Real Estate Podcast

Episode 190: Mindsets and Habits

brrrr method david dodge discount property investor michael slane podcast real estate 101 real estate coaching real estate investing real estate investor real estate tips wholesaling wholesaling real estate Sep 22, 2022

Show Notes

In this episode, Mike and David discuss the importance of the right mindset. Listen to this episode to get helpful tips!! Check this out!

Things that will cover in this episode:

  • Importance of the right mindset
  • Abundance Mindset
  • Be grateful for simple stuff you have
  • Change your habits to be better
  • Make offers to get more deals!
  • Make an effort to marketing

Episode Transcripts

Welcome back to the Discount Property Investor podcast. Our mission is to share what we have learned from our experience and the experience of others to help you make more money investing like a pro. We want to teach you how to create wealth by investing in real estate, the discount property investor way. To jumpstart your real estate investing career, visit, the most complete free course on wholesaling real estate ever. Thanks for tuning in.

David: Mindset.

Mike: The importance of the right mindset., that's really what I wanted to talk about today.

David: Okay.

Mike: So, we're in a coaching group. Again, we've got coaches, nothing to be embarrassed about like-

David: I'm in a couple of them.

Mike: Yeah, you have to, masterminds, coaching groups, all that and I was just thinking about my favorite thing to participate in is the Monday morning mindset, is the mindset meetings because to me, the mechanics of real estate, the how-to of it and the how do of it like Dave and I, we both know that, right? But our mindset is probably the most powerful thing or the most important thing and it's the thing that changes probably the most often. We're affected by things in our lives.

David: Absolutely.

Mike: We are- again, sometimes negative feelings come and enter your mind that you have to kind of take it with a grain of salt. You have to push those away and just get the right mindset to push on, to keep on. Our mindset- so, what is a mindset? A mindset is basically just your attitude about things and the way that you approach life, right Dave?

David: Yeah, absolutely. It's simple.

Mike: Yeah, so again and we both we harp on or I think we have harped on in the past is that the abundance mindset is so much more important than having the scarcity mindset.

David: Yeah.

Mike: And an abundance mindset means that you see that yeah, there's a few deals out here in St. Louis. There's a few deals out here in St. Louis for anyone who wants to do a few deals in St. Louis. That's the abundance mindset.

David: Yeah.

Mike: The scarcity mindset is oh shoot, if somebody else gets that deal, I can't-

David: Oh, there's already ten people doing this?

Mike: I can't have it.

David: Right.

Mike: No, there's plenty of money. There's plenty of wealth in St. Louis for Dave and I to build a- build wealth for ourselves. There's plenty of it for us, there's plenty of it for you. So, that's the abundance mindset and that's one of the ones that I think is the most important but it's also a positive mindset versus a negative mindset, right Dave? So, I mean the positive mindset is I'm so lucky to have woken up today. Like, I am so lucky.

David: Oh, that's the gratitude thing there.

Mike: It is.

David: Absolutely, 100%. You're talking my language now.

Mike: I am man, that's what I want though. It's just I am so lucky to live in America. I am so lucky-

David: So, all weekend my wife and I were trying to find something to do cuz we were just kind of bored and you know we're stir-crazy, we've been home for three months with Covid and shit.

Mike: Yeah, and everything's restricted, it's tough.

David: Oh man, and it was so humid this weekend.

Mike: Dude, it was brutally humid.

David: I took a point where we went for a drive just cuz we were bored and on the horizon, you could see the freaking moisture in the air like it looked like smog but it was just moisture.

Mike: Dude, I was cutting the grass and it was so brutal.

David: So, we were both like, you know what? Even though we're bored at home and we don't have anything to do, at least we have air conditioning.

Mike: Oh yeah.

David: Cuz I walked outside to turn the water on just to water the grass and the flowers and came out, I was out there for 3 minutes and I'm soaking wet.

Mike: Yeah.

David: It was terrible.

Mike: Yeah, no it is. It was just brutal out. So yeah, how lucky are we to have air conditioning? So, that's a mindset thing though too, right?

David: It is.

Mike: And a lot of people- so let's go into gratitude a little bit since we're talking about it.

David: Yeah, sure.

Mike: So, some people use gratitude journals, right? So, what is that? In my understanding of it- cuz Dave I've never actually done one, I just know that I practice it, or I try to practice it more.

David: Yeah

Mike: Just being grateful, but a gratitude journal- so if you're struggling with being positive and remaining grateful, it's- you take a couple minutes in the morning to write down something that you're grateful for and why you're grateful for it, right. Isn't that the concept man?

David: That's it, that's all you gotta do man, and it doesn't even have to be a couple minutes, it could be a minute, 30 seconds. So, I have a gratitude jar in my kitchen, and we don't use it every day, we- I need to start and it has these little cards and it's like kind of fancy looking right? but you just write on there what you're grateful for and we used to do it in the morning when we're making breakfast and it's just so great. It doesn't have to be like anything over the top, it can be anything but just take a second to think about the fact that you have that in your life or the ability to do something or could be a loved one. I mean, sometimes I'm just grateful for the pancakes that we're cooking.

