In my experience there are only three categories of investors. There is not necessarily a type that is better than another, it is more important that you just identify which type you are. If you want to change, you must first identify your starting point.
Group #1. Won't Doers-These are the individuals who don't know about or care about real estate investment. They think that investors are rotten people who are looking to cheat and steal from others.
A. Bleeding Hearts- These are the people who feel that in order for you to have gotten a deal, you must have screwed someone. They think that everyone thinks as they do and can't understand why anyone would sell their property for less than it's worth.
B. Mattress Stuffers- These are the timid. They think that investing in real estate is too risky, land lording is too difficult, and they believe that all the good deals are already taken so why bother? They are known for their investments in savings accounts which earn a measly 2.5% annually.
Group #2. Don't Doers-These are the people who don't ever get where they want to go because of fear, doubt and excuses.
A. Can't(s)- They know that there are deals out there but they don't believe enough in themselves to go out and get them. They let fear control their lives.
B. Info Junkies-These are the people who have purchased every late night infomercial real estate product known to man but have never done anything with the information because they are waiting until they know everything. It is impossible for anyone to know everything about the real estate investment business due to the many other aspects involved with taxes, accounting, management, legal, etc...
C. Dreamers- These are the Wanna Be's. They make excuses and procrastinate everything. They dream a lot and do very little. They never attend any seminars because they say they can't afford it, and then they complain that the business is not working for them.
Group #3. Doers-These are the people who overcome obstacles and understand that you can achieve anything with the right amount of persistence, determination, & hard work. They don't make excuses though, some work harder than others.
A. Plateauers- These are the investors that purchase the same number of properties each year and never change. They are always worrying about the next deal. Their motto is "Slow and Steady Winsthe Race." They focus on the long term.
B. Just-Enoughers- These are the crew that do just enough to pay the bills and nothing more. They are laid back and some are just lazy.
C. Achievers- These are the ones that reach for the stars. They balance caution and risk. They analyze each deal carefully and are not afraid of taking risks. They check the water before they jump in.
D. Risk Takers- These are the ones that jump in with both feet and if they lose, they brush themselves off and get back into the game. They leave the worry to the experts. Some analyze the deal and some don't. They believe getting in the game is more important than always winning.
Now that you know where you are, where do you want to be?
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