In the nineteen eighties, in regard to dieting, periodicals would tell you to “think thin.” The magazine articles were reluctant to explain what that meant, but everyone knew that that was what they should do. Adopt the psychology of the thin person, whatever that was. A logical extension of this concept would be that if you want to make money, one would be able to accomplish that goal by adopting the mindset of the wealthy, right? Actually, this is true. In particular, you should internalize the attitude of the successful real estate investor.

Accomplished property investors see the world through an opportunistic lens. They always have their feelers out for new moneymaking opportunities. They place themselves in the way of information. They “walk the walk” of the real estate investor, so to speak. Because of this behavior, they notice things that others do not.

Ken McElroy, author of The ABCs of Real Estate Investing, which is part of the Rich Dad, Poor Dad book series, states that it's all about seeing patterns. If you check out enough pieces of real estate, explore enough areas, talk to enough people, McElroy claims, you'll start seeing these patterns. Then certain things will start to change. You may start to feel luckier. And, McElroy says, this may be luck, but it is a kind of luck that comes from being prepared.

Don't forget: “Fortune favors the prepared mind." Opportunity is all around us, but if we are blind to it, these opportunities may as well not exist. The alert mind recognizes opportunity.

McElroy stresses over and over again that being successful in real estate is a process. It isn't an event that happens one day, as in one day we're suddenly successful. It's something that you work towards each and every day. As you work through this process things begin to happen for you.

A successful real estate investor focuses on doing things step by step, on learning one subject or another, or making this particular deal. It's a “walk before you can crawl” process.

For example, McElroy says that if you have located a good deal, you will be able to get the necessary funds as other people will inevitably want their own share of the eventual profits. This isn't necessarily about skillful negotiation, he said. Clearly, skillful negotiation can net you an even more advantageous deal on occasion, however you shouldn't worry about whether you can hold your own when negotiating. Focus on looking for good deals.

Though investors are constantly evaluating risk, always aware of it, good investors are not frightened off by it. They determine whether a risk appears reasonable. If the numbers add up, McElroy says, then it is a good deal. If it is a good deal, the smart real estate investor goes ahead with it.

Easy.

People who do not know how to properly evaluate risk may believe that every deal is too risky. They assume, for example, that a bigger deal involves to great a risk for a beginner to handle. They assume that because they think the investor is sinking a prodigious amount of personal cash into it when, in truth, a larger deal stands to make a larger sum for the participants. Therefore, you may be able to find backing for this sort of deal. In the end, not have to put up as much of your own funds as you would have on a smaller transaction.

Real estate investment is similar to anything else you want to learn how to do. For one thing, you have to learn the ropes. And you learn by doing it. Go out and examine properties. Take trips to cities as though you intended to buy. Go online and educate yourself about areas. Check out what other people have to say about the real estate in a particular area. Get to know people. Before long, you will know enough to start considering actually making a deal. You don't have to have a wad of money at your disposal prior to entering the game. All you need to do is go out in the world and enjoy yourself. Everything else will come in time.

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