Mike: And what I was going to say is-

David: It doesn't have to be anything crazy.

Mike: I feel like the simpler the thing is that you can be grateful for, the more powerful it is in your life.

David: The more powerful it is, yeah.

Mike: Cuz like if you just sit back and you think oh, I'm so grateful for my Tesla, I'll give Dave’s, cuz it's awesome. That's an awesome car like how lucky right? Like, oh and Dave is so blessed, he has his Tesla, right? That's cool but what about water?

David: Oh yeah, plumbing.

Mike: Like I am so grateful that I have clean water to drink to keep me alive, like I don't have to worry about my water being infected with some deadly disease that I could catch. Like I'm so lucky on a warm day, we're just talking about hot, that we have running water in our house that I can just turn on and drink.

David: Yeah, cuz sometimes you have to take it down to the basics for sure.

Mike: Yeah, and again, I feel like that is just like holy smokes there are people out there in the world that don't have clean water. Like dude, get back to like some of the more simple stuff and be grateful for that and I just think you truly open up your mind to being happier and just happier and more content with your stuff.

David: That's the answer to happiness and most cases is people aren't-

Mike: Grateful.

David: They're not grateful enough, you know, so- but that's a small part of mindset is gratitude guys. So, there's some other types of things when it comes to mind set that's very very important. I think one thing that can help with having a positive mindset is to have positive habits.

Mike: Yeah, go on.

David: Habits are important man. I think, I don't know the exact statistic, but I was- I've been reading a book recently about it and you know, like 75% of what you do in your day-

Mike: Is just out of habit?

David: Is habit. Think about it. You wake up, you brush your teeth, you go make yourself a cup of coffee.

Mike: Dave, I was wondering why I was going to the office this morning. I was like, it's just what I do.

David: It's a habit. You go to the bathroom, you need to take a shower, you go work or you don't, whatever but then you may go to the gym and you may change things up but 75% of what you do today, I'm sorry tomorrow, you did today.

Mike: I believe it.

David: And vice versa, on average so it's okay to have habits, make them good though. Make your habits eating healthy and exercising and taking time to be grateful and then the rest of the time that you're focusing on your business or your life, it's just going to come easier, you know.

Mike: Okay, so the good habits-

David: Have good habits or change your habits to be better.

Mike: Yeah, so the good habits- cuz you're saying the good habits will have an impact on your mindset meaning and you mentioned, so eating healthy and exercising. What else? or let's just expand or expound on that a little bit if you don't mind.

David: Sure, here's one of my favorite habits: making offers.

Mike: Ooh, I love it.

David: When you get a new student that comes in and says, hey Mike, hey Dave, teach me how to do real estate, we're like cool, let's do some marketing and get some offers out the door. That's the first thing we do. You don't know how to run appointments? Doesn't matter, we'll teach you that when we get there.

Mike: Yeah, you'll learn that.

David: But why start there? You don't need to. Market and make offers, so making offers if you're listening to this at this podcast, this is a real estate podcast and if you're not making offers, I'm not saying you need to be making 30 a day, but if you're not making two or three a week, change your habit right now. Just start. You will never get a deal if you don't make an offer. So, just make habits that are going to align more with what you want. It seemed so stupid right? Like I have a goal, I put together a plan and I'm going to execute that plan. Here's what really happens: I have a goal, I have no plan, it becomes a dream. So, just put together simple habits that align with your plan that's going to get you to your goal. So, we're going to kind of pivot a little bit and you know, this is a mindset podcast. We're going to talk about real estate investing so if you want to be a real estate investor and wholesale some properties, start marketing. If you're not already marketing, make it an effort to spend 10 minutes a day on marketing and then eventually you can move it to 20 and 30 and an hour and two hours, but if you don't start somewhere and you don't create that habit- if you didn't do it yesterday, it's not happening today. So, start today, make a little habit of it and then you're going to be able to make it work, same thing with making offers.

Mike: Yeah, that was a really good tie in Dave, I like that, and it is important, it's like success habits, so building successful habits. One of them and I'll get back to it then, just a little kind of share a personal anecdote, so I started making smoothies every morning.

David: I love it, Julia does it.

Mike: Cuz I was not- I'm not eating enough vegetables, like I know it or fruit. Fruit or vegetables.

David: It's about the fiber bro. Yeah.

Mike: So, I mean literally I made a smoothie every day and it's like we started out with mostly sweet stuff because that's easy, you know, it tastes good.

David: Yeah, they taste great.

Mike: So, it's mostly like strawberries and you know.

David: Dude, get the frozen cauliflower and then you don't need ice. You can't tell the difference.

