Post # 3 - A little about the mindset of an entrepreneur and real estate investor ..
About a week ago, I sat on a panel of entrepreneurs in front of a group of people who were interested in the world of entrepreneurship, and one of them raised a very interesting question that it is important for me to dedicate a post to on its own, because in my opinion it is the most important thing in entrepreneurship and long-term investments.
He asked: "What does it take to be an entrepreneur? Is it just for some people?"
Great question.
So did I, when I was just starting out, and I hadn't made a single deal yet - I had a lot of concerns - "What about me and real estate?" "Can I really buy / renovate houses where I don't see them?" "I'm a marketing lecturer at the academy, what's the connection?"
But one thing (or two / three) yes I had - a very big desire and belief 'one house I'm sure I'll be able to buy' .. I could really imagine buying and renovating myself. Just like on TV (-: (Yes, I also had a home channel + ..)
And - I had (and luckily I have to this day) the back of a community, of people doing it day by day.
My choice was - to whom I listen - to those who did not and speak out of concerns or to those who did and speak from personal experience.
I think learning the knowledge / tools / information - that's the easy part. This is technical, we do not crack the atom, and over the years I have also seen young 14 people who do real estate.
The key thing is to understand that everything is in your head.
I accompany beginner entrepreneurs in Project X's escort program, I have accompanied over 100 people, and one of the things that gets me excited every time is when people go through my perceptual change. And from looking at problems, start looking at potential, especially theirs. When someone drops the token and he realizes that he can do something that, at first, seems to him the scariest thing in the world - and he starts doing it and even enjoys it - it is tremendous satisfaction.
I really believe in real estate, especially in asset accumulation and in creating a current source of income. I believe that real estate is a great tool to make money work for you and not to chase your life for money (assuming we're all here with the same belief). I believe the biggest loss is leaving the money in the bank and doing nothing to make it work for you.
And I think that in order to succeed both as an entrepreneur and as a long-term investor, you need the will and the belief that, over time, things get along with the calm and the ability to not panic when something doesn't work out (which will certainly happen throughout the life of the entrepreneur and investment). There are blunders, there are glitches, there are periods that need to be invested more, there are periods that tenants do not pay (and this is true for every area not just in the US). Don't be afraid of that.
need to do.
Obviously, the maximum needs to be done to mitigate risk factors, increase the ashes in the business plan, but one must realize that there is a limit and surprises can read.
For example: a tornado that abused me on a renovated flip or tenant property that suddenly stopped paying and took me 5 months to get it out of the property. what can we do?
Do what is necessary to promote and return the flip / rent to action that will come back to make money, take a deep breath and learn how to improve (for example - as a result of this tenant, I started renting jobs in areas where eviction laws work in favor of property owners and can be cleared within a month at minimum cost).
Don't look at the problems all the time, look at the challenges and the solutions, look at the long term, don't take heart every little glitch, believe that over time - the real estate fixes itself. Prepare plan b and even plan c
Don't let fear run you, enjoy doing it.
I love working with partners and investors who understand that, these are the best partners to go.
If you don't try, you won't succeed.
Finally, here's a video I love, and that's my mantra of life and business: What are you focusing on? This is your choice. And whatever you choose to focus on - that's what happens and what you see all the time.
Enjoy the road and success will come!
Allow link to video?
Write nicely
Excellent post Merav… ??????
Who says he can and who says he can't, they both end up right.
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Great video! I will show my students! Thanks!