You’ve probably heard of the term “ROI” – used in investing and business – it means “Return on Investment. It’s what investors and business owners want to make sure they get whenever they sink their hard-earned money into something. Another way to ask is: “Am I going to get back more than I put in?” In this article, I want to tell you about an equation that cost me tens of thousands of dollars, and years of effort, which I am now giving to you completely free. How’s that for ROI!?!
The equation answers the question “how do I become successful?” This is a question that entrepreneurs and investors ask over and over, and if you are entering the world of multifamily real estate investing, you should be asking that question, too. When you answer this equation, you will become successful. The equation is: Success = Skillset + Mindset + Community.
Let’s break it down. Success – which we’re defining for the purposes of this article as financial success – is the result when you combine the right skillset, mindset, and community. Furthermore, I believe that the more successful you want to be, the greater abundance of each of these you must possess. Are you ready to learn more about each one and how you can develop them in yourself?
Skillset is your own knowledgebase and talents, which you would apply to multifamily investing situations. You might require skills like managing people, juggling multiple deadlines, and perhaps even a little sales skill. It’s different for each person, and each investing situation, but you should consider what skills you need in your apartment real estate business and hone them. Build upon your skills with reading, experience, courses, and mentoring.
Mindset is huge. It’s your attitude. A positive attitude – not blindly optimistic, but realistically optimistic – is crucial in this business. You’ll want to wake up each morning and “check your head” to make sure that you’re facing your day with the most positive “I’m gonna make it happen” mindset you can possibly muster.
Community is probably the one that surprises most people but it’s also the one that can separate the people who work hard and get nowhere from the people who work hard and succeed. Surround yourself with talented people. Don’t be afraid to work with people who are smarter than you, because you can learn from them and they’ll make you shine. Draw a map with yourself at the center and all of your partners, associates, colleagues, and peers around the outside and make sure that you are building mutually beneficial relationships.
Combine your skillset, mindset, and community together and you can’t help but succeed. And when you consciously focus on improving each of those aspects of your life, each day, your success will become greater and greater. Build your knowledge, learn to become more positive, and grow your community. That’s the equation that I spent tens of thousands of dollars to develop and hone and I’m giving it to you for free to empower your success!