The Mindset of The Real Estate Investor

Chapter Two – The Mindset of the Real Estate Investor

A wealth mindset is a set of beliefs, habits, and behaviors that separates the wealthy from the rest. A wealth mindset will guide you to make the most of the money you have. ... A wealth mindset means spending less, making wise investments, and looking for ways to improve financial standing with minimal risk.

For example, you can be driving around a property that has been abandoned and an eyesore in a location and the person that has developed the wealth mindset will be thinking about how to acquire the property at a minimum price, fix the property and sell it for big money. Even if one does not have the money he will think of ways to partner with somebody to acquire the property. I sincerely believe that wealth building is a mindset.

Discussing Mindset also brings me to the concept of a paradigm. A paradigm is a way of looking at something or situation in a different way. My belief is that Real Estate Agents have to change their paradigm as far as working with real estate investors are concerned.

Always remember that our paradigm influences our perception. Going out to acquire investors as clients would require you to change your perception as far as investors are concerned. For example, the popular misconception is that all investors want to do is submit low ball offers. That is a myth! Investors want to make offers that dovetails with their investment strategies. Knowing the investment strategy of the investor will dispel this erroneous perception.

Our paradigm can also influence the management of our time. Our productivity and income will grow exponentially as we master “activity management” instead of time management. We are able to change our paradigm to realize that time is a resource and a treasure and should be treated as such. Always remember that with imagination the sky is the limit.

The way I look at the world is that there are two kinds of wealth:

1. Visible Wealth – The visible wealth is what we can see with the naked eye, like buildings, equipment, and inventory, vehicle, possessions, lifestyle etc.,

2. The Invisible Wealth – natural talent, skills, relationships, talents, honesty, time, intelligence, experience, habits, ideas, integrity etc. For example, the ability to put deals together and the ability to raise capital for investment activities is an invisible wealth.

In my opinion I believe we concentrate more on the visible wealth; it is obvious for everyone to see, for example, our expensive home or vehicle.

But our talent given to us at birth or acquired over the years is very important that we also need to nurture to help build our invisible wealth. My experience as real estate investor and instructor helped me to partner with investors that needed my experience to guide them in real estate investing. I was able to partner with a number of investors and acquire a lot of properties. My partners provided most of the capital to fund the purchase of almost all the properties we acquired.

Ways to Develop Wealth Building Mentality

1. Education: It is advisable to take short focused courses with emphasis on real estate investment or entrepreneurship. Many of such courses are offered on line –website like Bigger Pockets - www.biggerpockets.com . The Georgia Real Estate Investment Association www.GAreia.com etc., and other such Associations all over the place. REI – USA is a very credible on-line real estate education platform that you can join. The Continuing Education Department of many colleges and Universities also offer inexpensive real estate investment courses.

2. Mentoring – Find a coach to guide and encourage you .

3. Books – Read books in on real estate investing – I have provided a list at the end of the book to help you-

4. Repetition – You have to discipline yourself and be able to give yourself a command and follow the command.

5. Making mistakes – mistakes are a great learning tool; do not be afraid to make mistakes.

NOTE: Excerpts from My Book: The Cash Flow Real Estate Agent: A Step By Step Guide To Working With Investors" 

Copyright: George Ansong - Published by  Asempa Enterprises Inc

George Ansong is  an Investor, Author and Realtor

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