Buying and rehabbing foreclosed properties can be a profitable and rewarding experience. Investing in real estate, however, is not for the faint of heart—it takes a lot of strength and determination.
Successful investors have 10 traits in common that enable them to make money in real estate. You, too, can be a winner in real estate, if you:
1. Create a plan. Always remember the 5 Ps: Prior Planning Prevents Poor Performance. Determine your ultimate goal and the timeline in which you want to accomplish it. Having a plan allows you to spend your time productively on revenue-producing activities rather than engaging in inefficient actions.
2. Write things down. It is said the faintest ink is better than the best memory. Write down your objectives, your revenue goal and the things you have to do to reach your goal. Don’t be afraid of the written word— a written plan is a tangible reminder of what you are striving to do and the blueprint for how you are going to get there.
Once you have created a successful strategy, write it down so it can be repeated; you do not need to reinvent the wheel.
3. Learn from others. Investing in real estate is not a new phenomenon; others have done it and have been successful. Strategic Real Estate Coach works with other investors, coaching them on how to be successful. SREC will share its knowledge with you, too.
4. Accept responsibility. Be accountable for your plan, your actions and the result of those actions. Monitor and adjust when unexpected situations arise.
5. Expect the unexpected. You do not go into real estate investing anticipating failure, but you do need to prepare for contingencies. Have a Plan B in case your original strategy has to be changed.
6. Are committed. Executing your real estate investment plan requires a lot of time and hard work. Dedicate yourself to following and carrying out your investment strategy.
7. Have a desire to succeed. You can have the best plan around, but without the desire to succeed your plan will just sit on the shelf and gather dust. Focusing on success enables you to face and overcome challenges and obstacles on your way to financial independence.
8. Are a life-long learner. Be curious about what works for others, and what doesn’t. Be open and alert to new opportunities. Be persistent in the pursuit of knowledge.
9. Take advantage of your mistakes. No one is perfect, and you will make mistakes. Take responsibility for your mistakes; don’t be afraid to acknowledge when you fail. Recognize them, correct them as soon as possible and learn from them. Learning from your mistakes means you are growing, not stuck in mud.
10. Have a strong work ethic. Don’t just dream about doing something; do it.
Real estate investing takes time and effort, but the reward can be financial independence.
To learn how to kick-start your real estate investing career, click here.
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