024 Mindset - 5 Negative Mindsets, that you need to overcome for success

I am passionate about helping new and experienced real estate investors grow their real estate portfolios and build a passive income lifestyle that gives them greater financial options and opportunities. My vision is to empower people by educating them on financial options.

Over the last nine years, I have built my own real estate portfolio to over 520 doors with a value of $60 million. I focus on long term buy and hold, apartment buildings and multi-family units. While I continue to add doors to my portfolio (I added another 85 in 2018 alone and have another 87 under contract to close shortly), my focus is on training others to do what I have done.

I am a real estate investment coach. Multiple Ways to Wealth is a training, education and membership organization for real estate investors that I have developed. It is based on my experience, knowledge and training.

I provide training, coaching and educational resources. Through my programs, I share my real-life experience and practical knowledge. I give those in my programs access to my network of successful real estate investors to learn from their knowledge and experience.

My specialty is finding the money. I know how to find, attract and keep investors happy. I help my students attract the right investors so they can add hundreds of doors to their portfolios by investing with joint venture partners.

Living the life you desire takes work. I am a firm believer that with the right mindset and the best training we can solve our biggest problems to live the life we deserve.

https://ednakeep.com/

Transcription:

Edna

Hey, hey. It's Edna Keep here. Welcome to the seven figure real estate podcast. I'm your host. I hope you enjoy the episode.

Hey good morning Edna Keep here for mindset Monday so welcome everyone. One of the things that I want to talk about today is the five negative mindset things that you need to overcome for success. So, stick around and we'll cover that for you today.

Tell me how was your weekend? Did you guys get everything done that you wanted to get done? That seems to be a major challenge for people is the time to get everything done that they want to do. We have some big things coming down the pipe with some of you guys. I'm so excited to be part of that. How is the weekend? Did anyone have any mindset shifts this weekend? Did anyone overcome some of the things that they've been working on? Oh, Drew says “Sinus infections it's freed up some time from work on Monday to get some work done.” Perfect. Yes, being sick sucks. I hate being sick. I get cold sores instead see, my daughter and I are both walking around great big cold sores on her face this week and is said to her “Well Desiree be happy about the cold sore because it's kind of what happens to us when we get run down as opposed to getting sick and having the flu and a bad cold and stuff.” So, believe me I'd much rather have an ugly cold sore than to be sick. So, she didn't agree with me of course. She's fourteen right. She thinks I'd rather be sick than have this big ugly thing. So, I had to go out but anyway she's pretty fun. Talk to Jill about cold sores and how to treat them. Yeah. Well, have her shoot me an e-mail let me know what she does. I usually just suffer through them. I try to put a little polysporin on them to get them to heal up faster, but I've suffered with them for years, so I don't I don't know what else would work. Mary says, “Fantastic weekend and I've had weekend dreams and made some contacts and now I have some questions.” Well, ask away. Oh, Drew says she puts thieves essential oil on them. I need some of that you. Do you sell it? Send me a link and I'll buy some from you because we suffer from it a lot here.

OK, so I always have some really great quotes that I like to share with you, so I hope you like these ones. So as Buddha says “What we think we become” so if we can take control of what we're thinking about every day that is such a huge start. So, some might believe that the term mindset just the newest internet buzz word but it's not the principles of mindset are not new at all. They've been around for years and years and I believe that everybody no matter what stage in your life if you're not exactly where you want to be you should be working on mindset. And you know you can say I'm positive and I believe you a lot of people a lot of us are pretty positive, but we still have things we can work on because every level we get to there's things to work on to get to the next level. Like there's disciplines that you can add in their thought process you can add in meditation is a big one. So really really really think about that if you're not where you want to be in your life it's a mindset thing. Some of my students hear me say that all the time. It's a mindset thing. It absolutely is a mindset thing if you're not where you want to be in your life. So, keep working on it every day you'll just keep getting better and better.

Courtney says, “I listened to about five hours of Bob Proctor this weekend and learned about the paradigm in my subconscious.” Bob Proctor's pretty powerful great person to listen to. So yeah. Because you know what we all have challenges from how we're brought up people think differently and if you want to change the way then you have to study the stuff that have made people successful. It has to be a continuous study in order to get better and better. Courtney says, “I learned that I can be positively set in my old mindset.” That is so true. You know what Courtney I still have challenges with that to this day stuck in an old mindset belief and what the difference is with us is we're questioning those beliefs. We're not sitting back and saying “Hey, that's just me. That's just the way I am. That's just the way I was brought up. That's just the way I believe.” We're taking the time to think about challenging those beliefs. So, good for you.

