Welcome to Money Chisme, the go-to show for Latinos ready to take control of their financial future! Whether you're learning about investing for beginners, building generational wealth, or launching a side hustle, this podcast is designed to empower our comunidad with the tools and strategies to thrive. I break down the essentials of personal finance, real estate investing, and entrepreneurship in the Latino community, helping you grow your money while staying connected to your roots.
My mission is to close the racial wealth gap by sharing relatable success stories, practical advice, and wealth-building tips tailored for Latinos. Whether you're dreaming of financial independence or growing your business, we’ve got you covered. Tune in, level up, and let’s build the future we deserve—together!
Real estate investing is scary and intimidating! This mindset stops many new investors from investing in rental properties. In this episode I give your tips on how to overcome your fear of real estate investing. I also discuss how to set a growth mindset, find your why and vision, and how to set goals, to help you get out of the sidelines and start investing in properties.
Challenges like non-paying tenants or unexpected repairs can be scary, but with the right mindset, they become stepping stones to success. Discover the power of understanding your "why" and maintaining a clear vision to stay motivated even when the going gets tough.
Prepare to set your real estate goals like a pro with the SMART framework — a game-changer in achieving your dreams. Learn from my missteps and victories as I guide you in breaking down your ambitions into specific, measurable, actionable, relevant, and time-bound steps. Creating a detailed roadmap for financial freedom isn’t just a pipe dream; it's an achievable plan, especially with the free guide offered to help you kickstart your rental property investments. Tune in to gain the practical tools and inspiration needed to turn your real estate aspirations into reality.
Disclaimer: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Please consult a licensed professional before making any financial decisions. I shall not be held liable for any losses you may incur for information provided in this video. Please be careful! This video is for general information purposes only and is not financial advice.
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Hola, hola, violeta here. If you are interested in getting started in real estate investing, but you don't know where to start or what to do, I have the perfect resource for you. It is my how to buy your first rental property guide. It is a free ebook, it is linked down below and it will guide you through six steps to put you on the road to go buy your first rental. So make sure you check it out.
Speaker 1:
When it comes to real estate investing, money isn't necessarily what's stopping you. It's your fear and your mindset. Hola, I am Violeta, a first-gen real estate investor, entrepreneur and host of the Money Chisme podcast. Hola, welcome to another episode of the Money Chisme podcast. I am your host, violeta, and we're going to be talking about you know, mindset and overcoming those fears that may be stopping you from getting into real estate investing. So most people think that money is the biggest obstacle that stops people from being able to get into real estate investing, but I have found that oftentimes, the biggest thing is the mindset and the fear that people have when they think about things like, you know, paint, non-paying tenants and things like that, and even not knowing where or how to start. And what does mindset really have to do with real estate investing. Well, with, like with anything, really, your mindset is going to, you know, determine how successful you are, especially with real estate investing, how you're able to overcome, you know, things that come up, because you know real estate investing is not all. You know rainbows and sunshine. Things are going to come up, whether you know a tenant doesn't pay, you have to evict somebody. You know you have a big, major repair, like things are going to come up no matter how much you prepare for it, and your mindset is going to determine whether you learn from it and push forward or you just give up and quit.
Speaker 1:
Your mindset is basically the key to everything and anything that you do in life. Your mindset is, you know, based on your values and beliefs and your attitudes, and you know these are shaped by, you know, your upbringing, things that you experience in life, and you know just your personality and life events and just life itself, and you know all of these things come together to kind of develop the type of mindset that you have and understanding your own mind and how you think and how you react, really getting to know yourself, can help you, you know, identify where you might want to improve in the way that you think about things, how you react to things, and it's something that you really can build and grow on it. And when it comes to mindset, there's two major types. You have your fixed mindset and your growth mindset. First up, what is a fixed mindset? Well, a fixed mindset is, you know how the name implies it's a pretty fixed type of thinking to where you believe that you're kind of like set, that's it, like you can't really change it. You avoid challenges, you want to avoid failure. You, you know, believe that whatever skills or knowledge you have, that's pretty much it. You can't really get like smarter or whatever.
Speaker 1:
This type of mindset has stopped a lot of people that are thinking of getting into real estate investing because they stop at that fear of, you know, a tenant not paying major repairs, what if something goes wrong. It's a lot of negative thinking and it really, you know people hesitate. Like I said, you know I know a lot of people that have the means and the funds to go out there and, you know, invest in real estate, but they just can't get over that mental obstacle of what if something goes wrong. Another way that it can impact investors is the newer investors. So maybe they did manage to finally get over you know the initial um, fear and intimidation. And they go and buy their first property and then you know something happens and all of a sudden they're like you know what? This isn't for me. I knew this was going to happen. I knew something bad was going to happen. I shouldn't have gone into real estate and they quit or they just stay with that one because they're scared to sell it, because that's another thing. They're just like stay stuck with that property because they don't want to do anything with it. And you know this is how a lot of first time real estate investors end up just quitting after like one or two properties.
