4 basic principles that will Prevent Failure & Guarantee Your Success in Real Estate Investing
1st… Without passion, there is no success… real estate investing gets into your blood & drives you to do the things that you need to do to become financially independent & live a lifestyle most people only dream of. If the passion is not there, deep in your core…if you don’t get excited when the phone rings or making calls to prospective buyers & sellers, maybe just move on to something else. To be successful in anything requires hard work & focus, if that’s not real estate, than find something you are passionate about and channel your energies there.
2nd… Never forget that your #1 role is a deal maker…real estate & the money that follows are just by products of taking away the pain of the seller & enriching the lives of the buyer. Never get emotional about a property, the seller or the buyer…but get emotional about the deal.
I have been doing this for almost two decades and the one thing that stays in the front of my mind is how I can put this deal together where everyone wins & I make a profit. It’s all about the deal & you should have several going on at one time to give you the most opportunities to close deals & get the reputation that you are the guy that delivers. When that starts happening, and it will if you follow the system, the money will follow automatically. Worry about the deal more than the money and success is yours.
3rd… Get fanatical about a daily routine…develop your own system & stick with it. As real estate investors, we usually have a lot of “free time” and it is easy to deviate from our daily activities that will ensure success. I can’t stress this enough because I see it all the time. People get into this business; blow a lot of money going through the motions & fail. And then turn around and say something like this…”It doesn’t work, I spent all this time & cash and was promised massive amounts of money if I followed the courses but it’s just a con”.
We all know someone like this, whether it’s real estate investing or some other business opportunity. These people believe in 2 things…
- You can get something for nothing. In other words, all you have to do is buy the shiny package of CD’s from the late night pitch guy, put it in your closet and then magically, the next thing you know, you’re drinking Margaritas on the beach in Florida with big money rolling into your bank accounts. Ain’t happening
- That life is fair when it comes to real estate investing. There are tens of thousands of dollars in profit involved when a real estate deal has all the right elements. Stay alert for someone else looking to take advantage of all your hard work and cut you out. This is not being negative, just realistic. Simple truth is that few people care if you succeed or fail as real estate investor so just deal with it & stay aware.
- Deal with people you trust on your side including a good attorney to draft offers & review documents. If you do happen to find yourself in a situation where someone has taking advantage of your hard work & diligence, turn the disappointments into teachable moments and move on.
Point being is that you have to be almost religious about a daily routine that includes reading your goals & where are you at today in achieving them, researching properties & making calls, cultivating contacts, & stay aware of your business environment. To be a successful real estate is like any other business that requires hard work, determination and a belief in you.
4th… Last but certainly not least, you need to keep learning & stay fresh. This industry is the largest in the nation with trillions of dollars tied to it….& is constantly changing. The recent flood of foreclosures is unprecedented & offers the opportunity to investors that we may never see again in our lifetime. Make sure you are involved in investment groups either online or in person where you can draw off the experiences of others. Dedicate yourself to reading new books or take courses/ webinars on today’s opportunities as far as short sales, bank REO foreclosures and the different ways to finance. Use the internet to access information on fresh property leads, that is where the quick cash can come from.
Just never be hesitant to put offers in on properties that make sense, experience is the best teacher as a real estate investor. All the knowledge in the world is useless if you don’t get into the game. The fact that you are reading this article is a good indication of how serious you are about your success & I applaud you for it. Stay focused, motivated & educated…the system works if applied right.