Anyway, the principles have been practiced for centuries. Some of the most spiritual and successful leaders of all time have talked about mindset shifts and meditating and disciplines and the power hour and all different kinds of things that you can get in the habit of doing.

According to dictionary.com and this is compliment of Chandelle and Amanda, “A fixed mental attitude or disposition that predetermined a person's responses to and interpretations of situations.” So that's a mindset thing again and when we're struggling with something whatever it happens to be you question your beliefs on it. But a lot of people say well this is what I believe but sometimes the response is so quick because it's so ingrained, our neural pathways are very tight, and those little synapses are firing right. They're so tight that we don't even realize the thought that we just had. So, there will be a thought and then we'll start thinking the way we want to think. But that initial thought is the one you want to question and the one you want to search for. Like what's stopping me from having what I want? How am I sabotaging myself? How my stopping myself from getting what I really really want to get here?

Harry says “Okay, can you clarify?” A potential investor who looking for me to answer his questions. If I invest with you how am I being compensated on a five-year basis? If I just invest money is it ten percent per year or is it over five years. You know what Harry. When you bring in a joint venture partner that's the beauty of things is you can set it up however you want. Generally, we bring in joint venture partners and the cash and cash might be five percent at the beginning but if you add up the mortgage pay down, the equity appreciation and stuff like that it's more like about twenty percent. So that's why we kind of pick a number in the middle and say on average you're going to earn about ten percent a year. Now it's a little longer explained than that. But you know what I believe you're going into module six tonight and we're going to talk about some of that and then module seven I think is we get into joint venture partners and how we structure that was deals so you'll get a little bit more education on that.

So last week we discussed the fixed mindset versus the growth that a lot of you had good comments there about having a fixed mindset and how they how you can change that. Then some of you mentioned how you feel like you fixed mindset in one part of your life and a growth mindset in another and you know what that's very very common. I know I do too like there's still things that I say to myself I'm not a runner, I hate running I hate cardio, I caught myself saying that to my trainer on Saturday. She said I'd been admiring another lady in the gym because she looks so awesome. And I said to her “You've got a body of a teenager.” I think she's like fifty and so my trainer overheard me, and she says, “OK today we're doing cardio” I'm going “Oh I’m tired, I don't want to do cardio.” She knows I hate cardio. She says, “Well you said you want to have a body like her.” And I said, “Well I said I really liked her body, but I said I don't think I’m disciplined enough to get back to one hundred and fifteen pounds.” There's too many other things and see that’s a mindset thing. It's not a neither or it's an add. So, see I do have to work on that. We all have to work on that.

So today I want to get deeper into some specific negative patterns of thought that take place in the fixed mindset world. I will also talk about the steps you can take to overcome them. So, let's start by looking at the five negative mindsets so a fear mindset. Does anyone on here have a fear mindset? I know there's still things out there that scared me every day. One of the things that I actually love this quote too. “One challenge at a time I try to turn into the face of fear and tell it you're not my master. You're the product of myself and I am your master. I look into the monster's eyes and it disappears and then I'm free.” One of the things that I recommend is if you're experiencing fear is don't take a great big huge step out of your comfort zone. Take a small step out of your comfort zone and then if you need to step back into your comfort zone and then take it again because each time you step out into that fear you realize and I love this acronym too “Fear is false evidence appearing real.” So, each time you step out of your comfort zone that fear gets less and less. So, try that and its baby steps it doesn't have to be huge steps like jumping out of an airplane or something like that. It can be I'm fearful of public speaking. Well maybe join Toastmasters and then you're in with a group of a whole bunch other people that are overcoming the same fears. So, nobody laughs at you. Well sometimes they do but whatever. Get over it and just be there and know that you're trying to improve right. I know a fellow who stuttered for years and years and years and now he's a master speaker on stage like isn’t that amazing. So, you can overcome anything if you just if you just step out of your fears and practice a little bit at a time. And if you desire more you're just going to have to keep doing that. Keep moving out of your comfort zone.

