( original post from RichDad.com http://forum.richdad.com/forums/tm.asp?=279490&mpage=1&p=&tmode=1&smode=1&key= )
As I think back to my first attempts at success in REI as well as that of many of my mentoring students, I can’t help but realizing that the pursuit for success in real estate has ABSOLUTELY NOTHING to do with real estate itself. Yes, there is a lot of money to be made and yes there are many benefits to choosing REI as your path, including appreciation, tax benefits, entity benefits, the many possibilities for both fast cash as well as passive income, the fact that everyone needs a place to live, etc. But none of these things comes close to being at the core of why we all share the dream for ‘having more.’
Some of you are asking yourselves, “This is starting to look like another long-winded yet worthless post without useful information.” BEWARE of thinking this. Here’s why I say that.
Since training and mentoring hundreds of people in real estate investing, I’ve realized something important:
The MENTAL GAME behind success in REI is even more important than how much actual real estate knowledge you have.
Does this mean that specific real estate knowledge isn’t important? Of course not – it too is vital to a degree. In both my own personal case as well as that of most of my past students, I have found that solid knowledge learned from someone who has ‘been there’ serves as major reinforcement for mental fortitude. HOWEVER, the Mental Game which must be played (and WON) is an even more important ingredient for success.
So what ‘Mental Game’ am I referring to? Simple (although not easy – there’s a big difference).
MASSIVE ACTION CURES FEAR.
Read those four words again. No, this isn’t some fluffy motivational BS that’s meant to be passed off as solid information – it’s the real deal. If you can *truly* live by the phrase above – if you can *truly* allow yourself to take massive action and make your future happen instead of waiting for it to occur – then, my friend, you can and WILL succeed in real estate.
You see, the ‘Mental Game’ I’m referring is probably the opposite of what most people think. In fact, it’s really about how to QUIET YOUR MIND (aka get rid of the noise) so that you get out of your own way to achieve the results that have been previously unattainable to you.
A lot of people thrive on outwardly motivational things to help them succeed, and I’m not necessarily knocking those things. However, while there are some decent things out there, few of them are able to get to the heart of the issue, which is achieving tangible RESULTS. And by that I mean profits - money in your pocket.
If you want to be motivated to succeed in REI, how about going to a closing where you walk away with a check for $10K?? Do you think you would be motivated by that? YOU BET. This is the way I approach real estate and the way I suggest you do too – that is, by taking a results-oriented approach.
You can study and study until you are blue in the face. But until you take massive and immediate action to get yourself to the next level, the RESULTS that you are seeking (in other words, the very reason why you are here) will continue to elude you.
See, taking massive action like this helps eliminate fear because there is no time for doubt in the midst of action. You are simply ‘going’ - you are taking action and moving forward – and there is a lot to be said for this.
Does that mean you should move forward frivolously without thinking about what you’re doing? Absolutely not. But neither does it mean that you need all the answers before you make a move. I’ve been investing for just over six years now and I’m still learning at every turn. If you want ‘all the answers’, you will need to learn by DOING. It’s time to take ACTION – immediate and massive action.
This is a huge part of the mental preparation I learned from my mentor and that which I teach to others. If you really want to see success in REI, and more importantly, if you really want the life of freedom that success in REI brings, it’s time to start quieting your mind through immediate and massive action. Being on this board is a great start, no doubt. It’s where I started as well as several other successful investors. But are you willing to go further?
Baby steps are key when starting out – as well as while moving forward. In my experience, baby steps add up to large leaps VERY quickly. Some examples of vital baby steps are:
- Reading everything you can about REI – know the language (aka jargon)
- Asking many questions and finding the answers to them
- Connecting with other RE professionals in your area
- building the beginnings of a team
- Studying MARKETING and SALES – these two skills are a huge part of the foundation for success
- Looking at properties and making written offers – when it’s all said and done, these are your profit-producing activities…period
This is only a start, but the things listed above are without a doubt a major part of why I’ve been successful so far. There’s no time like the present so start taking baby steps in these areas. I PROMISE you will begin to see leaps, but first you must put in the time to build your foundation. I learned this the hard way – it doesn’t happen overnight. But it will happen if your mental game is dictated by ACTION rather than fear.
Do yourself a favor and take a mental inventory of all the NOISE holding you back - all the questions, doubts, fears, and most importantly, the REASONS for those questions, doubts and fears. The more clear you are with these things the easier it will be for you to do the following:
- Eliminate certain mental hang-ups that are holding you back
- Accept the ones that are ingrained in you and allow yourself to move forward in action despite their existence (this one is big)
- Be more comfortable taking massive and immediate action through baby steps since you have actually taken the time to work through some of the mental anchors that have been socially ingrained in you over the years
I hope these things get you thinking about the ACTION you will need to take if you want success in REI.
Ken Preuss National Real Estate Club