“Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.” – Mark Twain

Don’t listen to the Naysayers

There will be a lot of naysayers when you tell them that you want to do something new. You’ll probably hear stories about that one relative that tried real estate investing and didn’t do well and a million reasons why real estate investing is dangerous, risky, etc.

These kinds of conversations can make you doubt yourself if you don’t have a strong mindset. I love it when people say they “tried” investing in real estate by owning one rental property for a year, only to sell it because it didn’t make them rich overnight. Investing in real estate is a get rich moderately slowly, depending on your strategy, risk tolerance, and many other factors. But riches will come to those who stay the course.

Always consider the source!   

When your friends, family members or co-workers are planting doubt in your head, especially in the beginning, always remember the source. Are they successful investors, or are they sitting on the sidelines playing armchair quarterback?

Some will have negative comment saying that real estate investing will never work for you because of fill in the blank here. When I hear these comments, I always consider the source. Would you take parenting advice from your single friends who don’t have children, or from people you view as successful parents?

Don’t take criticism from someone you wouldn’t take advice from – Unknown

Mindset is extremely important when it comes to real estate investing.  I used to think that mindset wasn’t important and it was just another buzzword that was over used in this space.  When you hang around people that won’t or can’t support you, you could be swayed to give up depending on how strong your mindset is.

I’ve learned that some people have a strong mindset from the beginning and nothing is going to stop them, and for others it takes time to develop. It took me some time to develop my mindset but I always knew that real estate investing was and still is my passion.

Collaborate vs Competing

I’m pretty competitive but that’s coming from a sports background. I know that collaboration is a healthier mindset and a quicker way to success. When it comes to sports, competition is fun and some would say healthy, giving you that drive to succeed.

When it comes to real estate investing though, collaboration trumps competition every time. Working together is much easier, more fun, and more lucrative than competing with one another.

It took me a while to wrap my head around this and if I had embraced this earlier in my investing career, things would definitely be different. But I can’t change the past so lesson learned, and hopefully it’s a lesson that you will learn faster than I did.

Was mindset easy for you or did it take time to develop? Please leave a comment and tell us your story, struggles, and successes with mindset in the comments section.

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