One of the companies that I worked with for a while use to teach people to say “Oh I'm feeling fear. That means more money coming into my bank account,” and I thought well that's a good association to make is every time you step out of your comfort zone you start thinking about ways that maybe you can make more money and do things a little bit differently and then keep in mind too that things are scary until you conquer them. One of the challenges I had in a prior life was technology. I always found it so challenging and nowadays it's actually amazing because there's technology stuff that I'm teaching my students had a fellow come out and did a webinar on my computer the other day because I’ve got the software program and he doesn't. I was able to go through all the steps and even brought about my list that I first used that one of my team members printed off for me and said “Edna when it's time to do your webinar on this is it. You click on this link, you go here, you hit this button, you hit this button and then you get this button and this button.” And so, I put the sheet in front of him and I said this is my cheat sheet. This is what I do what I used to have to do every time I did a webinar and now it's just automatic I don't even have to think twice about it. I can set up and schedule my own webinars. I've got my own calendar booking system which I use to see other people doing and think “Oh that's so neat. How do people get that?” You know what. I forced myself into it for about three years and now I even find myself doing stuff like if I get a challenge with my computer I even go in an attempt a couple different fixes that I've been told so many times and instead of running to the repair shops. I think “I don't want to waste my day. Let me see if I can do a little bit of this.” And it's amazing what you can do with that believe me if I can do that you guys can do it too.

Some of my early fears too when we first got involved in not in investing in real estate was that we were going to choose the wrong deal. We didn't know enough about houses. We'd bought our own house and we were happy with our purchase, but we knew we had to look at it differently as a rental property. So, when we first started out that was a fear I don't know if some of you remember my story but one of the fears we had was getting tenants. So, our very first two purchases it was so funny because our realtor took us out and he's showing us these apartment-style condos that are coming up for sale that before they were just rental units and now they were for sale. And as I walked up I realized that my daughter lived in one of them. She'd just moved in like a month or two before and I knew that she'd liked it and she liked the areas behind the Normanview mall and I said to our realtor I said, “Is that one for sale” and I pointed to Dawn's and he said, “Yes, it is.” And right next door I knew that she'd had a neighbor that had lived there for like seventeen years. So, I said, “Well what about that one?” and he said, “Yeah they're both for sale.” So, I told Cameron to take both of them because right away I knew I was going to have a good tenant. I knew that based on her upbringing that she never missed paying her rent and then she told me that the neighbors next door had lived there for seventeen years and I thought oh they're not going anywhere. So, there's my first two purchases. That was a big fear that we had to overcome. And then as it turned out a couple of months later that tenant did move out. They decided to buy their own property right in the same complex. So that actually made us feel good that we kind of inspired them to make their own purchase after all these years. But at the same time, it scared us because we had to find a tenant. So, we posted it on Kijiji and we actually found a really good tenant that stayed with us for over a year. So then again it was jumping in, getting it done, taking small steps at a time. First, we got the tenants with the building. Now we're not scared to buy a building with no tenants.

One of the times that we didn't buy a building that we should have was because we were scared it was vacant and at the time we were thinking “Oh there's got to be something wrong with this that they're not renting it.” Now I realized that a lot of people like to put their own ranches in, so they don't want to buy a building already rented. And these guys had just finished renovating it. So, they wanted it to stay looking nice. And you know we had that property under contract of a fourplex. We had it under contract for two hundred and seventy thousand dollars. We had financing in place and everything we could have bought it. But we chickened out and then I think it was a year and a half later that property was up for sale for four hundred thousand dollars. So, you know we kicked ourselves in the butt for a long time over that one, but you know what we were we were too scared to pull the trigger. So those are some of our fears.

Some of my current ones that I have to because it's ongoing and I'm always stepping out of my comfort zone. I'm looking at building a new product this year and some of you are in on that and it's my mindset course and I have fears too that sometimes that it won't be as good as somebody else's or that I won't be able to teach it as well as I as I want to. So, I'm frantically studying mindset stuff every day because I want it to be mine but a combination of people that I know like and trust what they're doing. So, I fear I'm not going to get it done in time.

So, there's still fears. There's ongoing fears. Some buildings that my students are looking at I don't go out and look at the building I'll run the numbers with them. But you know sometimes if you're that maybe I miss the due diligence step telling them one of the ways I counter that just, so you know is I remind everybody to use all of their power team, not just me. And so, then that takes someone the fear away because you know you don't want to give anybody any bad advice and say, “Yes go ahead and buy that building, I’d buy it.” But then I think you know I've bought buildings that haven't been perfect, and they still turn out OK. Some of the things that you want to do you know no buildings ever going to be perfect. You might think you found the perfect building only to find out that there's challenges internally or tenants or whatever doesn't matter though if you're getting those challenges you're getting them for a reason. So instead of saying why does this always happen to me? Start asking yourself why is this happening for me? What do I need to learn here? What do I need to learn? What do I need to overcome so that I can be better at what I'm doing? That's a good question. Ask yourself every day why is this happening for me? So, keep that in mind too.

