Core Question for every BRRRR Investor: Is investing in real estate using the BRRRR strategy providing you the wealth and financial freedom you want?
People get into real estate investing because they see the wonderful potential it has to provide a substantial amount of wealth. You have heard us talk about the buy, rehab, rent, refinance, repeat (BRRRR) strategy and how when applied to a clear set of criteria for investment your real estate investing can really scale. But what holds people back? We often see people enter timidly and miss opportunities for investment that are available to them. The common factor in these missed opportunities: lack of a mindset that asks “How can I make this happen?” v. “What will go wrong if I pursue this project?”
This is the reason that it is so very important to truly understand what the growth mindset is and how you can – and need to – employ it in your BRRRR investment strategy. When you truly embrace the growth mindset, you will see real and positive changes in your level of success. It’s not about the short-term gains. You have to think long-term if you really want to succeed in real estate investing. Below, you can get a better idea of exactly what this will entail and how you can do it.
What Is the Growth Mindset?
Far too many people end up looking for the safest options when they are investing without even trying to find ways to mitigate their risks. They have a fixed mindset and they will continue to do the same things over and over and wonder why their investments are not producing the type of wealth they want. They tend to take fewer challenges, and when they come to an obstacle, they will give up or look for an easier option. They do not see the success they want and feel threatened, and even jealous of, those who are successful. They are real estate investors, but they will stay in the small bubble where they are right now.
In order to get out of that bubble, you need to develop a growth mindset and understand that challenges are meant to be faced and overcome, not ignored. Even when they see setbacks, those with a growth mindset will look at it as a learning experience, not a failure. Real estate investors who are focused on growing can see more than just what’s right in front of them at the time. They have a vision that those with a fixed mindset are lacking. They can see not only the potential in various properties, but the entire path laid out before them, and, when those opportunities appear, these seize them confidently.
It is possible to develop a growth mindset if you are willing to put in the work. You need to learn to see challenges as opportunities, you need to be willing to step outside your comfort zone to make real growth occur, and you need to be continually creating new goals that help to propel you forward as you strive to reach them. This is possible in every facet of life, but it is extremely helpful when it comes to real estate investing. Developing a growth mindset is the difference between making “enough” and financial freedom. Let’s look at some of the other things you can do that can help to keep you growing.
Invest Early, Wisely and Confidently
The best time to have started investing in real estate was yesterday. The second-best time to start investing in real estate is right now. While you can’t go back in time, you can start to take control of your future right now. Start investing as soon as you are able, make sure that you are focusing concretely on your goals and reminding yourself daily what those include, both in the short and long-term. Each of the investments that you make is a stepping stone that will help you reach those goals. And always keep your eyes open for the opportunities that are around you. Check out our blog on setting clear criteria to aid in your investing path so that when you see opportunities hesitation is no longer an option.
Reduce Your Risks and Become a More Confident Investor
One of the main reasons that people do not adopt a growth mindset is because they are afraid of the risks that are associated with growing their real estate portfolio. They are paralyzed with fear by making big choices because they worry that it’s the wrong choice. While you should never leap without looking, you should be willing to take calculated risks. After all, real estate investing inherently comes with risks. However, there are ways that you can mitigate these risks and that’s where your focus should be.
You need to make sure you are buying the properties in the right location, and that you are not overspending on the purchase of the property or the repairs and renovation. You also have to remember that it takes time to renovate a property properly. This means that sometimes growing will take a little longer than you thought. Still, if you are continuing to buy and rehab quality properties, you will see some serious growth over time. This is what it’s going to take if you really want to continue growing and adding to your net worth.
You are not alone in your deal analysis process – Check out our All-in-One Solution for the BRRRR Investor to help you find the right deals for your BRRRR property portfolio.
Focus on Growth for Long-Term Building of Net Worth
Ultimately, you want to make sure that your net worth continues to grow with each property that you are buying. You can’t do this with just one or two properties, and you can’t do it by only choosing the cheapest or easiest properties. You also have to realize that growing actual wealth is not a get rich quick measure. It is not something that you will be able to do in a year or two.
You are slowly and surely building a portfolio of quality properties that are going to continue working for you now and for years to come. The more of these great properties you own the more your net worth will grow. You will be able to have the financial comfort that you’ve always wanted, and you can create an investment vehicle that will continue to provide for you and your family.
The formula is simple, but it takes work, dedication, and trust on your part. Fortunately, we have developed a solution that can help to make quite a bit of that work much easier for you. Let’s take a look at the what we created for you to invest more quickly and confidently to get a better idea of just how much it can do for you if you are following the BRRRR strategy for massively growing your portfolio.
Let BRRRRInvest.com Make Growth Even Easier
Our All-in-One Solution for the BRRRR Investor will provide you with a solution that will make you more confident as an investor and in applying the BRRRR strategy. It will allow you to quickly and easily analyze deals on investments you are considering. You can analyze the deals one at a time, or you can compare many simply and easily. This helps to make sure you are choosing the right investments at the right time thanks to the ability to analyze the numbers. You can determine whether a property would be better to flip or hold, as well.
After you have found a deal, you can use our auto offer letter generator to set a price you are comfortable with and note any contingencies that would make you comfortable in making a buying decision. Our contracts solution will help you simply and easily engage the contractors and property managers you need on your team.
When you become a member, you will have access to all of these tools and resources. The knowledge that you will gain and the help that it will provide can help to make the BRRRR investing process clear and easy. If you really want to grow and to develop that growth mindset, it’s a tool to start using right away. Get risk-free, trial access to our Deal Analysis and Legal Solution. Learn more.