The Successful Real Estate Entrepreneur’s Mindset
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“You are the average of the five people you spend the most time with” is a quote attributed to motivational speaker Jim Rohn. While I don’t know if this is absolutely true, I do know there’s great benefit to surrounding yourself with kind, successful people. One such person I’m fortunate to have in my life is my good friend, real estate investor, and business coach, Chaffee-Thanh Nguyen.
Chaffee is the embodiment of the American dream. When he was a kid, his family immigrated to the United States with just the clothes on their backs. They didn’t even speak English. But his family worked hard and Chaffee learned to seize the opportunities around him. Today, he is a successful real estate investor with experience investing in rehabs, assignments, short sales, raw land, community developments, wholesaling, and more. He’s also a success coach eager to share his knowledge with other people.
“I know this country is so full of opportunity,” Chaffee told me recently. “Anybody can be successful, regardless of where you live, what ethnicity you are, what religion you practice, or where you were born, you can make it in this country. But you have to take advantage of the opportunities that are available to you.”
According to Chaffee, the key to taking advantage of those opportunities is to have the right mindset. After seeing what he has been able to accomplish in his life, I knew I wanted to have him as a guest on my podcast, “Real Estate Investing with Jay Conner.” During the interview, Chaffee shared his secrets to having a successful real estate entrepreneur’s mindset. Here’s what he revealed.
1. Take action.
“There are a lot of factors that prevent people from being successful,” Chaffee explained. “I would say the biggest one is not taking enough action. Nothing happens without action. I wouldn’t be where I am today if I hadn’t taken action. I invested thousands and thousands of dollars in training to be here.”
If you aren’t experiencing success, ask yourself, “Have I been taking action? Am I doing all I can?”
2. Adopt an abundance mindset.
According to Chaffee, a scarcity mindset is when you think there’s not enough of what you need and want. Fearing a lack of resources, finances, education, coaching support, or anything else, will keep you from pulling the trigger and doing deals.
“An abundance mindset is the opposite,” Chaffee continued. “We live in a world of abundance; we live with opportunity all around us.”
Not only is an abundance mindset more productive than a scarcity mindset, it’s also a more accurate way of viewing the world. There’s no reason to be afraid of not having enough of what you need to take action and be successful. You have to get out of your own way and simply take action in spite of any fears.
3. Understand your “why.”
Chaffee challenged my podcast listeners by asking, “When you were younger, what did you want to be when you grew up? How has that changed? You were put on this Earth for a reason, and it’s not to work a 9-to-5 your entire life, retire, and hope you can travel the world before you die. It’s to accomplish your purpose and serve the ones you care about. Understanding your why - the reason that drives you - is key.”
Chaffee calls his why his “North Star.” Anytime he’s doing something that’s not guiding him toward his North Star, he adjusts. One of his mentors encouraged him to ask himself great questions. One of which he shared with me: “Is the thing you’re working on the highest and best use of your time? If not, why are you focusing on that?”
If you don’t know the reason that drives you, you can’t be passionate about your work. Ask yourself, “What is my passion? What’s my why?”
4. Resist Shiny Object Syndrome.
Shiny Object Syndrome is when we get distracted because something looks new and exciting.
“I actually do have Shiny Object Syndrome,” Chaffee laughed. “The most successful individuals I know have it the worst. I think everybody has Shiny Object Syndrome. The trick is managing it. Unfortunately, a lot of individuals who aren’t successful tend to jump, jump, jump from one new and exciting thing to the next without managing that desire.”
I’ve found the best way to manage Shiny Object Syndrome is to focus on your passions. You should always be making progress toward your end goals. This is where having a coach is helpful. They keep you focused and prevent you from getting distracted from your goals.
5. Don’t overanalyze.
Chaffee explains a phenomenon called paralysis by analysis, which occurs when our focus is on continually gathering more information instead of taking action. Before you know it, you’ve analyzed a deal for three weeks, and then discover that deal is gone because someone else bought it while you were still busy analyzing.
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