Mary says I’m not sure how to say that “had a vision with an end goal in mind. His goal was to rebuild the wall around to lose Jerusalem with God's help he did it in just fifty-two days.” Paul says, “Stop complaining be of the same mindset putting our differences aside and work together.” Perfect.

OK, so number two mindset is the laziness mindset. Thomas Edison said, “We often miss opportunity because it's dressed in overalls and looks like work.” You know some people, especially since the secret, came out they think that they're going to sit on the couch and meditate all day long and these opportunities are going to come in and they're just going to get rich. One of the things that I think is really key that they missed in there is the action steps. You've got to spend some time visualizing your action steps and getting out there and doing things because opportunity does not come in the way of a check in your bank account, opportunity comes in a way of you getting an opportunity to make that paycheck. Hope that makes sense.

The next one is envy mindset. Does anyone ever have that challenge and think “Oh my gosh, I wish I would have started ten years ago. I wish I would have the smarts to do that. Oh, they're so lucky. They must just be naturally smart. They just must be naturally good at speaking on video.” Not true. Hey, any of my students know that when I first started speaking on video I was terrified I was nervous, humming and harring, and flipping my hair because of course, you're always looking at yourself right. I don't get to see your pictures that come up. But part of the thing, when you're doing this, is you're looking at yourself. Anyway, “Envy is the religion of the mediocre. It comforts them. It soothes their worries allowing them to justify their meanness and their greed until they believe these to be virtues,” and that's by Carlos Ruiz Zafón. So that resonates too you know there's been times in my past when I still remember one time when I worked at Asante and one of my co-workers got an opportunity to buy a book of business because she was working with these guys and she got this opportunity to buy a book of business and it was like instantly she had just as much assets as I had under management that I'd been working on for three or four years. And I remember going to my manager and saying “Jeez that's just not fair. How does that happen?” And I was truly envious and thinking jeez why can I just buy a book of businesses that I haven’t had to work so hard to get it. Well it wasn't the case it ended up she did not buy a good book of business and it drove her right out of the industry. So sometimes again when I say think about why is this happening to me instead of thinking that way think “Why is this happening for me?” Now if I would have ended up with a book like that, I mean the poor girl was so challenged she was crazy. She dealt with so much stress of the way that they sold mutual funds, they'd sold it, or you're guaranteed this kind of return and twenty percent and all these outrageous stupid numbers. And she had to try to alleviate that because she understood she knew that that wasn't the case, but she got this book of business and she had to deal with them. Like I said until she finally quit because it was just way too much for a new person to handle. People are green with envy are generally the ones who haven't overcome their own fears yet so that absolutely makes sense. Like I said we've had envy you know looking around and saying, “You know what we've got three doors and other people have ten doors,” and then you know now I'm sure there's people that envy us because we got four hundred and thirty-seven doors. But you know what we have challenges every day that maybe you're not ready to deal with. We've had to grow as people, we've had to grow our team. We've had to grow in a lot of ways because of ways that we were challenged. So, when you get those challenges again think “Why is this happening for me?” A very very good question to ask yourself.

Number four greed mindset. So, this one's from Brian Tracy, this quote it says “Successful people are always looking for opportunities to help others. Unsuccessful people are always asking what's in it for me.” So that is something really good to think about. I used to always be a person that asked what's in it for me. I've had more success in the last five years since I really started concentrating on helping people and I love it. It feels so much better. I didn't think I'd ever say that because I am very money motivated but I'm more motivated nowadays by appreciation, inspiration, seeing what some of my students are doing. They're going to be so far ahead of me. It's unbelievable and to know that I had a small part to play plan that's absolutely amazing. Sometimes if I get client challenges or student challenges I'll sleep on it and I wake up in the morning and I have a great idea for them. and that happened to me this morning. I had a student with a challenge yesterday and you listen and try to give a little bit of advice at the time, but it wasn't till I woke up this morning that I think I came up with a really great idea. So, you know, and it feels so good to be able to do that. So just know that giving back like that is so good. It's so good for you and it's so good for everyone else too. So, like I always tell my students too or even any of you guys listening if you hear something today that resonates with you. Go share it. Go share it. There's nothing proprietary out in the world. People try to say, “Oh I made that up, I made that up.” Bull, it's not true. You know there's some things you make up like you know maybe you patent something, and you came up with a brand-new invention that makes everybody's life better. Well good for you. But ninety-five percent of the stuff out there is just regurgitated everything that I've learned over the years. I'm just sharing with you and maybe my take on it. So just know when you're sharing you know maybe something that you'll learn from me today maybe it came from Brian Tracy maybe it came from Bob Proctor and I've just added my take in you know what you can take and share it and add your take. So, feel free to do that. That's providing very good value right off the go.

