As real estate investors you are probably asked several times as to what exactly are the habits and ways of successful real estate investors. Success as we all know doesn't come overnight. It takes a lot of efforts, a lot of hard work and spending your most valuable time to work your way towards becoming successful.
So what exactly do you do to become successful? Most importantly what sort of habits are we going to develop to cross the boundaries between the mediocre and the real winner? If you want to see yourself in the league of winners do read the following habits that's been tested through time.
Read, Review & Educate - as with any real estate investor it is important to read and be updated with the current situations as well as to get eductacated with terminologies, regulatory changes or economic trends. And this education shouldn't stop with the investor himself this should be shared to his team. On my part I made sure that I personally eductacate my team with what's the latest in the real estate investing industry. Or I will review them with what they already know during the training when they first started working with me - something like a refresher course. Other times I allot at least an hour a day to read an e-book, we discuss a chapter or two and apply our experiences. Doing this educational exercises is another tool in team-bonding with my team. And sharing them what I learned is a great way for us to share ideas, inspire action with each other and developing good habits.
Understanding The Risk Involved In Investing - we all know that most successful real estate investors willingly take the risks to succeed and they know exactly what they are entering into, the new zone of uncertainty. However, successful real estate investors doesn't just take the risks they also manage risks such as the risk of negative cash flow, the risk of financial problems due to major repairs or upgrades, the risk of tenant problems, the risk of personal financial ruin, the risk of tax problems, the risk of business failure and among others. It is true that it is easy to make money in real estate if you are good at what you are doing. However an investor who understand the risks associated in the business would plan ahead, implement strategy to adjust their business inorder to reduce if not diminish risks.
Starting Young - as a parent I like the idea of encouraging my kids to start investing as soon as they understand the concept. This way kids can go through various situations and learn the strategies at a young age. As we have learned by now experience is always the best teacher. The idea here is to compund interest. And start young to do it because the earlier you start at real estate investing the longer you will be enjoying the business. I am not discouraging the older ones as well. I aslo believe that given the right determination you are never too young or never too old to start a business.
The Right Attitude - I think the very core and common denominator of all successful real estate investors is the right attitude. Preston Ely dubbed it as "the most important thing" - and I wholeheartedly agree. No amount of money can buy the right attitude. It is something that's within you and it can be developed when your mnd is open to it. Preston Ely again mentioned in his book "to develop your mind to be positive - this is what separates the winners from the losers." And I further quote him saying "Attitude will account for about 95% of your success in real estate. I can tell you almost anything I know about finding a good real estate deals and I can even coach you on a one-on-one basis. But if you do not have a positive attitude - we are wasting our time. You will give up when you approach your first inevitable obstacle. It is the thing inside of you that is 100% convinced that you can do anything if you really want to."
Additionally, there are several good habits that can be applied to become a successful real estate investor such as sharing your wealth to others, embrace diversifying into different strategies and spinning off additional services, building your network further, good customer service and knowing the market as mentioned in my other blogs. However one thing is sure though with these successful real estate investors - they are not afraid to fail. So again don't be afraid to fail. NEVER. Instead learn from your failures, make it as your guding light to try the job all over again and embrace the next challenge with a commitment and determination to become the next real winner.
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