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And this is where the second type of mindset comes in, which is a growth mindset. And this type of mindset is going to, you know, help you overcome challenges and you're going to see things come up. And you're going to, instead of being like scared or like, you know, wanting to give up because you failed, you're going to, you know, take a step back and assess the failure and learn from it and then grow from it. And with real estate investing, you know things are going to come up. There's always going to be like you're going to have to replace a water heater Like I had to do with two units, and uh, or eventually you're going to have to replace the roof, because, I mean, it's a property. You know things uh, eventually wear out, uh, or you're going to eventually have to deal with that tenant. That's giving you a hard time. It's like. You know, it's not always going to be easy, but you're going to be able to deal with these challenges easier and be able to overcome them and continue with your journey because it is, you know, a long. You know long-term investment with all your properties. You know long-term investment with all your properties, and so over time, obviously, things are going to come up.
Speaker 1:
Now, part of your mindset is understanding your why and developing a vision for what you want to get out of real estate investing. So, for example, part of the reason that I gave up on one of my rental properties is not only because I had a fixed mindset, but also I lacked a why and I lacked vision, and so it was easy for me to give up that rental property. And, of course, like you, have a general why. Of course, the basic why was that I wanted to make money and build wealth, but Having those two is not going to be enough to help you overcome challenges and things that come up, because I mean, you can build wealth and you can, you know, make money in other ways, like working or starting a business or things like that. So you really want to take a deep dive in figuring out what is your actual why and visualize what your future is going to look like, so that way, when things come up, you can overcome a lot of things, because you know why you're doing it, what the goal is, and it's going to motivate you more. You're doing it what the goal is, and it's going to motivate you more.
Speaker 1:
So, for me, why did I want financial freedom? Why did I want to build, you know, generational wealth or just wealth in general, and what does that even look like? These are all like questions that you want to ask yourself when you are thinking about getting into real estate. And in order to get you started, I have a simple exercise for you. I want you to just sit and close your eyes and just imagine you have, you know multiple properties and they're bringing you, you know money every month and you have multiple sources of income. You've already achieved financial freedom and you have acquired wealth, and I want you to think what is future you doing with all of that? What is your day to day Like? Visualize what kind of life do you want, because your life might look different from what you're doing with real estate.
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So, for example, for me, future me is out in her land and she's homesteading, she's growing her own food, she has chickens, she is just relaxing in the backyard. You know drinking if it's in the morning time, coffee, or you know a Coke, or you know a beer later on in the evening or whatever, and she's just relaxing, enjoying her freedom. And you know, once in a while she travels. She's, you know, traveling the world. She's going to Mexico, visit family, and she just has the luxury of being able to decide what she wants to do, you know that day next week, without having to worry about money and having to deal with properties. And so when you are doing this exercise, visualize what are you doing on the day-to-day, what are you doing throughout the week, next month, for that year, what are you responsible for? Really get into detail and you could even journal, and you know that's another great option is just to sit down and journal this of what your life actually looks like after you accomplish your goals with real estate.
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And I say this because sometimes some people start, you know, buying rental properties and they want to manage the properties themselves. They're the ones that are in charge of the maintenance themselves. They're the ones that are in charge of the maintenance. Some people, because they want to save, you know, money, they'll be the handyman and you know, if something comes up that needs a repair, they'll go repair it. If, once there's a turnover with the unit, they're the ones that paint, they fix the flooring and all that stuff, stuff. So they're doing the work on top of managing, uh, the property.
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But if your future life and you know your future you is out here like me, relaxing, drinking a cup of coffee, out on vacation or whatever, um, those two things are not going to align, because there's no way I'm going to be able to go take a vacation somewhere or be able to relax in my backyard, just, you know. You know working on something or watching a movie or whatever it may be, and have to, you know, be next to the phone and somebody needs, like, a new freaking smoke detector or there's a leak in the faucet and now I have to get up and go fix it because of the way I am managing my own properties, versus how I am doing is having property managers and they do everything, and I really just like monthly just check up on these properties and stuff, or throughout the week, but I have more leeway. I could be over there in freaking Europe or whatever, or in Mexico and not have to worry about that. Um, a tenant has a a leak in the bathroom, because I have a property manager and a team to deal with that, and so all these things are.