Another one, number five the short-term mindset and this is a big one especially when we're in real estate. Mike Round says, “We can do things the cheap way, the simple way for the short term and without regard for the future, or we can make the extra effort, do the hard work absorb the criticism and make decisions that will cause a better future.” Doesn't that make sense? You know sometimes it's the easy way out to just roll over and whack that alarm clock and go back to sleep. But if you force yourself to get up and do that practice meditation or practice gratitude, your life will change your life will absolutely change. So, think about things and you know what you don't always notice it especially when you're meditating. You don't always notice that there's changes going on in your brain not until someday you come up and there's this challenge that you handle things so calmly that maybe six months ago you would have just freaked out about you know so that that's something to think about.

So just like anything in life you get what you pay for short term mindset people will be the ones that buy a used car for an amazing rock bottom deal without any research because they're short-sighted. They may not realize the cars too many miles might not last them very long or it could be a foreign car that costs more time to fix up or it's just horrible on gas mileage. Has anyone ever done that? I know I have. I've bought cars just because of the way that they looked not taking into account any safety factors or anything like that. So, you know what we've all done it.

So, if any of these resonate with you any of these five negative mindsets. Just think of it as what we've all been there even if we don't admit it and take it as an opportunity to grow and to move on. To take that one step out of your comfort zone and do something different. So, all these factors which could cost them more, in the long run, don't matter if you're short-sighted they're dazzled by upfront immediate gratification. Now the differences with the long-term mindset people they look at the overall value of an experience or purchase and take the time to consider all factors. Now, this is one thing to keep in mind when we buy our apartment buildings sometimes there's challenges you know we had we bought our first building in 2008. It was only this year for the first time in our history that we've actually had to go back to our clients and do a cash call and you won't all know what that means but it basically means that we've had to ask for more money injection into our property to keep it going. And you know we hate to be in that position but it's more than we can handle all by ourselves and in the past, we've had cash flow challenges here and there that we've just been able to handle by ourselves. But you know what it's been a learning curve for us and now when we talk about it to new investors we tell them right up front you know we've got how many buildings like fifteen buildings and right now we have two that are having cash flow challenges for us. Now two out of fifteen is pretty darn good. And this year is just one of those years where you know we've kind of had a double whammy we've had slowdowns in employment, oil's been all acting weird. potash too you know sometimes there's great stuff happening in there and there's but there's still a slowdown. So, all those things affect our rental market we purchased a property right before the market dropped and I think I heard Saskatchewan it’s ten percent vacancy and Regina someone actually said its still ten percent vacancy. So just keep in mind that you're always going to have challenges and that's why I am so adamant about giving up your mindset because if your mindset is in the right place you know that you can overcome most challenges and make things work out for you in the long run. But if you are you know kind of stuck in that place of fear or stuck in that place a fear of failure well then, you're not willing to try new things. And we've had to try new things to try to make things better you know. So just keep that in mind and work towards it.

Perry says “If you're ever in Toronto go see Casa Loma. It's a huge palace and the man that built it had a tremendous vision, Sir Henry. He helped Thomas Edison on the first electricity power down at Niagara Falls. Their vision was to have a city lit up with street lights.” Well that's so cool and those are the things you know when you're talking about stuff you can give a little bit of history for people and you know there's some great people in our history that we've learned from Thomas Edison’s one of them, Bob Proctor’s another there. They went above and beyond, and they were criticized many many many times so many people thought you know they were overstepping their bounds. Who are they to think that they can make such a difference in the world? But they’re still talked about this many years later. So, here's a challenge I have for you “What's your legacy going to be to your family to the people around you? Are you going to make a difference in their lives? And if so what does that look like for you?”

I just ran out of time. If anyone has any more questions, please let me know. So, thanks again for being here for mindset Monday and for those of you that are into real estate we'll see you on Friday for free coaching Friday and bring all your real estate questions that you might have and other than that we'll talk to you guys all next Monday and have a very very great week. Bye for now.

Thank you so much for listening. It's my sincere intention that you got value from this episode. If you're interested in learning more about building your passive income through real estate either by investing with us as a joint venture partner or as a student discovering how you can attract investors to your deals and build your seven figure real estate portfolio by helping others build their passive income. Check out my website Ednakeep.com or watch my free masterclass Ednakeep.com/90daysto5k.