The #1 Secret to Succeed in Real Estate Investment
There are so many articles online about how to become a successful real estate investor. These articles are filled with practical tips about how to find the best deals, close sales quickly and scale your business. While these articles are helpful, they all miss one crucial fact.
Real estate investment is 90% psychology and 10% action.
Real estate is forgiving. When you buy well- good deals at below market value- it’s almost impossible to lose money. However, many people in South Africa do lose money on so-called investments. These are oftentimes the same people who have read hundreds of articles on real estate investment in South Africa.
So why are they failing?
Because they don’t have the right mindset.
One of the main reasons why people invest in property in South Africa is to generate wealth. After all, 90% of the world’s millionaires invest in real estate. It’s no secret that it can be a very profitable path to take. However, before you can make money with real estate investment, you need to understand your beliefs surrounding money.
The majority of people have unhealthy belief systems formed around money. They think it buys happiness. Or that it comes from greed. Or even that it’s the root of all evil! These beliefs are typically formed at a young age and influenced by our parents, environment and class.
Our emotional ties to and belief systems in relation to money prevent us from seeing its truth. In reality, money is simply a medium of exchange that is traded for goods and services. It has no bearing on our identity. Yet many people believe the opposite.
If you have limiting beliefs about money, you will not be successful in real estate investment in South Africa because you won’t be able to see clearly. Your desire for or fear of money will become all-consuming and prevent you from logically and rationally working with clients.
Instead, the #1 secret to succeed in real estate investment in South Africa is to develop a positive money mindset. Here are a few tips to achieve this mindset:
Live in a mindset of abundance rather than scarcity
Remind yourself that money can help others
Understand that money gives you options in life
Know that there is an abundance of money and wealth to go around
Believe that anyone has the ability to become wealthy
Commit to being rich
Think long-term
Use money as a tool
A positive money mindset is crucial to real estate investment success. We need to remove all emotional ties to money and see it for what it truly is. Otherwise, it will be impossible to build wealth and gain happiness by real estate investment in South Africa.