Mindset has become somewhat of a buzzword in our culture today. Many people refer to the word when referencing having a positive outlook on life or trying to improve some aspect of their life. At a more basic level, mindset is simply your perception or worldview about a certain thing. When it comes to investing mindset is crucial because it is a lid or sorts to your investing potential.
Realize what is possible
When we step into a new arena of life we often have limited knowledge of what that new world can provide us. For example someone who is starting a new career often is unaware of the details as to what their day to day work will look like or exactly all the opportunities that career could offer. The same is true with real estate investing. Learning about investing can open a whole new world to someone who is unfamiliar with it. The process for realizing what is possible in investing begins with education which can be through books, podcasts, meetups and other meaningful opportunities to learn. Ultimately it continues through taking action and working through problems and challenges along your investing journey and is a process which truly never ends.
Surround yourself with like minded people
It is said that we become like the five people with whom we spend the most time. If all of our friends and network are people who don't have an interest in investing or pursuing financial freedom than we will likely wind up average in this aspect as well. It is therefore important to develop relationships with like minded people who share your financial goals and values. You can find these people at conferences, local meetups or organically as you begin to build your real estate team. What's important to understand though is building new relationships takes time and an intentional effort. However, the reward is a network of people who can help propel you towards your investing and lifestyle goals.
Learn to asses the risk of not taking action
When people are considering a certain choice in their life whether that be an investment, career or relationship they often think in terms of the risk OF DOING SOMETHING. While this is certainly an important step, achievers take it one step further by considering the risk OF NOT DOIGN SOMETHING. This is crucial to achieving success financially or other wise as it opens your mind to realize that we often surrender to guaranteed failure due to the fear of possible failure should we take action instead of fully thinking through both sides of the equation.
There are many important considerations when evaluating a multifamily deal and we make it our mission to careful vet each of these items. If you would like to learn more about passively investing in multifamily, please set up a meeting with us through our Calendly link and subscribe to our weekly blog here.