In the first part of this blog, the first 6 commandments were examined from “The 12 Commandments of How Wealthy People Think” by Than Merrill. Also highlighted was how Reel Property Solutions, LLC keeps the commandments in mind and close to heart to benefit you! This blog will examine commandments 7-12:
7. Wealthy people believe they are in total control of their destiny as opposed to their destiny being predetermined. The “Locus of Control” is a term coined by Psychologist Julian Rotter meaning does a person see luck or fate is controlled by forces either internal- self driven- or external- blame someone or something else for negative results. For Reel Property Solutions, LLC, the Lord is our guide and everyone else is a bonus! Thus, the power of prayer to a higher being is an internal force that helps us be positive even in tough situations. Also, keep the end in mind. When touring a distressed property, why does the homeowner want or need to leave? Don’t dwell on that part, concentrate on how someone’s life will be better once in a better suited home. How will the real estate transaction be a positive experience for that person? Even though a particular transaction took over 2 months just to close, Reel Property Solutions, LLC stayed positive, realized the homeowner needed the time to heal emotions from losing their spouse which is why they had to sell the house, and saw best success of handling the transaction when talking to the homeowner often about the next steps. The end result was superb trust between the buyer and seller. If Reel Property Solutions, LLC had focused on the external circumstances, the outcome would have been very different. The picture could have looked like this: Instead of closing on the homeowner’s 60-day timeline, if Reel Property Solutions, LLC had closed in 14 days, then the homeowner would not have found a proper home, emotions would have been quite elevated thinking about why they are leaving, and leaving the homeowner feeling rushed. Not a desired combination. So therefore, keep the commandments in mind and close to heart to be in control and not put blame to outside strengths. Keep the end in mind for destiny to be reached.
8. Wealthy people believe in and are wiling to promote their products, services, and businesses. Three MUSTS:
market, advertise, and be CONFIDENT! Reel Property Solutions, LLC has several marketing strategies: Bandit signs, a bus ad, ad on a golf score card, magnets, business cards, networking groups (yes, plural- we bel
ong to more than one!), word of mouth, Craigslist, Social media, clothing items….. and MORE! Nobody would know Reel Property Solutions, LLC exists without telling anyone. Our target is distressed properties to renovate and sell for less than $200,000 to the next buyer. The confidence part is knowing the demand is abundant. Again, keep the commandments in mind for success!
9. Wealthy people know the greater impact money can have on other people’s lives. Fortune Builders is a company who teaches people how to be real estate investors. Outside of this, one of the MUSTS is to GIVE BACK! On a personal level, Reel Property Solutions, LLC gives back to the local community with charitable contributions to church and being a routine blood donor (one whole blood donation can save up to 3 lives!) Reel Property Solutions, LLC also assists the homeowner as needed: assist with seller closing costs, use automobile to move furniture, thank you gift for working with Reel Property Solutions, LLC at closing, and emotional/moral support. These have made transactions infinitely smoother for the homeowner in distress. This is what the homeowner will tell others. Keep the commandments in mind and others will want to utilize services!
10. Wealthy people focus on opportunities instead of obstacles. This is optimism, confidence (remember this has been mentioned before!), calculated risks VS avoidance, misleading themselves, procrastinating. Reel Property Solutions, LLC will lay out benefits to stay optimistic through scary situations, which then will boost confidence because now the mindset is to know which calculated risks are better than others. An opportunity may be purchasing a property that is $10,000 over the budget then developing rapport with a new-found private money lender who is earning 20% interest on their money and will WANT to loan funds in the future; the obstacle is the property is too expensive, so the distressed homeowner can’t be helped. Reel Property Solutions, LLC knows to keep the commandments in check, think outside the box, NETWORK with other Fortune Builders folks, and CATCH A WINNER!
11. Wealthy people have an investor mindset instead of a consumer mindset. Consumers trade money for time, service, goods, and/or entertainment. We are ALL consumers in this regard. Investors go above this to leverage funds to create something for profit growth. It takes money to make money! Consumers have fears of losing money, they protect money, yet may splurge and need a loan on extravagant items like a boat that has no return on investment. However, investors splurge on things or knowledge that will bring a return on their monetary investment. Reel Property Solutions, LLC is transitioning from the consumer to the investor status. W2 jobs are time traded for money; goods are traded for money at the grocery store; services are traded for money at the mechanic; entertainment is traded for money at a sporting event. Although the only true transition is the job, the end result will be to keep the commandments close to heart to learn the investor mindset! For example, taking money- $30,000- and invest into a property while borrowing $115,000 then the investment pays off when the property is renovated and resold to the next happy buyer!
12. Wealthy people learn to act in spite of fear. It is important to get out of the comfort zone, find hidden talents/desires, get rid of self-doubt, but also ALWAYS research to determine what is ahead. The comfort zone before real estate investing was careers in Human Services and Engineering. The fear was how to go from these jobs to real estate. Luckily, real estate was always an interest with a desire to someday own/operate a fishing resort in the Minnesota northern woods. Jobs in Human Services has similarities to real estate by relating to clients, how to be the best role model, and don’t let fear be a crutch. Engineering requires lots of detailed thinking, which is an advantage for due diligence. Fortune Builders has helped keep the commandments in mind to get rid of fear by using a network, collaborate for the best outcomes, and celebrate the victories!
Hopefully you read blog part 1 that outlines the first 6 out of the 12 Commandments of how wealthy people think. This will all make sense when tied together. Always know the underlying theme is always strive to learn with an open mind and success will be close by!
If you would like more information about how Reel Property Solutions, LLC utilizes the Fortune Builders systems and will always keep the commandments in mind, contact email@example.com or call 507-218-8788 or 507-722-1511.
Of course, Reel Property Solutions, LLC would also love to talk about other real estate matters- we’re here for YOU! Catch a Winner!