Where are your limitations?
While many of the limitations we face in life come from outside forces, many times our limits are self-imposed. So many times we subconsciously fabricate. They can come from years of experience, from what we've been taught, or even from our own fears and reservations. These limitations can impact every area of life, including our potential for financial freedom.
There are things that undoubtedly hold us back from reaching our full potential and achieving the goals we have set for our financial future. Thankfully, we aren’t stuck with these limitations and we aren’t defined by them.
Here are some common obstacles standing in the way of your real estate investment success and how you can crush them.
Destroy These Common Limiting Factors to Your Real Estate Investment Success
Never questioning our way of thinking.
How often do you examine why you think the way that you think? How often do you question why? So often we as investors are limited not by resources or circumstances but by our own thinking. Somewhere along the way, some bad advice someone told us stuck. What we believed put limitations on us.
We weren’t learning through experience or cultivating our own way of thinking, we decided to take it at face value. That’s just the way things were. These were the rules. This was the only way to do it. You have to invest in stocks and mutual funds. It’s the only way. The wisdom of the day reigns and if you go outside of this box, surely it will lead to your financial ruin.
Related Article: 4 Types of People Who are Destined to Succeed in Turnkey Real Estate
Maybe it came from your parents, your schooling, a mentor, or observation. Maybe it came from conventional wisdom. Somewhere, though, the way you thought about success, investing, and finances was put into a box that you never broke out of.
Most of us never think to question how we interpret success, investing, and finances. We don’t challenge the wisdom of our day, even if it’s bad, outdated, or not beneficial to us. While so much of the wisdom in real estate investment is time-tested and true, we always must be examining our own beliefs and motivations. Why do you do what you do? Who does it really benefit? What are your real motivations? Are you acting out of opportunity or fear?
It’s time to examine our thinking and break free.
Remember: none of the great investors of our time get rich on mutual funds. They break the rules and take risks with their investments. They've broken past the limitations that society dictates about what is safe and acceptable.
What we must remember as real estate investors is that there will always be naysayers. If you want to find success in real estate investment, you must define your own path based on your unique circumstances and goals. You won't find it by chasing someone else's success story or by playing it safe on Wall Street.
The idea that good is good enough.
Self-imposed limitations are some of the most difficult to overcome. It takes real life change to eradicate what can be a lifetime of bad rationalizing. One limitation that real estate investors can face is simply being too content with where they are.
If you think, “Hey, this is good enough! I’m fine with this,” you’re never going to excel as a real estate investor. That’s not to say you don’t celebrate your success, but those who really jump above the rest in terms of wealth and success aren’t content with “good.” They want “best.”
Here’s the problem: if you’re used to your baseline standard, if it’s working for you and you believe that it is good, it can be incredibly hard to want to change what you’re doing. It seems too risky.
But if you want to go from “good” to “best,” you have to be willing to risk that level jump. For different investors, that may look a little different. It may be being more ambitious in scaling your portfolio this year—acquiring more assets or expanding into a new market. Maybe you need to stop settling for an okay property manager and get a great management team. Maybe you've been settling all along and you need to re-prioritize the quality or your properties and the services you provide.
Maybe you’ve been content with what you have and it’s time to stop being so complacent.
Ultimately, the biggest limits to our success in real estate investment aren’t a lack of resources or a bad real estate market. It’s not about other people or a lack of opportunity. It starts with us—our preconceptions and biases and our willingness (or unwillingness) to strive for greatness.
If you can break past these barriers, true success in real estate investment is well within your reach.
How do you get on the path to greatness in real estate investment? Start by arming yourself with knowledge. Join the Turnkey Revolution today!