Succeeding as a real estate investor isn't unlike being a champion athlete. It definitely requires dedication to prevail as a champion at both. The best real estate investors set high goals and are 110% dedicated to reaching them. Sure, obstacles come along but you need to think of these as learning opportunities - never a reason to give up. Maybe it's a problem finding financing. That just calls for one of the many creative financing methods that you'll frequently find discussed among associates.
Besides dedication, champions begin each day with real urgency. It doesn't matter if your day is going to involve closing a big deal or hunting for the next deal. You can't procrastinate if you want to achieve your goals. Spend fifteen minutes each morning planning your day and then follow through with what really needs accomplishing. Too many wanna-be real estate investors allow themselves to be side tracked with what seems important at the moment but doesn't contribute to their long-term goals. Don't let this be you - stay on track.
Work With Others
Working with others is critical when you're ready to become the best real estate investor that you can be. Trusted associates understand your goals and help keep you focused. When you lose sight of the big picture, they get you right back on track. When you can't figure out a creative win-win financing strategy to close a big deal, they share their knowledge so you get it done. Of course, you need to do the same for them.
Establish a set of ethics and stick with it. The real estate industry is built around people. Becoming the best real estate investor requires having a powerful network of people sharing your goals and helping you obtain yours because you help them obtain their own. Keeping that powerful network of people working for you means being ethical in all of your dealings. You never know when your least thought about subcontractor will drop the deal of a lifetime in your lap because you treat him just as well as you treat an important lender.
Always Look for Opportunities to Improve
Obviously, making good business decisions is critical to becoming the best real estate investor you can be. As many professionals in the industry will tell you, your profit is made when you buy right and have an exit strategy from the beginning. Just as important is the need to review your portfolio as your success grows. Even the best investors latch onto a poor performing property occasionally. Part of your long-term plan is a regular review of your properties. Whether they are rentals or flips, the least profitable properties need to be culled from your portfolio to better reinvest the capital.
Share with others after you become a champion real estate investor. Just as you are encouraged to seek out the services of others to help you become the best you can be, you have an obligation to help the next generation become the next champions of the industry.
Does all of this sound too hard for you to accomplish? One thing is true, while many will have a comfortable career as a real estate investor, only a few will rise to the challenge of becoming the best they can be - a true real estate investor champion. An entrepreneur and master of their own destiny! Will it be you?
I'd enjoy hearing your thoughts about what it takes to be the best real estate investor. Please leave your comments below.
Author bio: Brian Kline has been investing in real estate for more than 30 years and writing about real estate investing for seven years. He also draws upon 25 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest in the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.