In my free ebook How to Get More Money Than You Can Handle, I devote an entire chapter to this idea of how confidence attracts good deals.
This topic is always on my mind because I see it play out (for bad and for good) with the various investors who I work with.
I think the time has come for me to explore the concept just a bit more.
The 10 Gallon Hat Principle
In my ebook, I use the “Big Hat, No Cattle” example to illustrate this confidence principle. This is a rather famous saying that our friends in Texas have kindly lent to the rest of us.
The saying comes from how a big cowboy hat used to mean that a cowboy was wealthy and successful, with lots of cattle. But over the years more and more cowboys started wearing the big 10 gallon hats for their status symbol benefits, regardless of the size of their herd.
As you might expect, this led to a lot of supposed cowboys wearing “Big Hats” and “No Cattle” to back them up. Thus, this colorful and fun expression was born.
REIs Need to Wear Big Hats
In my opinion, REIs need to wear big hats just like the “No Cattle” cowboys in my example. But that probably deserves an explanation.
Certainly you’ve figured out that this expression is intended to mean that someone talks the talk but doesn’t walk the walk, or is otherwise … “full of it.”
I think it depends on the reason why those “No Cattle” cowboys are wearing the big hats.
If the cowboy only wants to look successful with no intentions of stepping up to the game, then I hope a tornado drops out the sky, whisks that hat off of his head and sends it flying to the other end of Texas where it lands smack in the middle of a big juicy cow pie.
But what if that cowboy (or cowgirl) is an up-and-coming rancher intentionally trying to accelerate her success by projecting success? In this case, I applaud her (or him).
How to Wear a Big Hat in REI
Projecting success creates success.
You’ve probably heard this spun a zillion different ways. So have I. But success coaches never let off of this button because it is absolutely true.
To me it seems like a lot of REIs are scared to start projecting success because they don’t want to look like a “No Cattle” cowboy, and I don’t blame them. Not only is being full of hot air unattractive, but it can burn more bridges than it builds.
However, there is a trick to get the best of both worlds, and it only takes one small tweak.
The Trick: Accentuate your strengths.
Wear Your Biggest Hats
Confident investors attract the best deals, and landing the best deals is the bread and butter of REI.
To project confidence and get the best deals first, I suggest that you simply focus on your strengths. For my cowboy hat example, I guess this would be like wearing your biggest hats, as opposed to trying to fake it by wearing one that doesn’t really fit you.
Every REI has unique strengths to draw on, and there’s nothing phony about accentuating your strengths. The key is to figure out what your strengths are and how to leverage them to get better deals.
So, for example, if you have a small army of good contractors in your pocket and that makes you attractive to a particular seller, talk about it. Or if you know a trick or two to close deals fast, sell the seller on it.
The real key here, though, is to fully recognize your strengths as an investor and allow yourself to feel the confidence that you rightfully should feel because of your strengths.
You’ll be surprised by how much this can change things for you.
Funding Creates Confidence
My experience has shown that access to funding is the number one thing that REIs need to be, feel and project more confidence.
This is why I’ve built so much of my business around providing REIs with the resources they need to approach each deal with the confidence of knowing they have funding options. These resources include things like our Pre-Qualification process and Proof of Funds Letters.