When you’re just starting out in the real estate investing business, you’re going to become very familiar with being told “no”, and without a support system, you’re likely to be discouraged from continuing on. It’s already an unconventional career because you don’t start with a rulebook or mentor; you’re essentially on your own. Add to that a lack of confidence because of your inexperience, it is a very tough business go do all by yourself.
If you look at some of the most successful real estate investors, you’ll most likely find a few key things in common.
- They have a mentor or coach
- They have a supportive spouse or family
- They have an abundance mindset, meaning it’s okay to share strategies with other investors with the idea that everyone will then be able to succeed
- They have a network of other investors to talk business with
Real estate investing can be lonely, but it shouldn’t be.
In most markets, there are REIA club meetings held monthly and it’s a great way to network with other local investors and vendors. You can easily find important connections this way and possibly even find investors to partner with on future deals.
Online, there are a ton of groups that are both local and national that you can join. Be a fly on the wall if you want, but there’s a wealth of knowledge that can help you cut the learning curve a bit shorter.
Probably the most important part of your support system is your home life. Most family members and spouses are used to stable, corporate jobs that are low-risk. Telling them that you’re hoping to leave your stable income for a roller-coaster career of real estate investing might take them some time to get used to, but actions will speak louder than words. Once they see you locking up deals with decent profits coming in, it’ll be easier for them to change their tune and get on board.
Regardless of if they think you’re crazy, you need their support. Talk with them about your business plan and let them know you will need their support, especially in the beginning. A positive mindset can take you far in life and you need as many cheerleaders as possible.
With a negative mindset, it’s easy to slide down a slippery slope before you ever get a deal under your belt.
If possible, it’s important to have a coach or mentor to support you as well. They can give you important guidance from their experience so that you are literally learning from their mistakes. They’ve been in your shoes and to have a helping hand in the beginning can really jump start your career.
Believe in yourself.
Give those around you a reason to support you 100%, even in the beginning before you get a deal.
Don’t let “no” get in the way.