Real estate investing has been a great business for myself
and also for thousands of others, creating more millionaires
than any other vehicle. You've probably heard this statement
However, all too often we discuss the technical aspects to
completing deals. New real estate investors want to know
all the paperwork they need, how to get financing, along
with the technical aspects to successful deal structuring, but the one thing we never seem to talk about- what makes one successful with real estate investing.
Real estate investing has been very good to me. For the last five years, I have been investing in real estate full time. It seems there are always people asking me exactly what I do or how I do it and more importantly they'll ask me - "how can I profit from buying and selling real estate?"
The question I have for anyone just starting out or someone that wants to get started is "Do you have what it takes?"
Here I will tell you the 4 traits to becoming successful as
a real estate entrepreneur:
1.) Staying Focused.
Real Estate investors are opportunist, looking for the next
deal. It seems that around every corner, there lies some
opportunity. And as a matter of fact, if you chase every
opportunity, you'll end up frustrated, scattered, and
overwhelmed by all the projects you're attempting to
complete. You should concentrate all of your efforts to
getting one deal completed at a time, then work on your
system to acquiring more. This has been extremely hard at times even
2.) Set short-term goals and reward yourself.
You should focus on 90-day goals and commit to your goals to seeing them through the end. Keep your goals listed in
front of you at all times. Set up a reward system for
yourself for when you obtain your goal. When you get cashed out of that deal, then take a set percentage and reward yourself with something that you want. Maybe, you're paying off debt, however you should also be rewarding yourself at the same time.
3.) Make Fast Informed Decisions
Conduct your due diligence in a timely manner or else if
it's a real deal, then someone will scoop up the deal while
you're still analyzing the deal. Some call it "Analysis
Paralysis", where you're paralyzed by the fear of making
the wrong decision, therefore you analyze it to death.
Analyze the deal, then have some faith making an informed
4.) Willingness To Learn Lessons.
Let me ask you this, do you blame everything on someone
else? Do you avoid taking responsibility for your actions?
Be honest with yourself here. See, in this business, you
are your own competition, you are the one responsible for
the success or failure of your business. And that's why
sometimes it can be tough because you see exactly what
you're made of. In all business ventures, there are valuable
lessons that you must be willing to accept. Some are good,
while some can be painful. You must remain patient and
persistent focusing at the goal at hand.
After all, it's too easy to get sidetracked with
the latest get rich quick information. It's vital to your business that you remain focused, persistent to the tasks at hand, without wavering.
Apply these four traits to your business with focus, yet
flexible plans to reach your goals and you'll see you're way
to the top.