Speaker 1:
You know what you want to think about when you are visualizing and trying to figure out your why, and you know your vision for future. You Now, once you have your why and your vision, you have your main direction that you want to go, but you need steps to get there and that's where your goals come in. And this is where, again, I kind of messed up at the beginning, because you know, being an ambitious first gen, one of the things that I do is take action, and one of the bad things is that sometimes, because I want to get something done, I'm ambitious, I want to, you know, succeed in something. I just go for it and a lot of times, I don't really have a plan and have specific goals. You have, like, the big main goal of like, okay, I want to achieve this, but then I don't, you know, break it down, and that's where you know I had some failures throughout my investing journey. You want to take action, of course, but one of the things that will, you know, basically make sure that you fail is that you start taking action without a clear direction. And again, this is where your goals are going to come in, because you're going to break them down into smaller steps.
Speaker 1:
Setting goals is what motivates and inspires you to take action, because it makes it more digestible. You break them down into steps that you can be like okay, because you have this big, I want to build financial freedom and wealth. And then it's like, okay, so how do I get there? This is where your goals come in. Get there. This is where your goals come in, and this is where I see people get stuck as well when they want to get started with real estate, because they have the goal of they want to invest in real estate, but then they don't have any way to get there. They don't know where to focus on, or anything like that, and so that's why it's important to you know, set these goals and make these steps, and it also, you know, gives you a way to track your progress.
Speaker 1:
Now, just a goal itself is not going to be sufficient enough. You want to make sure that your goal is pretty detailed, and a great way to ensure that you do that is using the smartART method. In order to set a SMART goal, you want to make sure that it's specific to your main goal that you're trying to accomplish, and you want to get really detailed and you want to make sure that it's measurable. So, in some, you know way, like, um, for example, uh, you want to start real estate investing and you know that you need a down payment. Well, how much of a down payment are you going to need? It's? Let's say it's $20,000, right? Um, you have to have a goal, like okay, I need to have $20,000, but each month, I'm going to save a thousand dollars until for whatever, uh, and ensure that I get to the 20,000 mark. So that's a measurable goal. You, it's something that is specific. You need, uh, $20,000, and now you can track it.
Speaker 1:
The other thing is that it has to be actionable, right? If you're not able to save up for the twenty thousand dollars, then you know you're not going to, you know that's a goal that's unrealistic and you're not going to be able to accomplish that. So if it's not a thousand dollars, maybe it's $500 or $200. So make sure it's a goal that you can actually take action upon and not setting yourself up for failure. You also want to make sure that it's relevant to what you're trying to accomplish uh, your big why and your vision. So if you're saying you want to save up $20,000 for a down payment, um, is it relevant to you to where you're trying to invest in? Because 20, it might not be $20,000. It might be $30,000 that you need, or maybe less. Or, you know, maybe you don't need a down payment at all because you are going to get down payment assistance or whatever. So you want to make sure that it's relevant to your goal, your big goal in mind.
Speaker 1:
And the last thing is that you want to make sure that it's time bound, because what's the point of having a goal when there's no deadline, because at this point you could just keep pushing it further and further along. It's like, well, maybe not this year, next year, whatever, and that's going to encourage procrastination and prolong the process, because you don't have a set time frame, same with the times that you're going to save and how much, and so all these come together to make a goal, a good goal, that's actually going to help you accomplish your main goal. So, for example, I had the goal of that. I wanted to own five multi-unit properties within five years, so that I had a specific time right After five years, I need to have five multifamily properties.
Speaker 1:
The problem was that then I didn't break it down into smaller goals. I wasn't really specific goals. I wasn't really specific. It's like, uh, am I going to buy one every year? Or uh, am I going to buy two a year or one year, I'm gonna buy this or whatever, and how am I going to save up for the down payment for this? So, like I had a big generic goal and I ended up not meeting this goal, uh, well, I still have like another year and a half to meet it, but it sounds like I'm not going to make it. Based on the timeline that I have now, I'm probably going to end up with maybe three, maybe four in that timeframe that I had set for myself, and the reason why was because I really didn't have a step-by-step plan and smaller goals and I wasn't specific on how I was going to get there.
Speaker 1:
And so setting your big main goal is not enough. You really need to get down to the nitty gritty and get really detailed with it to make sure that you have a direction and a roadmap to get there. So, just to recap, there is more to investing in real estate than just money and buying properties. You want to make sure that you have the right mindset and build a growth mindset to ensure that, when things come up that you are able to, you know, overcome them and also to overcome your initial fears of getting started. You want to make sure that you have a strong why and really get really detailed with that why and get to know, see yourself, you know, in the future, with your vision, like how your future self and your future life is going to be and, again, be really detailed with that.
Speaker 1:
And, lastly, you have the big main goal of, you know, getting into real estate, investing so that you could gain financial freedom and build wealth. But you need to break that down and have your how are you going to get there and break all of that down into smaller goals and make sure that those goals are aligned with your why your vision and that you really have a roadmap to get you there. Well, that's it for this episode. Don't forget, if you are interested in getting into you know real estate, investing and buying rental properties, I do have a free guide down below on how to buy your first rental property. It's free, so make sure you check it out. Hasta la proxima, bye.
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