The Successful Real Estate Investor - Part 1
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Most successful Real Estate Investors generally "think" differently and "act" differently than other real estate investors. You can use the 80-20 rule (also known as the Pareto principle) to compare the two groups where 80% of the real estate deals are done by 20% of all real estate investors. The 20% are successful because they “think” and “act” differently.
I would venture to guess that most successful real estate investors are not smarter that anyone else, nor do they have significantly larger cash reserves than anyone else. What they do have are habits, and attitudes that separate themselves from the rest and propel them to greater success. You want to adopt these positive attributes.
Here are some of the attributes you need to adopt to join the top 20% of successful real estate investors:
#1 - Be clear on your ultimate goal.
It’s virtually impossible for anyone to attain success without really knowing what they want from the beginning. Having a clear goal helps you define the steps needed in order to get there. Additionally, it’s crucial to have the burning desire to achieve that goal – what are your ultimate reasons (more time with family, philanthropy, etc.). Having the goal is important, but being passionate about it will make that goal easier to reach.
#2 - Have a great attitude.
Expect and believe you will achieve your real estate goals. This brings you closer to your goal and your goal closer to you.
When someone asks you, “how are you doing?” do you respond with “not bad”, or “another day, another dollar”? You live in the land of opportunity and if you are short-sighted and forget to remind yourself of all the opportunities available to you then you need to step back and open your eyes wide.
Tragedies aside, every day is what you make of it. Whether a day is “good” or “bad” is simply a decision. How you interpret the day, and what you choose to take away from it is up to you… You decide!
If you haven’t read the book or watched the DVD video “The Secret” then I suggest you do as soon as you can (i.e. this week). You may find yourself watching it a few times.
#3 - Acquire specialized knowledge.
Whether you are in real estate or any other business, a solid knowledge base is required. Successful investors must be knowledgeable in real estate investing in order to have any measure of success. Draw upon books, courses, and especially several mentors.
Caution – you’ll want to continually acquire knowledge throughout your investing career, but be careful not to get caught up in thinking that you don’t know enough when you actually do. This is where mentors become very valuable because they can be a measuring stick and sounding board on your level of knowledge.
On the flip side, don’t get stuck in “analysis paralysis” after you’ve gained a high level of knowledge. This will only make you an educated investor, but not necessarily a successful one.
Continued in Part 2 of “The Successful Real Estate Investor”...
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