Episode #16 -

Breaking Limiting Beliefs  

What's up everybody? Welcome to the Fitness Realty channel! My name is TJ Mclelland, and I'm the broker. I'm super excited to share all the things we have planned with you. So sit back, strap in and let's have some fun!    

What's up? Are you good-looking people? Hey, this is gonna be a fun, fun episode about limiting beliefs. Ooh yeah. I don't know why I just did that. I am pretty weird this morning. I feel really on fire. I just love what we're doing. We're growing like crazy. I am excited to share that with you. This chat about limiting beliefs is going to be kind of fun to me.    

 I talk about mindset and stuff all the time, and I try to get people over the fact of limiting beliefs that are just making them feel like they're getting into a little curled ball. If you're listening to this, you can picture me just like curling U and looking weird on camera, which is what I'm doing right now. So I have some notes over here, so if I look off to the side, I'm just checking my notes. So let's talk about the biggest limiting belief that I've held or that held me back for a while.     

So this kind of like goes back a long time ago, when I very first started in real estate, there was a time where I just thought that it was not going to be possible. This wasn't the pathway I wanted to go down. It wasn't the thing I wanted to do. There was no way for me to make money in it. That there were people that were saying to me, there's no way you can do this on top of your military career. There's no way that you can make money doing this and stuff like that.     

So I heard it all the time. I had many friends that were, I say, friends. They were people that I associated with, and that started to kind of tear me down a little bit, and I guess I've eventually eliminated them from my friendship or from my network, I guess, and really just got that limiting belief away from what they were saying to me, right? The outside opinion from somebody else displaying that on me.     

I started to really just eliminate that right and just get those words away from me, get that negative belief away from me, which was part of helping to break that limiting belief was to really change my circle of influence or my sphere of influence if you want to call it a sphere, right? That's a funny side topic. It used to be a circle of influence, and then everybody wanted to think 3D and then three-dimensional, and now it's a sphere, whatever.     

Anyway, so that limiting belief that I had was, I'm not good enough. I can't do this real estate stuff. I have no idea what I'm doing. I can't help people learn their transactions. I can't bring value to the table. I had tons of those limiting beliefs that were all revolving around. I can't do this real estate career. And for a long time, I actually thought that there was a time where. Well, I'll go back to the very beginning. When I very first got my license in North Carolina, it took me about four or five years to actually put a deal together.     

So I know people are always like, oh, you got to hit the ground running and do some deals your first year and blah, blah, blah. That did not happen for me. I was active duty military at the time. I was deploying a lot. I was working a lot. I was turning wrenches on the night shift all the time. I was leading crews, and so my life was very chaotic with the military, with the active duty military, and so it was super hard to actually do anything on the side, which actually helped to bolster that limiting belief.     

Like there's nothing I can do to make this career happen and take off for me because there are just too many outside factors pushing me down. Active Duty Military, night shift like wrenches, teams, my friends, circle of the network, or my circle of influence? Just pushing me down, right?  You can see there were a ton of factors going into that limiting belief to just push me down and keep me down. And sometimes, it felt like people were pulling me down as well. They were even like lower and negative in life than I was, and it just felt like people were dragging me down. So that limiting belief was big, right?     

So I've kind of defined that limiting belief, and now we're going to kind of walk through what really took place to change my mindset from that. And honestly, the mindset shift has really propelled me even further than I've ever thought that was possible. I'm gonna bring up one of my friends. His name's 09. I'm gonna say his name. Well, I'm gonna give his nickname out on this podcast or channel, so if he wants to comment down below, you'll see his real name, or he can stay in the alias, whatever.      Anyway, O9 is one of my best friends, one of my favorite people, one of the most intune knowledgeable, one of the best Go-getters. Just striving to be a good person, right? You always are, not always. You kind of find these genuine qualities in people, and then you just kind of gravitate towards them.     

So me and 09 have really just gravitated together because we were working jets at the same time. We learned, and we grew in the same area. We were just like growing our military careers at the same time, and so it was just so much fun to be together, and then he's super positive, so I've always been kind of positive, but I've always felt like my energy was like double or triple or then some when we were together.       

Just such a dynamic duo, working hard and crushing it together! I mean, we were like the Dream team. You could come and put stuff together with us, or you could bring us a task, and we would just go out there and crush it, make it look like gold. We would make our supervisors look like gold. We would just make our entire team look awesome, and we would share that success with everyone.      

And so people really love what we were working together and afterward, and so Long story short, this guy's awesome. Well, when we were kind of working together, we were really positive this one day. And I don't know who actually came up with it. It might have been him, might have been me, but we started saying this thing all the time, and we called it drinking a cup of badass, and I know I just swore on the channel.    

So everybody, if you're super religious or something, sorry about that. But this is legitimately just being vulnerable, so we did talk about drinking this cup of badass all the time, and it kind of started internalizing, and we said, alright, well, if you're not going to be positive today, then you need to drink a cup of badass and change your attitude.    

And so we really started like shifting. We shifted everyone's mindset around us, and we started saying it like all the time. And I don't know if he realizes this, but that was like a turning moment for me where I was like, all I gotta do is change my outlook and my attitude about stuff. And then I was immediately better.    

