​The Mindset of a Successful Real Estate Entrepreneur

As an entrepreneur, mindset is everything. Everyone would agree that a successful real estate investor does not think the same way as a W-2 employee. There are certain skills which are crucial to have. As an owner of your own organization, whether you wholesale a deal per month or own thousands of units, you think differently than someone working for a set salary and climbing the corporate ladder. There are plenty of schools of thought on this topic, but my purpose in this post is to highlight some of the most important maxims instilled in the mind of a real estate investor. Although I’m still fairly new to the game, I’ve learned these ideals from many successful investors who are complete professionals. Here’s a short summary of what I’ve learned.

No Excuses

To consistently have true success in real estate, you must not be making excuses when you lose a deal or perform poorly in any way. People who do this are always going to keep having issues, not to mention, it comes off as cowardly and unprofessional. If you’re trying to become a bigger player in your market, you’ll absolutely want to lose this habit.

Take 100% Responsibility

This is hard for some people (and it was hard for me when I launched my business as well), but it’s essential to take full responsibility. Those who blame the market, clients, or other investors, will always continue to have issues. When you take responsibility for your actions, you open yourself up to a lot more opportunity. I remember I was frustrated in the beginning because my market was tight and the flow of deals was very slow. When I stopped looking externally and thought about what I could do better to do more deals, it was light magic how I turned things around.

Don’t Learn Everything the Hard Way

If you’re not taking advantage of other entrepreneurs’ stories or advice about their ventures, you’re making a big mistake. Some real estate entrepreneurs have made mistakes and don’t mind sharing their experiences in order to save other people the headache of falling into the same mistake. There’s always those people who feel the need to make mistakes themselves. I’ve had my fair share of these moments. Those who can scrape through valuable content and learn their bits and pieces from experienced investors will have a huge advantage. Always be eager to learn from people who you wouldn't mind trading places with.

Love the Grind

John Calipari (the head coach of the Kentucky men’s basketball team for those who don’t follow March Madness) said it best: “ You’ve gotta love the grind because life IS the grind.” Being an entrepreneur and having the courage to pursue your own venture is hard. A lot of gurus will try to portray real estate as an easy avenue for wealth, which it very well can be. But, most don’t show all the hard work it takes to get a business off the ground. They like to show the checks their students are getting but rarely talk about the late nights and early mornings these people grind out to make it possible. There’s no such thing as an overnight success, you have to love the processes of your business more than the checks. That’s the mark of a true entrepreneur, in my opinion.

Conclusion

There’s never an easy road to success. For those who aspire to have financial and time freedom, real estate can fulfill that dream. I really enjoy learning from and partnering with people who share the same vision and passion in real estate. Personally, I started college four years ago with an employee mindset. Since, I leveraged resources such as BiggerPockets and personal development courses to shift my standards to become a successful real estate investor and enjoy all the benefits of entrepreneurship. Good luck in your ventures and thanks for reading.