From Homeowner to Investor: The Mindset Shift That Changes Everything

Welcome back inside Uplift Property Management today I want to talk to you about the mindset shift from being a homeowner to a real estate investor.

So why does your mindset matter why are we even talking about this well in over a decade of working with real estate investors some of those being accidental landlords and some of them longtime real estate investors we've found some trends when it comes to how you approach the decisions that you make about your rental property and a lot of this comes back to your outlook or your mindset right so the investor mindset what we're talking about today for your rental property it includes thinking about long-term success efficient management and better outcomes so I'm going to define for you a little bit more what I mean when I say from a homeowner to an investor.

So when I'm thinking about a homeowner the main thing that I'm thinking about is that emotional attachment that a lot of people have to their home this might be the first time that they're renting out their property that they lived in with their kids or their grandkids and now a stranger is about to live in this property and emotionally that can be difficult for people for the first time because with the homeowner mindset you have this emotional attachment to this property i get it it makes sense but in order to transition we have to get away from this emotional attachment the other thing that the homeowner mindset when I think of that I think about the attachment to your personal preferences that you happen to love a home that is painted dark blue or you happen to love kitchen cabinets that are hot pink and all of the handles are super ornate and fancy and gold and luxury right these personal preferences that you have for your home that you are living in make sense when you're a homeowner and you live there but when you have transitioned into a rental property owner some of these things aren't serving you anymore the other thing I'm going to mention is some of that short-term thinking but we'll come back to that in just a second.

So the transition what I'm looking for what we're hoping to support each of our clients in is this transition to the investor mindset and what do I mean by that i mean that you are making decisions based on data data that we can give you that we can gather from the industry right you're basing everything that you're doing at this property on data not your personal preferences or your emotional reaction to this property that you have you're also focused on ROI that return on investment and that's what I mean when I'm talking about upgrades right so just because you personally have thought it would always be nice to have something at your home because you have a personal attachment or preference for that doesn't mean that you're actually going to get the return on investment on those upgrades or changes to your home think back to the personal preferences that I talked about earlier as opposed to the industry norms market expectations that tenants actually have for your property and then of course the investor mindset they would trust professionals they would delegate to professionals.

So what I mean by delegating to professionals is that I mean instead of being a DIY landlord who can go into Home Depot and grab the supplies themselves and slap a band-aid on something do a quick and easy repair we're going to trust professionals who know what is the highest quality and what is going to have the best longevity for your property when it comes to making repairs it is worth it to spend a little bit more money to make sure that these repairs are done correctly as opposed to just thinking "Oh well maybe I could do that a little bit cheaper myself if I went and did this repair myself i've you know replaced a toilet once upon a time 20 years ago." That's not how we want to approach your rental property we want to make sure that we are trusting the professionals who are experts in their field to take care of your property.

Now this is where we come in at Uplift Property Management we sign on with a lot of clients who have never rented their home before and we are there to help support you as you transition from a homeowner into a real estate investor we do this through education through experience through conversations that we have with you we are guiding you through these decisions that you're making at your rental property we want to make sure that we are supporting you in your goals and helping you grow this investment that you have and part of that is making sure that we can guide you through this mindset shift that needs to happen so are you ready to shift are you ready to adopt the investor mindset um like I said we're more than willing to work with you to kind of help you understand the reasoning behind all the recommendations that we make the decisions that we make here for your rental property we've been in this industry for over 10 years and we know what it takes to have a successful rental property and we'd love to help guide you along that way.