If you've ever kind of felt that where it's like internally you feel all disconnected chaos, whatever word association, you wanna put that with negative feelings, honestly like if you have something that you can say out loud or say in your mind, it can have an effect that is immediate on your attitude. And I swear it happens all the time when I say I'm to drink a cup of badass today. I immediately feel better. I'm already feeling it. I'm feeling it right now.    

So I just love that. So we would say all the time, though, and it would shift our mindset, which would push us through limiting beliefs. So I know that's a long story, but that kind of gets me to the point here of pushing through those limiting beliefs and having something that you can latch on to. Their attitude is your attitude and changes your lifestyle. And then, daily as you do that, your outcomes will be better and better and better.    

I do have another mentor. His name's Eric Upchurch, a great guy leading the API team, and we'll have a whole episode about ADPI and the active duty passive income network. But anyway, Eric Upchurch always talks about being 1% better. I don't know where he got that or who originally said that, so I'm not quoting whoever that is.    

But Eric talks about it all the time. He's like, just being 1% better will get you to your goals. Well, in my opinion, when we were, when me and O9 were in the active duty side, we didn't really think about it as being 1% better. We were just like, hey, let's change our mindset. Let's be positive. Let's have a couple of drink a cup of badass, and we're gonna be different. Oh, gonna grow, and we're going to build these teams and just be better.    

So we kind of started really evolving that, which was just so awesome. But the reason why I brought up Eric is because the way he describes that the 1% better is to just strive daily to keep your mindset positive and really become that little bit better each and every day. So it's a continuous grind. But that grind that he portrays and that he talks about is of a great way to push through limiting beliefs. And so this video is all about limiting beliefs and pushing through this.    

I want to kind of shift topics really quick. So you kind of see how I pushed through limiting beliefs on my career as a real estate professional. It did take me a ton of time to actually push through that and get my real estate career going, and right now, it's really thriving. So I'm really grateful for the support from all of my network. Love you guys, and always be grateful for that. So thank you!    

But let's shift topics to buying my first home because that limiting belief everyone has that when they're about to buy their first piece of property. And I really kind of wanted to bring that up because we do have a ton of first-time home buyers that are in our network, and then our agents are teaching a lot of first-time home buyers how to buy their first piece of property.    

And that limiting belief is so big, and it makes people so fearful that it can look like a daunting task. And so I really want to try to a breakthrough that limiting belief. So as a first-time home buyer, a lot of the limiting belief or fear comes from the unknown. Of course, anytime that we have a lot of unknown outcomes, right? Any unknown outcomes or chaos. There is a ton of fear, and there is a ton of limiting beliefs that you won't be able to breakthrough that.    

What I want to say here is getting with somebody on our staff that can educate you, brings that chaos down from buying your first property, and makes it so that you can get educated, have the knowledge, put that chaos together so that it's not chaos and that it's very organized and so that your first deal or your first piece of property to get into your first home feels comfortable. I love to bring the education piece to that where we can actually a feeling that thing that this is going to be OK.    

I know there are a ton of limiting beliefs with buying your first home. That just feels like there's not going to workout. We're going to lose money. We're going to get scammed. We're going to buy a crappy piece of property. We're going to be in debt. We're going to lose our shorts on it. I've heard so many different types of things of why not to buy, especially right now. We're kind of in very high prices, and people are talking about a bubble and what happens when it tanks and stuff like that.    

So we do have a ton of limiting beliefs, and there's a lot of outside pressure towards buying your first home. What I want to say to that again to reiterate it is get with somebody on our staff that can educate you and organize that chaos so that you can feel comfortable. I love talking about first-time home buyers and getting them to purchasing their first property and getting them closed on their first property.    

I'll give you a little experience from just about a week ago. We closed a property where the buyers literally walked into the open house and said we love this house. We have no idea what it's like to buy a piece of property. We don't own anything. We've never done this. Can you help us? And I was literally, and I'm getting chills right now talking about it. I was literally like, thank God for you guys walking in so that I can help you be comfortable in this transaction, and I can give you the education that will help you feel like this is something that is right and that it is something that anybody can do.    

So during that contract, and I usually teach a lot, so I'm like over-explaining stuff. I try to make sure everybody knows what's happening. I give you a lot of options so you can choose what happens, choose your own adventure, things like that. And so during the entire transaction, I was just holding their hand, which is my favorite way to do it for first-time home buyers.    

I love to make sure that they feel comfortable. And literally these guys, when we got closing, they were like this was the easiest thing we've ever done. And we're so grateful for you and your staff and your team to walk us through this process, and this has been very, very awesome. They literally wrote raving reviews on Google and Zillow, and so I'm just very grateful to them to put their faith in us that we would be able to help them through this transaction, but also to have faith in themselves to put the faith in us that they can learn and grow and get educated about buying their first home.    

Now that they are through their transaction of their first home, though, they broke down that limiting belief that they could not buy anything. They did have a ton of people from the outside that were telling them you can't afford anything. You won't be able to buy anything. There's no way you can close. This real estate market is the toughest in the country. It's super competitive and so we help them through that. I love helping people learn that they can go through the limiting belief and actually crush that and change their mindset.    

