How To Be A Successful Real Estate Investor
17th Feb, 2019
Every person dreams of making it big in real estate. But what really makes for a successful real estate investor? One of the best streams of income to have as an entrepreneur comes from real estate. A staggering majority of millionaires have built their wealth investing in real estate. There are dozens of ways through which you can get into real estate today, even if you have little to no money to start with. You can flip homes, wholesale, manage property, rent, invest in farmland, the list goes on! Choose the options that best resonates with you. But what do all successful real estate investors have in common?
The right mindset
To be successful in any business you need to have the right mindset. Be steadfast in your goal. Get rid of all the limiting beliefs that are holding you back from becoming a real estate investor. This shift in mindset will allow you to move forward. Next, set your goals and take small steps that takes you closer to your goal. For example, build your portfolio buying/investing in small properties of land land every year. A few years down the line, you will have built a huge real estate portfolio that will serve as a source of passive income.
Read books on wealth and investing
Reading books by people who’ve experienced life are one of the best ways to bring about a shift in your mindset. This will educate, motivate, inspire and help you transform your life into the one you desire. Reading biographies of successful people will teach you how they have struggled their way to the top and what success really means. This is a sure shot way to rewire yourself for success!
Surround yourself with like minded individuals
This one is critical! Surround yourself with successful real estate investors and like minded individuals. Avoid the pessimists and surround yourself with positive people who want to see you succeed. A better life awaits. If you want to know where you can meet these “like minded” individuals, frequent meetups and conferences that are held in your area on topics such as real estate investment and growth. You will definitely find someone you can share your thoughts with and learn from them.
It’s good to have a mentor by your side
Mentors can be a blessing. Most successful entrepreneurs have had a mentor or coach to guide and help them in their ups and downs in life. Your mentor too started off just like you. He/she didn’t know everything they do now. They took the pains to learn and research and then put into action what they learned.
Engage with property sellers, buyers and investors
All deals start and end with simple conversations. Impeccable social and conversation skills are a ground rule to succeeding in real estate investing. There’s no way around it. Even if you’re an introvert, you’re going to have to get over it and get out there. As important as it is to talk, it is just as important to listen to what the other person has to say. Really listen. If you listen well, you’ll ask all the right questions.
Educate yourself and learn the best real estate strategies
Learning new strategies in the game of real estate will keep you ahead of everyone else in this business. Like using OPM (Other People’s Money) to buy real estate, market research tools, buying real estate in up-and-coming neighborhoods, etc.
Become a great negotiator and a team player
Yes, learn to be a master negotiator. It’s a skill that develops with experience and time. Learn to be persuasive. You need to identify your end goals and be clear. Build trust with your team. This is the most important of all and turns you into a long term player.
While on the topic of real estate, take a look at some of the properties that we have to offer here.