After lots of real estate investment meetup groups, seminars, online courses, real estate articles, you are now full of theories and education on how to invest in real estate. But you still have not bought anything? Why not?
So many people know the power of real estate and understand real estate is a key component to accumulate wealth. But it’s hard to jump into this mysterious, yet exciting real estate world.
By the time you finish reading this article, I hope you will feel empowered. You will see the approach to real estate investing is simple. However, please re-read this every day, and you will start seeing a change in your mindset by the end of the seventh day.
Start with Your WHY
I was asked numerous times WHY is it so important for me to promote financial freedom through real estate. At first, it was hard to explain, but these questions of my WHY changed how I respond to opportunities. Here is my WHY: I NEVER want to be poor again.
I saw financial struggles tear my family apart physically and emotionally throughout my teenage years. I saw how my lack of financial ability at 20 years old meant that I could not buy the essential injection shot for my aunt to ease her pain during her last weeks suffering from cancer. While working as an analyst at a pension consulting firm, I also witnessed many institutional pension portfolios lost 50-75% in value during the 2002 internet bubble burst. At the same time, I met an older gentleman who told me he couldn’t retire that year because he lost $650,000 in his retirement fund. There was nothing much he could do to control his stock/mutual investment. That’s why I began my research for other investment vehicles. I learned that real estate investing can be versatile, more controlled, which provides a much safer option for long-term investment.
I am too Afraid to Change
We all have our own comfort zones and that is normal. The key is not to BREAK away from your comfort zone. Rather, we should EXPAND our comfort zone. The more challenges you give yourself, your comfort zone gets bigger. Let’s start practicing by stop saying, “I can’t do it,” or “I am not sure if I can do it.” Whenever you feel that way, you shall start by adding “yet” behind your sentences. “I can’t do it YET.” This simple exercise will change the way you see challenges and expand your comfort zone as you take them on slowly.
When I first started investing in real estate, I was in my late 20s with $170 left in my bank account. I took my very difficult step into real estate investing and fell in love with the business. I later got married and went onto the path of becoming a mother of three children within three-and-a-half years. Simultaneously, I started my own real estate brokerage firm. I was told to hold off on my career while raising my babies, but I was frightened I would lose my momentum. I hid my pregnancy from clients as long as possible to avoid empathy from them and resulting in losing quality of service, or worse, my client. My husband and I also relocated from Los Angeles to the Bay Area, where I decided to rebuild my career while being a mother for my children. I learned to multi-task to ensure I was able to breastfeed my babies, prepare their meals, and I spent their waking hours with them, sleeping only 3-4 hours every day. I was told to learn how to BALANCE my life as a career woman and a mom. It sounds easier said than done. I soon realized the term “work-life balance” meant you ought to sacrifice one side of the scale to balance the other side. When the scale is balanced, you are making sacrifices in both areas. Balancing sounded unrealistic to me. Rather, I came to learn that I need to adjust my work and personal life that fits my needs. I started leveraging help from other people which gave me more time for my work and for my family.
What is Success?
Success is abstract, it’s a feeling that you feel for yourself. Your success shouldn’t be identified by the number of properties you own, the type of work you do, the kind of properties you have or the car you drive. Your success is your journey, it can be the process of owning your first one-bedroom home, buying your first car, or merely the fact that you are one step closer to your goal than last year. Success is when you didn’t stop trying and improving. Owning one property is a success compared to last year when you didn’t own anything.
Success is based on your personal circumstances, not other people’s standards.
As soon as I became pregnant, I stopped actively investing in real estate for a couple of years. Instead, I chose to use my experience and knowledge to build my brokerage business and worked from home. I temporarily gave up my real estate investing career, but I got to be a mom while helping others to buy their first home and build their real estate portfolios. As I started to enjoy the results from years of hard work, life throws you a curveball. Last year, my father suffered a heart attack and I spent months accompanying him for his medical needs which affected my focus on work, my children, my volunteering, eventually my business revenue dropped.
It became a very stressful year, but I didn’t give up. I feel it was a successful year when I look back because I faced the challenges head-on. I may not have done the perfect job, but I never gave up. I am sharing this story to let you know that we all need to make sacrifices to tend to something that is more important to you at that moment. But being successful means we continue to move and improve, even if it will take longer than someone else who has less baggage than you!
YOU are the one who has the Power To Change YOUR Life.
YOUR WHY + NEVER GIVE UP = SUCCESS!
I hear about so many people’s hardships, and it deeply touched my heart and I admire their tenacity. I hope I have given you new courage to start your real estate investing journey. Read this everyday for the next seven days, and your mindset will start to shift. That’s your Power To Change Your Life!
When you are ready, feel free to read my other articles on real estate investing. Take your time to find the right person to be on your team and get your journey started. Your team may consist of a coach, a real estate agent, a lender, a property manager, contractor…etc. Remember, the journey to becoming a successful real estate investor takes your FIRST step. You will always start with FIRST and grow. Do not rush into decisions, grow slow and steady which will then guarantee long-term success!