Mike: Well, that's what I did.

David: Holy shit.

Mike: So, I buy frozen vege- fruits so it's frozen strawberries. So, you don't have to do anything. Dude, it's great man.

David: It's great, you don't need ice and its thick, it's good. That’s great man see now you have a habit and it's a healthy habit that snowballs into more healthy things.

Mike: And so, what we're doing or what I've done is- okay, now I'm in a habit to do it because I like it tastes good, so then I started replacing some of the contents with instead of having really sweet, now there's a lot of spinach in there. So again, there's tons of spinach in my smoothie and I'm throwing some carrots in now. So again, you're replacing some of that fruit with vegetables, so now our vegetable intake in the morning has gone through the roof. Like again, who the heck eats spinach in the morning? Probably healthy people but you know-

David: I do. Yeah, I put it in my eggs but yeah sure most people don't.

Mike: Point being, it's getting in there now. So again, it's building a healthy habit and you build on that so again I have a nice healthy smoothie. It makes me want to go work out, again, it makes me want to do other healthy things.

David: So, good habits increase other good habits. You're not going to drink that smoothie and then decide to get McDonald's for lunch.

Mike: Probably not.

David: Some days maybe but you see my point though, you're going to say all right, I'm already on a roll, let’s keep it going.

Mike: You drink the smoothie then oh I want to go workout, you go to the gym. You're not gonna wanna go to McDonalds right after the gym.

David: That's what I'm saying.

Mike: Exactly.

David: Good habits will-

Mike: They build on itself.

David: I mean, think of it this way man, whenever I go out and have a couple cocktails, I want a cigarette. I don't smoke.

Mike: Oh baby, do I want a cigarette after I'm drinking.

David: I don't smoke but after a couple drinks, it tastes good.

Mike: Yeah, they go hand and hand.

David: Yeah, and then you want more drinks and then more of whatever else that ends up being negative. It's a bad thing for your body, you're gonna end up staying out later and getting less sleep. I mean, negative habits increase.

Mike: They build on themselves, yeah.

David: And it works the same way with the positive ones. So, the purpose of this episode today guys is to talk about mindset and about habits and about gratitude. Put together the right habits that are going to align with your goal which are really just part of your plan. Your habits should just be part of your plan to get to your goal. Stay positive, practice gratitude, and just take small steps. You don't have to go out and spend $30,000 on marketing to motivated sellers if you haven't done it before.

Mike: I wouldn't recommend it.

David: No, but start with 20 or 30 minutes a day of either reading about how people are doing it or just start cold calling Zillow and Craigslist and just start making this a routine, you know and the first person you talk to is probably not going to be a deal but you have to have- it's a numbers game so if you're not making a habit to talk to people in general, then you're never going to have that first person on the phone and you're never going to have the deal, it all kind of works together. But one thing we kind of skipped over was abundance and scarcity.

Mike: We talked about that; we touch on it.

David: Yeah, we touched on it a little bit, but you know, the scarcity mindset is-

Mike: Oh, we skipped- we did.

David: I don't have the time to do this or there's already 30 people in my city wholesaling or there can't be that many motivated sellers right now and everyone else is already marketing and I'm late to the game or I can't do this, I'm not smart enough or any of these negative type of feelings, you know. Those are- those root from a scarcity mindset and you have to just flip the switch in your head to just go towards abundance, you know, this will work, I will learn how to do this. So, what's if there's 30 people doing it? Now there's 31, you know, I mean, you just got to have that the mindset of I'm going to win, I'm going to make this work and you know, it's just like you hear all these boxers before they get into the ring, you know, like if they're uncertain if they're going to win that fight, they lose. If they go into that ring knowing that they're going to win, they won. Henry Ford said it best, if you think you can or can't, you're right.

Mike: I like that one, that's a good quote.

David: That's a great quote, but that's I mean, that's exactly what it is. You are right, if you don't think you can do it, it ain't happening.

Mike: So, what I- I wanna touch real briefly on the one you mentioned about the- just the mindset and the failure. It's okay to fail guys.

David: It's okay to fail.

Mike: We're not on- we're not top-level performers here so again, winning a fight or losing a fight or winning a deal or losing a deal, who cares? There's another one, like nobody is looking at day one. So, Dave and I, we lose deals all the time. We- again, we failed a lot together as business partners and part of the reason we liked working with each other cuz we get up the next day and we decide hey what can we do today? What can we try to win at today? So again, you're going to fail a lot. It's just the quitting part, that's when you truly fail so you just got to keep on moving and yeah. Get that mindset right guys.

David: Yeah, keep it right. If you need some things to help, just keep it simple, put together a couple habits that are simple and short that you can start adding to your routine and just find things around you that you're grateful for and think about them for a couple minutes a day and it'll start to spiral into more and more positivity and before you know it, you're gonna be kicking ass. Signing off guys.

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