The Successful Real Estate Entrepreneur’s Mindset

The Successful Real Estate Entrepreneur's Mindset

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“You are the average of the five people you spend the most time with” is a quote attributed to motivational speaker Jim Rohn. While I don't know if this is absolutely true, I do know there's great benefit to surrounding yourself with kind, successful people. One such person I'm fortunate to have in my life is my good friend, real estate investor, and business coach, Chaffee-Thanh Nguyen.

Chaffee is the embodiment of the American dream. When he was a kid, his family immigrated to the United States with just the clothes on their backs. They didn't even speak English. But his family worked hard and Chaffee learned to seize the opportunities around him. Today, he is a successful real estate investor with experience investing in rehabs, assignments, short sales, raw land, community developments, wholesaling, and more. He's also a success coach eager to share his knowledge with other people.

“I know this country is so full of opportunity,” Chaffee told me recently. “Anybody can be successful, regardless of where you live, what ethnicity you are, what religion you practice, or where you were born, you can make it in this country. But you have to take advantage of the opportunities that are available to you.”

According to Chaffee, the key to taking advantage of those opportunities is to have the right mindset. After seeing what he has been able to accomplish in his life, I knew I wanted to have him as a guest on my podcast, “Real Estate Investing with Jay Conner.” During the interview, Chaffee shared his secrets to having a successful real estate entrepreneur's mindset. Here's what he revealed.

1. Take action.

“There are a lot of factors that prevent people from being successful,” Chaffee explained. “I would say the biggest one is not taking enough action. Nothing happens without action. I wouldn't be where I am today if I hadn't taken action. I invested thousands and thousands of dollars in training to be here.”

If you aren't experiencing success, ask yourself, “Have I been taking action? Am I doing all I can?”

2. Adopt an abundance mindset.

According to Chaffee, a scarcity mindset is when you think there's not enough of what you need and want. Fearing a lack of resources, finances, education, coaching support, or anything else, will keep you from pulling the trigger and doing deals.

“An abundance mindset is the opposite,” Chaffee continued. “We live in a world of abundance; we live with opportunity all around us.”

Not only is an abundance mindset more productive than a scarcity mindset, it's also a more accurate way of viewing the world. There's no reason to be afraid of not having enough of what you need to take action and be successful. You have to get out of your own way and simply take action in spite of any fears.

3. Understand your “why.”

Chaffee challenged my podcast listeners by asking, “When you were younger, what did you want to be when you grew up? How has that changed? You were put on this Earth for a reason, and it's not to work a 9-to-5 your entire life, retire, and hope you can travel the world before you die. It's to accomplish your purpose and serve the ones you care about. Understanding your why - the reason that drives you - is key.”

Chaffee calls his why his “North Star.” Anytime he's doing something that's not guiding him toward his North Star, he adjusts. One of his mentors encouraged him to ask himself great questions. One of which he shared with me: “Is the thing you're working on the highest and best use of your time? If not, why are you focusing on that?”

If you don't know the reason that drives you, you can't be passionate about your work. Ask yourself, “What is my passion? What's my why?”

4. Resist Shiny Object Syndrome.

Shiny Object Syndrome is when we get distracted because something looks new and exciting.

“I actually do have Shiny Object Syndrome,” Chaffee laughed. “The most successful individuals I know have it the worst. I think everybody has Shiny Object Syndrome. The trick is managing it. Unfortunately, a lot of individuals who aren't successful tend to jump, jump, jump from one new and exciting thing to the next without managing that desire.”

I've found the best way to manage Shiny Object Syndrome is to focus on your passions. You should always be making progress toward your end goals. This is where having a coach is helpful. They keep you focused and prevent you from getting distracted from your goals.

5. Don't overanalyze.

Chaffee explains a phenomenon called paralysis by analysis, which occurs when our focus is on continually gathering more information instead of taking action. Before you know it, you've analyzed a deal for three weeks, and then discover that deal is gone because someone else bought it while you were still busy analyzing.

We should always aim to make educated decisions, but overanalyzing is a surefire way to get stuck and miss out on highly profitable deals.

6. Learn to prune.

There are many different challenges in our business and personal lives that occupy our time. Chaffee shared that, in the past, he started to feel overwhelmed because he had all kinds of branches that needed attention. Sometimes, you have to cut back your branches and get rid of what's distracting you. Make sure you know where your priorities are. What are the strongest branches that will produce the most fruit? Take care of your main branches - your main priorities - and prune the rest. What will give you the most beneficial business, financial, or personal growth?

7. Listen well.

One of the most powerful mindset strategies we discussed was being a good listener. Many people are not good listeners. They are not focused on the person in front of them. My advice for being a good and active listener is to turn off your inner voice. Don't think about how you're going to respond, listen to what the person in front of you is saying.

8. Take advice from Warren Buffett.

During our conversation, Chaffee and I spent a lot of time talking about the benefits of having a coach. Chaffee's first real estate deal without a coach was a huge disaster. Finding a good coach is key to developing a successful mindset. One such brilliant business coach is Warren Buffett.

Buffett's secret to success is intense focus — instead of doing more, he does less. Buffett once told his pilot that in order to reach his goals, he needed to do three things:

  1. Write down his top 25 goals.
  2. Circle the top five goals.
  3. Put 6-25 things on a “Not To-Do” list.

This is a very simple process you can do. Once you identify your top five goals, ignore everything else until you've achieved those five.

You may have heard me say, “Until you own the real estate between your ears, you can never successfully own conventional real estate.” Developing the right mindset is key for success in any venture, not just real estate. If you're tired of feeling stuck or you're not as successful as you want to be, start reprogramming your mindset.

Consistently listen to educational and positive podcasts, read motivational books, and develop relationships with people who will help lift you up to where you want to be.

Your future is determined by your choices and actions. Choose wisely.

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