Let's shift topics one more time. Actually, it might be two more times we're going to talk about buying your first rental. So there is a huge limiting factor when we're talking about buying your first rental. Oh, it's just crazy big, right? Most people are like, well, I can barely afford one house. How the heck do I buy two, right? So there's a limiting belief there. The affordability looks crazy. The risk associated with rental property. Who's going to manage it? Who's going to take the 3:00 AM calls when like the plumbing line burst? There's so much stuff that happens into that.    

So the limiting belief with the first rental is that it's not possible. There's not a way for you to have that. There's no way for you to obtain it. And people really think that it's like an untouchable thing. It's like right after the distance where they just can't reach it, right? People are talking about it all the time.    

There are a lot of real estate classes that teach about it. They hear about it. They watch it on TV. If you're watching HDTV or anything, you're seeing it. So there is a big limiting belief with the trying to buy your first rental. So I want to talk about how to get through that. First, the limiting belief that you have to have a lot of money to buy the first rental. That's not real. There are a lot of principles that make it possible for you to move from your current residence into your next residence using little to no money down and turning your old residence into your first rental.    

A lot of people don't think about that. They're like, well, I'm in this home, and I want to buy an investment property. But that's like 25% down or whatever, right? To make the numbers work. That's not the case. The current house you live in if you've lived there long enough and you've met your loan requirements, you could move and buy a new home and turn your old residence into your first rental.    

A lot of people don't think that way, right? They think they have to go out and. Put a lot of money down for their first rental, not the case. So if you think that you need a lot of money down, there are ways around that. So hopefully, that breaks down that limiting belief. Another limiting belief that most people think is I can't afford to own two pieces of property.    

Well, again, on paper, we got to show you what the numbers look like. And the cool part is, is when you move to the next house. The next loan that you're obtaining, that lender can use hypothetical rent from your old residence that you're going to turn into a rental property. Now, after a year, they can use all the rent numbers because you'll be claiming it on taxes, of course, but for the first time, they're going on hypothetical numbers, and typically it's 75% of that.    

So I'm not going to go into too many of the numbers. Just know that there are ways for you to become fundable or bankable, or you can be approved to carry two loans at the same time. So that limiting belief of I just can't afford two homes. Well, you might, right? Or you might not. If you're running your finances like crap, of course, you can't afford anything, so get your finances in order. And then let's work on getting you a rental property.    

But if you are running your finances pretty decently, there is an opportunity for you to be approved and qualified for the next home and turn your old home into your first rental. Now moving to the limiting belief of you can't handle the stress risk of turning your old home into your first rental, hire a property management company.    

Let them deal with all the 3:00 AM calls. Let them deal with the repairs. Let them deal with the tenant acquisition. Let them deal with inspection, stuff like that. Make sure that your numbers look good on paper, where you can easily cover the property management costs and still make money. That's the way to avoid the limiting belief of too much risk. And not enough time to manage the piece of property.    

So I love to push through that. I love to show people that property management is great, get your time back, and make sure that you understand that a lot of the risk goes away once you have a property manager in place that can actually watch the property, make inspections, hire great repair people to take care of the property, stuff like that.    

So I know there are a lot more limiting beliefs that go into buying your first rental, but I love to show everybody that there are ways for you to push through those and learn how to get your first rental. One quick plug here in two weeks, we have somebody coming on our show. His name's Frank Dippold. He talks a lot about how to change the velocity of money.    

Sorry, he has a class called the velocity of money, and he teaches everybody how to buy three pieces of property in three years and have those. Well, have the first two as rental properties. So it's an awesome way to buy property. I can't wait to show you the deep dive. The episode that's coming up here in the future is just an interview with him to kind of introduce him. And then, eventually, we'll have a deep dive, a one-hour crash course on the velocity of money.    

So you guys can all break that limiting belief of owning rental property and make sure that you start increasing your portfolio. OK, so I've talked about a lot of factors into what the limiting beliefs are. There are way more limiting beliefs, of course. It's all mindset. I need you to start understanding that you can change your mindset, and then I'm going to show you or just reiterate really quick before we wrap up.    

The thing that helps me overcome that mindset is to really change my attitude about things. If it's something that's outside of my control, there's nothing I can do about it, so we might as well be in a positive attitude about it. And then you could always take this from it if you feel like you need something like that, if you need something in your life that you need to latch onto, or you want to say it out loud, go out and drink a cup of badass and do something awesome.    

You guys can take that. I might, actually, start taking it and using it more. I really haven't used it in a long while, mostly because I've just been so positive lately, and my energy has been really, really high. So I'm excited about that. Anyway, so this has been all about limiting beliefs. I hope that you guys can take something from that, change your attitudes, change your lifestyle, grow and learn and a lot of that factors into or the factors that kind of breakdown limiting beliefs.    

The easiest one, in my opinion is to just be more positive about things and then also get educated and have knowledge. Knowledge seems to bring that power, and knowledge usually tears down limiting beliefs pretty easily. OK, this has been a fun episode. I love you guys, and we'll see you next week later.  

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