Tag Archives: mindset

Seller Financing – Talking to Prospective Buyers

Nathan Amaral joins Larry on Invest in Yourself. In seller financing, you are most likely going to have to deal with buyers, so Nathan gives a few tips on how to handle those conversations.

How do you have the right mindset to deal with buyers effectively? How do you take control of the conversation? Why should you be the one asking questions and not the buyer?

Nathan shares an exercise you can you use with an old checkbook to build your comfort talking and dealing with larger and larger numbers.

Find it all out and more on this segment from Invest in Yourself!

Is It All in Your Head?

I’ve seen it time and time again. I give one investor all of the tools he or she needs to succeed, but failure ensues. Another investor receives the same tools and proceeds to secure tremendous wealth and financial freedom in a very short time. The difference? Their mindset.

Having a positive mindset is critical for your success as a real estate investor. It’s the attitude that you WILL prevail in any given situation. It is the little voice in your head that says “I can do this”, or “I won’t let them get the best of me”, or “That didn’t work, what else can I try?”

When you get knocked down, positive mindset is the force that gets you back on your feet, dusts your britches off, puts you hat back on, and gets you going again. It is the clarity of mind and the resolution to succeed that drives you on when things look bleak.

As you move through each day — meeting people and crossing off items on your “to do” list — positive mindset is like grease for the wheels. It makes things run MUCH smoother. It makes people actually WANT to do business with you. After all, who wants to work with someone who is sullen, grouchy or determined to fail? No one.

Sure, we all have setbacks. But the thing is, if you wear your setbacks on your sleeve, then you will come to be known as a person who specializes in setbacks, is difficult, or will not stay the course. Would you want to do business with someone like that? I think not. An open mind, a healthy attitude and a positive mindset on the other hand, will always attract the people and the opportunities that you need to succeed.

In addition, keeping a positive attitude expands your capacity to think out of the box, to be more open to different opportunities and to come up with the solutions that evade other people who are simply trudging along. It can turn a “dead lead” into a “grand slam”.

Positive mindset affects your future, too. Face it, you will never be successful unless and until you can believe it for yourself. Believing that things will turn out right is not in itself a guarantee of success, but it will keep you on track and keep you moving towards you goals when others around you fail and fall behind.

Being positive also changes the quality of your life because once you adopt it as your way of being, you will find that the little things that used to annoy you don’t even show up on your radar anymore.

Over time, you will find yourself habitually thinking of ways to succeed and ways to overcome obstacles rather than bemoaning how “life isn’t fair”, or “other people always get the breaks”, or “there’s just no way to win here”. Your mindset will generate energy within you rather than deplete your energy.

Like Grandpa said; “It’s not what happens, it’s how you take it.”

Creating A Mindset For Success In Real Estate Investing

real estate investingWhat gets you out of the bed each day? Do you have goals and plans, both short and long term, or is the fact that you will be out on the streets if you don’t make next months rent or mortgage payment what motivates you? I say this to prove a point. Some people are pleasure motivated and some people are pain motivated.

I think it’s important to find out which you are. If you are pain motivated I suggest that you find something to get excited about. Even if your goal is not for you but for a family member it can still motivate you.

Setting goals are very simple. It can be done by anyone. Are you ready? Here’s what you have to do to set a goal…. Decide what you want and write it down. That’s it!

Just the fact that you wrote it down increases you chances of obtaining your goal. The other thing you need to do is set a deadline for achieving your goal. A goal without a deadline is just a conversation. This is worth repeating. A goal without a deadline is just a conversation. You also need to consider balance in your life when goal setting.

You should have different types of goals. You need financial, physical, personal development, family and spiritual goals. Can you see that if you set goals in all of these areas then you will also have balance in your life?

Once you have your goals set then you need to determine the activities required to achieve your goals. Just remember, do not confuse activity with productivity. You must produce to achieve your goals.

Let’s talk about applying this to your real estate investing. You need to set your investing goals to include cash, cash flow, and equity. Each time you purchase a home you need to run the numbers to add up these three items for the property. How much cash can you get out in the refinance, what will the cash flow be and how much will your net worth increase after you purchase the property? You could even use a spread sheet to keep track.

I also want you to keep track of your return on the equity in your property. If you have $20,000 equity in a property and your cash flow is break even, what is your return on equity? Zero!  This is one that you should sell and invest the equity somewhere else to get a return on your money.

The last thing I want to do is give you some questions to ask yourself before you set your goals.

  1. Am I reading the books that will take me where I want to be?
  2. Who am I around and what are they doing to me?
  3. Do I have a coach or mentor that I can call on?
  4. How do I feel physically?
  5. If I get what I want will I be happy with what I have?

All of these questions sound simple but you need to ask them to yourself. After all, you don’t want to work your entire career climbing the ladder only to realize it’s leaning against the wrong tree.