Real Estate Limiting Beliefs and How to Overcome Them
What I’ve learned from teaching dozens of students in real estate is that nearly all of them come to me poisoned with limiting beliefs that stop them from taking action. Whether it’s a lack of motivation or funding, people are quick to give up on things they set out to do when they run into an obstacle on the way. However, all it takes is a slight shift in the mindset to overcome these obstacles and get your first income property secured.
Limiting Belief #1 - I Don’t Know Enough
I often talk to people who are interested in buying their first income property and the majority of them are usually concerned that they don’t have nearly enough knowledge to do something as big as purchasing a property. In reality, people are concerned that they don’t know enough about step 10 of the process while they completely ignore step one. After all, you can’t learn to run until you can walk first. Hence, instead of worrying about what’s down the road, try to stay focused on the step ahead of you. If you take it one step at a time, you’ll find it much easier to go through the whole process.
Limiting Belief #2 - It’s Too Risky
I’m not going to lie, there’s always a certain level of risk involved in any type of investing. However, a lot of it can be mitigated if you know the right steps to purchasing your first income property. If you learn from someone else’s mistakes and skip the trial and error phase, you are much more likely to succeed without too many setbacks along the way. That is why getting a mentor to help you out with your first property investment is crucial to your success.
Limiting Belief #3 - I Don’t Have Enough Money
You wouldn’t believe how often I hear people say they would like to start investing in real estate but they don’t have enough money to do so. What many don’t know is that you can actually invest in properties without your own money, that is, by using someone else’s capital and mortgage capability to secure a property. This is done through JV partnerships, which I personally do as well. You can learn more about joint ventures here.
Limiting Belief #4 - The Market Is Bad Right Now
Another common excuse people make when it comes to real estate investing is that the market is bad at the moment. In reality, many people shift the blame on the market without even taking a proper look at it. Some of them don’t even have the knowledge it takes to read the market and determine whether certain investments would make financial sense. However, instead of learning how to analyse a market, they just decide to blame it for their lack of courage and desire. It doesn’t feel good to be that person, does it?
Limiting Belief #5 - I Am Not Ready
Last but not least, many people will still say that they’re not ready, even after learning that they can invest without their own money and rely on handling one step at a time. The thing is, we are fully controlled by our thoughts. What we tell ourselves is what we become. If you keep telling yourself you’re not ready, you’re letting the fear of the unknown take over and stop you from chasing your goals. Break out of this limiting belief and start saying “I’m ready” instead.