In this series we are looking at How to Go From $0 to $10,000 a Month as a Real Estate Investor.
Today I want to focus on Getting Mentally Prepared to Become a Successful Real Estate Investor
Jonathan Mead did an excellent guest post on Zen Habits that really rang true on How to get mentally prepared to succeed. “If we want to have any hope at making our dreams a reality, we have to carve out our own path. We have to find a way to get paid to be ourselves. We must drop conventional wisdom (collective assumption) and break away from the herd.”
He mentions that we all have an “uncertainty threshold” or what I call a comfort zone. If we want to “break away from the herd” we have get out of our comfort zone where everything is predictable, safe and secure. I’m sure security sounds good in this economic downturn but we have one of the greatest opportunities of a life time to get rich in real estate. Have you ever heard the quote “Buy Low and Sell High?” well isn’t real estate at incredible low levels right now? Mark my words this real estate market WILL eventually go up and go up big. When you ask? Who knows, but if you own properties that produce a positive cash flow than it doesn’t matter does it.
Here’s what’s holding most investors back from making it big in real estate, staying in the comfort zone:
As you can see the majority of the people we know are living in this comfort zone, just getting by, complaining about every aspect of their life. What would life be like if you had no fear? Would your decisions be different? Would you actions change? Fear keeps people in the comfort zone.
Here is an exercise that will help you blow throw the comfort zone barrier and beak away from the herd.
Find a quite spot and imagine what your life would be like as a successful real estate investor, what would you be doing with your time, would you spend more time with the family or do things you don’t seem to have the time for? What would you have, a new house, car or a large back account? Notice how it feels to finally reach your goals. Good huh? Now write this down in detail as if it already happened, your goals have been achieved and you writing a journal entry of the events that have already taken place. Now read this just before you go to bed and first thing in the morning when you wake up. Your mind is like a garden you have to plant good positive seeds of success and remove the weeds of negativity. Doing this is curtail to your success, so please don’t blow it off.
So how do you make $10,000 a month in real estate? Well it takes guts to push yourself through the comfort zone of life. When you find a deal that you know works but have no idea how your going to pull it off, keep pushing. You mind will race finding every reason why you can’t get the deal done, or your not good enough, or what if it doesn’t work…Just do it!
I’m not saying be stupid, evaluate risk understand the market and do your full due diligence but don’t back out because of fear, stay in the game and push through the comfort zone by not giving up. If you haven’t read Donald Trumps 1st book that Art of the Deal, than I suggest you do, you will understand what I’m talking about.
Now that we’re mentally prepare to become a successful real estate investor, we can focus on the next step in the series How to Go From $0 to $10,000 a Month as a Real Estate Investor, Real Estate Investors Toolbox, What you Need Before You Get Started
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