.
Hopefully you find these visualization techniques useful for your real estate investing goals!
Be sure to leave your comments below!