Look, I get it. We live in an information-overload world. We listen to hundreds of podcasts and read numerous stories about how people started in real estate and wonder, “Which strategy is the best? Which market is the best? Which is the best stage of the market cycle to invest?”
Fear of failure resulting in hesitance to invest affects male and female investors alike. There’s even a name for it: analysis paralysis. But if you try to understand the science behind it, you will see why these questions are undermining your ability to get started.
Gretchen Rubin, author of The Happiness Project, talks about satisficers and maximizers: “Satisficers make a decision once their criteria are met; when they find the hotel or the pasta sauce that has the qualities they want, they’re satisfied.” On the other hand, “Maximizers want to make the best possible decision; even if they see a bicycle that meets their requirements, they...
Have you ever had an idea brewing in your head for years and then woken up one day and decided—no excuses—you’re going to just do it?
And you do, going so far as to execute it with the fervor you had dreamed about. You’re unstoppable!
This is the attitude I had the day I jumped into real estate full time.
However, after rehabbing a few properties, my progress came to a standstill. I was held up by the second-to-last “R” in the BRRRR strategy—the dreaded “refinance.” I wouldn’t have more cash to deploy in more deals until I was able to refinance.
Limited capital is the single biggest reason newbie investors are unable to scale. But I wanted to avoid knocking on the doors of private lenders or exploring partnerships. To keep growing my real estate portfolio, I had to find more capital within my existing properties.
And I did! How? Through the power of home equity.
In one year, I grew my portfolio from three to 20...
“Your level of success will rarely exceed your level of personal development, because success is something you attract by the person you become.”
~ Jim Rohn (From: The Miracle Morning)
Do you use independent, passionate and perhaps perfectionist to describe yourself? Let me guess, you have a thriving career, great family and friends and are generally happy. Yet, something is missing, you find yourself wondering if you were meant to do big things, if this is all there is. However, despite this nagging feeling, you feel stuck.
These attributes that you just used to describe yourself, those are your strong suits, right?… Wrong! It’s time to start looking as them as your drawbacks.
These attributes allow us to achieve growth and progress. They allow us to be liked by our employers and customers and have great relationships with friends and family. But that’s just the problem, you see! These are the same qualities that stop us from...
“What would you do if you weren't afraid?”
After my father passed away when I was very young, my mother – a teacher – dreamed to see me in a steady full-time job. Climbing the corporate ladder was the gold standard. So, when I made it to a managerial position she was thrilled, and I was too – for having made her proud.
For us 9 to 5 folks this dream, the gold standard, trains us to be risk averse. It makes us comfortable in the cycle of steady paychecks – despite marginal yearly wage growth, mortgage payments, and retirement accounts. Saving for a few weeks of vacation, cars, or some other indulgences reinforces our feeling of security, though rarely satisfies our desires. This tentativeness is generally even more pronounced in women, who are conditioned to keep their head down and be grateful for what they have. A risk averse 9 to 5 job further closes women off in a society which already puts them into a box.