What are the tips for real estate investing success? They are much more useful than you think.
Thereâ€™s been a lot of talk about real estate investing success and the steps everyone should take to ensure they reach their goals. What real estate gurus hardly ever talk about is the mindset you should have when reaching for your real estate goals.
Countless self-improvement experts such as Dale Carnegie, Wayne Dyer, Tony Robbins and Stephen Covey, coach people how to succeed. There are even several published books by great authors such as Ivan Misner, Richard Branson and Malcolm Gladwell, who share important thoughts on success. The big question, however, is how exactly can you apply these concepts and find your way to real estate investing success?
The more you think about it, the more you realize that these concepts are the pillars that you need to succeed in real estate investing. So letâ€™s see how these concepts form the six tips of real estate investing.
6 Tips Of Real Estate Investing Success
Tip #1: â€œMaster Your Fearâ€
Letâ€™s face it, real estate is a tough and competitive industry. Most people fear that they might not make it, they might lose all the time and money they have invested or simply fear the unknown. I have coached many students whose fear was â€œputting themselves out thereâ€.
Many people donâ€™t realize that when starting out in real estate, the most important step to achieving success is mindset. You have to have the right mindset to overcome your fears. Taking the first step is the most critical part of achieving any real success, not only in real estate but also in life.
When you master your fears and put yourself out there, then you will succeed as a real estate investor.
Tip #2: The 10, 000 Hour Rule
If you think there is such a thing as â€œovernight successâ€ in real estate investing, then Iâ€™m afraid you are sailing in the wrong boat. Stay away from those â€œget rich quick in real estateâ€ guys because if you are a newbie in this business, you canâ€™t achieve unbelievable financial success unless you are extremely lucky.
In his book, Outliers, Gladwell talks about how the Beatles spent their nights rocking away in dingy clubs in Hamburg, Germany for nearly two years before they became an â€œovernight successâ€ in America.
They were paid the bare minimum, they slept in a van that was their transport to and from clubs and worse, their fans never appreciated them. At one point, they were so broke that they couldnâ€™t afford a motel room so they had to sleep on top of each other in the back of their van.
They had played over 1, 200 gigs by the time they reached America. Moral of the story?
You need to work hard day and night if you hope to achieve real estate investing success. Putting in 10, 000 hours will give you experience in real estate as well as help you make a few bucks.
Tip #3: Relationships Are Everything
Sir Richard Branson knows that the key to success is RELATIONSHIPS! Believe it or not, what you know in real estate investing isnâ€™t as valuable as who you know. You have to form a relationship with the right private money lender who will invest in your real estate project: you have to form a relationship with the right real estate broker, the right contractor, etc. Relationships are everything in this business.
To ensure that these relationships work for you, you need to:
- Be honest,
- Be ethical,
- Do follow ups,
- Keep your word
- Do what you say.
Tip #4: Giverâ€™s Gain
Imagine this. You are freezing in your house and the heat hasnâ€™t kicked in yet. You decide to get up and light a fire in the fireplace. So you walk over to the fire place and say â€œgive me some heatâ€. Nothing happens, right?
You need to stack some firewood, some rolls of newspaper and light it up with a match. The point here is, unless you heat the fireplace, the house wonâ€™t get any heat.
Same case applies in real estate. If you want to succeed, you have to figure out what you can give to others before you can take anything from them.
Business Networking International has thousands of local chapters throughout Canada and U.S.A and they base their entire success on the â€œgiverâ€™s gainâ€ principle. I highly recommend that you join this community and start networking.
Tip #5: Focus On Your Strengths
What kind of real estate investing is suitable for you? If you can answer this question then you have found your strength. If you do not already know, try listing your core competencies, figure out your personality, your personal situation and your finances.
I like quick profit real estate thatâ€™s constantly changing and fast moving. Buy-and-hold real estate investing isnâ€™t my cup of tea so I prefer house flipping.
Tip #6: Never Stop Learning
You can never know everything; thereâ€™s always something new to learn. Successful people are always learning new skills and keeping up with new trends in their industries.
If you want to be a successful real estate investor, you need to start doing your own education. Find a mentor. Buy some real estate investing CDs, listen to audio programs and podcasts. Try as much as possible to constantly improve yourself.
So there you have it, the six pillars of real estate investing success. This is not an exhaustive list and there are certainly many more pillars of real estate investing. Iâ€™d love to hear your opinion.