Perhaps you aspire to quit your nine-to-five job so you can prove to your demanding boss that you finally have the upper hand. Maybe you daydream about spending your retirement laying out in the sand in front of your private beach house. Or it could be that you simply want to provide a better life for yourself and your family. Each of these goals are noble, and each of these goals are achievable, so long as you adopt the right mindset.
An entrepreneurial mindset is the foundation and key to success. While it is of course important to create a strong business plan, a convincing marketing strategy, and meaningful relationships, it is equally as important to cultivate and grow a successful business mindset.
So how can you achieve the financial freedom and stability you so desire as a fix and flip investor? One way is through real estate, and specifically, real estate rehabbing.
Creating A Mindset For Real Estate Rehabbing Success
Real estate rehabbing consists of purchasing a property, updating the property with new construction and modern appliances, and selling that property for, hopefully, a profit. You’ve probably seen TV shows that reveal a house flipper’s journey in a 30 minute episode. While these programs fail to display the true challenges real estate rehabbers face, they do give a glimpse of what their lives are like.
At this point, you’re probably thinking “but there are so many fix and flip professionals in my market already, I won’t possibly be able to stand out as a beginner!” That thought right there is the only thing holding you back – and it most certainly does not align with an entrepreneurial mindset.
The question you should be asking is “what separates the great businesses from the not-so-great businesses?”
The answer to that question is undoubtedly the difference in mindset between the business owners. The person with a successful business mindset can boast more engaged clients, authentic products and services, increased brand visibility, and eventually, higher profits. The not-so-great business owner on the other hand, is satisfied with doing the bare minimum.
If you are ready to start your career as a real estate rehabber, you must commit to these 6 mindset shifts:
Set Goals: The most successful entrepreneurs set goals, that is a fact. Goal setting is important for five reasons: goals keep you focused, they keep you motivated, they allow you to measure your progress, they help you overcome procrastination, and they hold you accountable. If you are just starting your career as a real estate entrepreneur, schedule a block of time that is designated to your goals. Set both short and long term goals so that there is always something you are working towards. Make sure your goals are realistic and can be accomplished within a specific timeframe. And most importantly, write your goals down. Those who put pen to paper and physically take time to write their goals down are 70 percent more likely to accomplish those goals.
Mind Due Diligence: Minding your due diligence is a more appropriate way of saying ‘don’t be stupid’. If you are looking for a property, don’t jump on the first one you see. If you are launching your first marketing campaign, take the time to track your results. If you are looking for the perfect construction company, have a list of interview questions prepared so you hire the contractor that best meets your needs. Another way to explain minding your due diligence is to say ‘always double check’ or ‘don’t be hasty’. This includes making sure you have all the rehabbing contracts you need. Just be sure you’ve dotted all of you I’s and crossed all of your T’s before making any big business decisions.
Stay Educated: The number one way to stay ahead of your competition as a real estate entrepreneur is to prioritize continuous education. This can mean a number of different things to different people. Perhaps you set aside one hour a day to read up on the latest trends of the industry. Perhaps you commit to attending a business conference twice per year. Perhaps you join your local REI club and host weekly networking get-togethers. However you choose to stay educated, stay committed and you will see results.
Surround Yourself With Positive People: Have you ever told a friend or family member about your dream of becoming your own boss? If yes, have you ever been met with sarcastic responses like “That’s not going to happen”, or “Yeah, maybe when pigs fly”, or “You don’t have enough money to start your own business”? The individuals who put these types of negative thoughts in your head do not have the mindset of an entrepreneur. And even worse, they can damage your growing entrepreneurial mindset. If you want to succeed as a real estate rehabber, you must dispel this negative energy from your life completely. Instead, surround yourself with people who will foster your growth. Whether that means like-minded real estate professionals, or just friends who will inspire and motivate you to accomplish your goals.
Live Above The Line. Living above the line consists of a number of different action plans. But most importantly, it means holding yourself accountable and taking responsibility for your actions – even if those actions were mistakes. Those who live below the line like to put the blame on others when they fail to achieve what they set out to do. Those who live below the line never go the extra mile. If you want to become a successful business owner, look at yourself in the mirror and ask whether or not you are ready to take responsibility for both the good and the bad.
Be Active: Prioritizing your health and staying active are the final two ingredients to entrepreneurial success. Exercising and feeding your body healthy nutrients will help you stay focused – they are the gasoline that fuels success. Many successful entrepreneurs set daily routines that they stick to regardless of the day or their location. Often times, those routines include a morning or evening exercise regime. Sweating out the negative energy from the day is a great way to recharge and clear your mind so you can start the day off on a positive note.
Start by committing to these real estate rehabber mindset shifts and you’ll be on your way to success!