Wealth building with real estate investing takes much more than just knowing the skills and strategies. Over the years, I have met a lot of successful investors (besides me) and a lot of want-to-be investors who failed. And my most pressing question has been, “What differentiates the successful real estate investor from the one who does not succeed?”
As a real estate investing mentor, my concern is not just teaching valuable strategies and skills. I also want to really understand what I can do to inspire and bring out the true spark to succeed in real estate; to create an epiphany in people who reach out to me to learn real estate investing tips.
Look around you. There are a lot of people with a lot of money. Many million dollar homes and condos along the waterways and the ocean (I live in South Florida.) Many million dollar yachts. Bentley. Ferrari. And most of the “big” money has been created with real estate.
So what does it take?
I want to share with you what I found to be the principles or traits of successful real estate investors. Consider these real estate tips below as you start or improve your real estate practice.
Wealth Building Real Estate Investing:
#1: Believe it is possible.
It IS possible. Look around you. Read about success stories of real estate investors. Be careful about the people you associate yourself with. There are a lot of negative people out there. Remember: misery loves company.
#2: Think like the wealthy.
Wealthy people think big. They know they cannot create a lucrative business just by themselves. Yes. You can make good money and have a comfortable business by closing a few deals a month. But if you have a “big” dream, you need to think bigger. How do you clone yourself to exponentially grow your business? Create a system for real estate investment.
Think of Amazon. They have systems in place and they are now probably the largest (and most profitable) organization around. Jeff Bezos (Amazon’s CEO) is the richest man on the planet as of 2018.
This is probably one of the hardest things to do for an entrepreneur. Focus on one strategy. One part of the business. It is crucial to focus on one compartment of the business at a time, so you can improve or tweak the real estate investing strategy to achieve the desired results. Jumping from strategy to strategy or chasing the next “shiny object,” will disperse creativity and waste time.
Being an entrepreneur means also being able to follow a certain discipline in order to achieve results. The day is your own, no one tells you what to do and when. It’s easy to get sidetracked and waste time in non-productive tasks. Disciplining yourself to work towards your business EVERY day, no matter what, will create the right environment for success. Consistency creates momentum and erases procrastination.
#5: Time Management.
We all have only 24 hours in a day: from Jeff Bezos to someone struggling from paycheck to paycheck. Organize your day. Dedicate time to work on your business, even if it is only one hour a day. Take time to think and relax too, because it is not only about action, but also about attitude and inspiration.
Focus on what matters. Be consistent. Manage your time. Think big and trust yourself and your drive. Before you know it, you will be a successful real estate investor.