In this episode of Get Real Wealthy Season 2, Quentin talks about developing and having an investor mindset.
Quentin shares that “as I have grown and become more experienced as a real estate investor, having done this for a very long time and acquiring, you know, quite a bit of a portfolio. I know that mindset is the most important thing and it has helped me to be able to grow and overcome the fear of doing different sorts of deals and getting things done.” He adds that overcoming fear is really important, especially when you have to do new things all the time.
Talking about one of his practices, which he has mentioned in his book The Action Taker's Real Estate Investing Planner, Quentin says that in the first chapter of the book, he has a quarterly plan, where he has a quarterly challenge. That challenge is something that takes him out of his comfort zone. By setting that challenge and developing that mindset, he is able to achieve things that he didn't think he could achieve before. It helps you to get over the fear of failure. He further says “I think that sometimes we fear so much on making mistakes, and I don't really like to think of them as mistakes. I really like to think of it as like learning opportunities.”
Quentin says that another fear is losing money. People are so afraid of losing money that they don't take action. You've got to develop that mindset that I am not going to lose money because I'm buying an asset that makes sense and I'm following these criteria. He adds “I want to have control over my future. I don't want to have somebody have control over me. And so I developed a mindset that allowed me to be able to do that.” As for the fear of making the wrong decision, he says that instead of worrying about picking the wrong side, do as much due diligence as you can and make the right decision that you believe is right, given all the information.
In conclusion, he says that overcoming the fear of failure, losing money, looking bad to your friends and family, picking the wrong side and the fear of not being good enough will help you develop an investor mindset.