Real Estate investing tip…

“Well, real estate is always good, as far as I’m concerned. “-Donald Trump

Keeping with what Mr. Trump stated, real estate investing is one the pillars of wealth creation in the world today. The last time I looked at the Forbes list of 400 richest Americans, I could still count over 31 Real estate tycoons listed as billionaires.

In the same vein, you have individuals in your city and state who have made their fortune and hold their wealth in real estate investments; however, before you begin investing in properties you need to understand these critical success factors….

Clarity is important

How you start depends on what you want to achieve:

  • Are you looking at wealth accumulation within a short time frame (3-7 years)?
  • Are you investing for the Long term (retirement)?
  • Do you want to be a Full-time investor and derive all your income from your real estate investments?

    Develop critical success traits

    The next thing that is important is you develop the success traits of a real estate investor.

    Five main traits are important for success:

    • Competency in your niche, this means you know about the basics of real estate, at the minimum. When you are good in the real estate niche you decide to invest.
    • Control over your emotions. This is important if you are going to stay in the arena for the long haul because there will always be difficulties in the real estate market. The difference between a novice and a professional is the ability to ride the eye of the tiger without getting into the belly of the tiger. Being a real estate investor takes guts and you need to have them if you want to become wealthy.
    • Comprehension. This means know your market cold. You understand who your customers are, what they are looking for, and why they want to deal with you. If you lack the key trait of insight into your market, you are doomed to fail
    • Consistency. This means you have focus and discipline to take action daily and weekly until you accomplish your goals.
    • Integrity. You stay true to your principles, because integrity is important in real estate. This means you are trustworthy to your bankers, investors, and tenants.

    Knowing enough vs. Knowing it all

    I think it’s important to have an understanding of real estate investing; however, you don’t need to know all about real estate investing to start. One thing that I think is important for an investor is to know enough about the basics. How to analyze properties, how to get financing, and how to assemble your real estate team. That is it.

    Let’s recap how to succeed in real estate investing…

    • You need to understand why you are investing in real estate.
    • You need to develop critical traits for success as a real estate investor.
    • You need to choose the right tactics to match your investing objectives.
    • You need to know enough about what you want to achieve

    This is how I have applied myself to real estate investing. Moreover, it has helped me transform my losses to wins. As a result, I have enjoyed positive cash flow from my properties.

    By: Bryan Holmes

     

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