Real Estate Investment Tips for Success
Three Real Estate Investment Tips Essential to Your Success
For successful real estate investing, you need at least three traits. These traits can be natural habits but are more likely formed from day-to-day discovering what it takes to get real estate deals completed. While they may seem obvious, they are not always common. The reality is that all three are required to have super successful real estate investing. None should be delegated and most can’t be effectively transferred to staff or virtual assistants.
I believe the first and possibly most important is “Persistence”. I am guessing that 90% of the wannabe investors who fail do so simply because they are not persistent in making offers daily and following up to see what happened to each offer. Often they start out highly motivated and are persistent but meet with roadblocks and slowly their enthusiasm grinds to a halt. They start making excuses why they can’t do it while the Super Stars meet the same obstacles and keep going.
Sometimes these quitters will restart because they need to change careers or simply want a piece of their dreams fulfilled through real estate investing. Some of my most successful Students utterly failed when they first started simply because they were too anxious to fulfill their personal expectations. Often years later they restarted and most have done very well. The common denominator for their new success is that they really, really needed the income – specifically because of job loss or divorce.
If you persist, are not afraid of failing and learn from your failures, you have to be successful in real estate investing. Even doing it completely wrong is 100,000 times better than doing nothing and hoping to get it “perfect” before you get started.
Second in the three traits or habits that are important is “Work Ethic”. To me this means you work hard and run your business all the while taking responsibility for what happens. You don’t expect your employees to do what you wouldn’t do yourself and you treat your employees the way you want to be treated – with respect.
Third in this trilogy is “Focus” and what I mean here is staying on target with what needs to be done every day. You set goals and make plans and put these ahead of the day-to-day distractions that are time vampires and provide nothing in return. These giant time-wasting, money-sucking vampires include your emails and TV. The only reason you get emails is because the sender wants something from you.
I don’t know of a TV program that provides anything but emotional satisfaction to your life. I was interviewed by a nationally syndicated TV program to be on their real estate series because we wholesaled so many deals. When they visited us their feedback was we didn’t qualify because there wasn’t enough “drama” in what we did. I wouldn’t agree to scream and swear so they went looking elsewhere for success in investing. They were looking for drama, sorry guys.
I often talk about the “Silver Bullet” that every investor is seeking as a new thing he can do and make more money with no effort. While there are niches in real estate investing that yield spectacular results, you’ll need to work them hard (stay focused) all the time. Money is seldom “easy” and even lotto winners who have easy money, seem to be unable to sustain happiness or keep the money.
There you have it: Persistence, Work Ethic and Focus are the three common traits that all my very Successful Students have in common. Be critical of yourself and your actions and make whatever changes are necessary to make these traits part of your daily habits and a core of your business for successful real estate investing.
To your limitless success,
Real Estate Mentor Program Founder