Develop an Ownership Mindset
Ownership is a Mindset
I ask tenants, people who are currently renting, to take a HUGE jump. I want you to go from Tenant to HomeOwner and then, I want you to go from being a HomeOwner to a Real Estate Investor.
Not going to lie, it's much easier taking HomeOwners to Investor status. I can't say for sure, but I think this is mainly because of what I call the "Ownership Mindset." Of course, once you've done 1 real estate transaction, it's easier to do a 2nd.
Once you've determined you should own real estate, the next (and often bigger) hurdle to overcome is believing you can.
The Ownership Mindset applies to real estate ownership, yes, because that's what we are talking about. But much larger than that, it refers more broadly to everything in our lives that we can control. I'm asking you very directly, what do you want out of life? I like the goal setting format - Have, Be, Do. What do you want to have? Who do you want to be? And what do you want to do?
If you answer these questions honestly, you will have fears and doubts pop into your brain. Cultivating an Ownership Mindset empowers you to take and maintain control of your thoughts and life outcomes.
How to Develop an Ownership Mindset
- Take responsibility for everything in your life. More on this in the book "Extreme Ownership"
- Observe your thought patterns - question yourself when you tell yourself anything related to negative terms / phrases such as, Can't, Shouldn't, Don't Know, Unqualified, Not good enough, etc.
- Practice re-phrasing negative self talk into more empowering self talk. For example, change "I can't buy a house?" to "How can I buy a house?" See how that will immediately change your thought pattern into problem solving and induce action?
- Read books, listen to podcasts, more or less brain wash yourself into believing you are capable, worthy, and deserving of everything you wrote on your Have, Be, Do list.
Common Fears / Doubts
I don't think I can qualify for a loan
You might be surprised, there are literally hundreds of loan programs available for hard working people. Private lenders, local, state and national governments as well as private institutions offer a variety of opportunities to help people get into home ownership.
I don't want to take on that much debt
Taking on $450,000 in debt is definitely scary. You'll have to make those mortgage payments each and every month... kind of like how you have to make those rent payments each and every month. More on this in the next course.
Another way to think of this is that no matter what, you are paying a mortgage. So who's mortgage do you want to pay?? Yours or your landlords?
I'm not a real estate investor
Maybe not right now, but you can be. After you finish this course, you will be very qualified to move the next step of acquiring your first investment property.
Being a Real Estate Investor is really just a mindset, setting the intention when you buy of what the outcome will be for that property. An investor invests money to make money. So as long as you have a plan to make money from your real estate, you are a real estate investor.
I don't know how to Invest in Real Estate
You will learn. In fact, you are learning now. Positive self talk is a good place to start, change the statement "I don't know how to Invest in Real Estate" into "I am learning how to investing in real estate." then grow it to "I understand the basics of real estate investing." You get the idea, empower yourself to learn more, take action, learn from the action, take more action. Repeat this cycle forever.
I might have to move
Good! The sooner you move out, the sooner the property can be converted to an asset! We'll get into this idea in depth a little later in the course. The short answer is that if we are strategic in how you acquire your property, you will be able to move for work or another reason while keeping the property.
I'm / my spouse is looking for a new job / not sure what our income will be
Okay, are you getting a new, lower paying job? Probably not, and you still have a housing liability. It may be that you need to focus on the job search and transition, but double check this thought pattern isn't actually fear produced procrastination.