Real estate investing doesn’t have to be scary! These tips will help you get started in small apartments. (Credit: Luis Molinero)
Successful real estate business owners must possess an acumen for directing other people’s energy into vehicles that produce more income for us and them. That’s what it means when I talk about raising private money.
But, what happens when you are so afraid you can’t motivate yourself to get started?
For starters, you’re not going to get very far in building wealth or attaining the financial freedom your own real estate business can give you.
See Also: VIDEO: Why You Don’t Use Your Own Money in Small Apartments
In this lesson, you will learn:
- The top 2 fears of real estate entrepreneurs
- How your job title can predict your success in small apartments and multi-family properties
- The secret to enlarging your vision, defeating fear
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Life is full of choices, and if you are afraid, you can take one or two routes:
- You can put all your time, energy and your own money into real estate, or
- You can learn how to isolate that fear, talk it down, and put other people’s money to work for you.
There is always a little fear when you step out into uncharted territory. In fact, the number one fear for beginners in this business is that you can not do multi-family deals because you do not possess the cash or the credit to make it happen. This is simply not true.
The second most common fear is not having enough money to close these deals, or worse, that you run out of money before it closes.
Two different fears, but they both come back to money. It’s time to remove that fear.
After the video: How to Empower Yourself By Using the Right Language
Watch as Lance Edwards discusses the power of our words and mindset in real estate:
Empower Yourself. Slap on a New Label.
Believe it or not, while money might seem scarce or non-existent before your new deal, that’s not the biggest issue for beginners. It’s how you view yourself. In fact, if you want to defeat that giant–the fears, the doubts, the unknown– you need to empower yourself with a new vision and a new label.
From this moment forward, you are no longer a real estate investor. You are a real estate entrepreneur.
‘But, Lance, what difference does the title on my business card make?‘ I can hear you all saying. Trust me, it means a lot.
The terminology we use in this business carries very powerful connotations. We’re not just playing semantics here, but laser focusing our vision and the very definition of who we are and what we do in this space. This job title is both our DNA and our mission statement.
An investor is someone that brings money to the deal, pure and simple. Subconsciously, however, using this term is only going to send you into a state of panic as you realize this isn’t what you signed up for. ‘I don’t have any money, and I don’t know what I am doing!’ you’ll exclaim, before chunking your copy of ‘How to Make Big Money in Small Apartments‘ into the trash. (Please, take a deep breath…and keep the book in your library!)
An entrepreneur, however, brings deals to the money. That’s you. This is what you’re going to do to build a world-class real estate business. You will use other people’s time, their talents and their resources as vehicles to achieve your vision. You are the dealmaker in this picture, matching deals and dollars.
Nobody will mistake your mission or your role if you declare yourself an entrepreneur from the outset. Everyone will understand you are not expected to have any money. They will know they should only look to you to bring all the pieces together to make the deal happen.
Mindset, as I have said many times, is a powerful tool you must have at your utility to overcome your fears and insecurities, and as beginners, you need to understand the value of our job title.
The words we use to describe ourselves and to portray our vision are very powerful. They can make us or they can break us. In the world or multi-family investing and small apartments, they can literally predict our success…or our failure. Choose wisely!
For Real Estate Success, See Also:
- Video: Why Multifamily is an IDEAL Investment
- Mike Warren: ‘If You Owned a Bank’
- Automating Your Life? This One Fatal Flaw Could Ruin It All
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