MIT 3.0: 0.2 Mindset and Fundamentals

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MIT 3.0
0.2 Mindset and Fundamentals
Cheat Sheet

1. Culture
  1. Everyone likes a good story, but in this program we’d prefer you to ask questions on the Closed Facebook Group, and during the Live Q&A calls
  2. We like to keep a “Winner’s Culture”, so please do not make complaints on our platforms. 
  3. We congratulate you on your successes and ask that you share it on the Closed Facebook Group; however, if you have other businesses going on, solicitation of any kind is not permitted on our platforms. 
  4. Core values are important to everyone’s personal and professional conduct because these are the qualities that embody everything we do. As a member of the MIT 3.0 program, we’d like you to adopt these as well: PALS.
2. Work
  1. Continue to perform at your day job to the best of your ability. 
  2. Remain positive at your place of work to avoid being let go. 
  3. It’s understandable that you have a life outside of this program. As a professional, don’t allow distractions to get in the way. Stick to a schedule for work, home, and becoming an entrepreneur. 
  4. To help become more disciplined, listen to the audiobook “Relentless: From Good to Great to Unstoppable” by Tim Grover.
  5. It helps to wake up as early as 3 hours before your work day begins. This allows you to have uninterrupted time. Listen to the audiobook “Miracle Morning” by Hal Elrod.
3. Uniform
  1. Real estate like any other business has its ups and downs. Learn to take the good with the bad. 
  2. Appreciate the work, don’t quit, and adapt to market changes.
4. Undivided
  1. The person with the most focus wins. What you focus on expands so limit distractions:
    • Limit Netflix to one day a week.
    • Remove social media from your smartphone (except for the Closed Facebook Group).
    • Check social media once a week.
    • Be selective on how you spend your time and money.
    • Be mindful of your actions; they should line up with your thoughts and words.
5. Mindset
  1. Most people who start something new experience a certain level of fear because of unfamiliarity.
    • Within this program, you’ll hear content constantly repeated to help you with retention.
  2. Once you start cash flowing from your properties, don’t spend it, reinvest it back into your business. 
  3. Review the 23 Financial Principles.
  4. Listen to motivational content available in the Quit Your Day Job Module
6. Business man
  1. With real estate investing, comes risk and reward, which means that you’ll have unforeseen costs involved. 
  2. Learn the FCOSTMSH:
    • Finance (accounting, bookkeeping, payroll)
    • C-Suite (management, leadership, executive staff)
    • Operations (processes, systems)
    • Service (customer service to tenants)
    • Tech (spreadsheets, CRM, Google drive)
    • Marketing (ads, market yourself)
    • Sales (sell tenants to rent with you, sell partners to do deals with you)
    • HR (hiring: teammates, contractors, independent contractors, documentation)
7. Switch
  1. Most people start off in real estate the old way by having only one source of financing, being the landlord, property manager and the fix it guy all rolled into one.
  2. The new way consists of adopting a real estate entrepreneur mindset with a singular focus, purchasing multi-units and providing tenants with value, combining personal finance with business credit and creative financing.
  3. Learn how to go from technician to manager to entrepreneur by listening to Michael Gerber’s book E-Myth
  4. Within this program we focus on buy and hold properties, and not: lease options, wrap around mortgages, and no distressed properties – – unless you plan to wholesale them.
  5. Use your resources responsibly and be creative.

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