Investing in real estate is great. But you know by now that we’re realistic about the business: we know that it comes with it’s fair share of angst and problems.
We’ve all been through, seen it, and been there. We’ve made our own mistakes and learned not to repeat them.
Do you ever look at a successful real estate investor and wonder what’s in their head? Wonder how they think and what makes them tick? We all want success, after all. Chasing it is often a long and difficult road, and we can usually turn to those who have gone before us for guidance.
However, it’s usually a little more difficult to get in their heads! What is the mindset of a successful real estate investor?
You could spend your time looking at quotes, buying books, and piecing it together yourself, but here are a few principles that we know are in the recipe for success across the board. If you start shaping your thoughts and actions in following these mindsets, you’re going to be on the right foot. Will it guarantee your success?
No. Nothing does. But it will help you start making moves towards the right path.
Real estate investors, especially active investors, make deals all the time. We most often look to buy — after all, investors are interested in snatching up suitable properties to generate investment income. Selling also plays a big part in the real estate investment business. There will come a time when it may make sense to streamline a portfolio and either sell or possibly trade into different properties.
I love reading books. I read new books, old books, real estate books, business books and even straight-up horror fiction books! I like reading. We looked back over our blog and realized it had been several years since we made some suggestions for our readers on great business/real estate related books to read.
So you’ve decided to become a real estate investor. Congratulations! If we had confetti, we’d certainly celebrate your decision. Joining the business of real estate investment is an exciting prospect that holds endless opportunities to make passive income for any number of reasons, from retirement to Aruba.
As exciting as it can be to join the community of real estate investors, it’s daunting, too. There’s a lot to learn and take in when you’re starting out — but you don’t have to do it alone.
I was lucky enough to be featured this week on a fantastic Podcast that debuted earlier this year from the founder of BiggerPockets.com, Josh Dorkin. The show is co-hosted by Brandon Turner and they have done a phenomenal job of creating a fun and informative podcast that has rocketed to the #1 spot on iTunes for real estate podcasts. Before this becomes one huge infomercial for their podcast and website, I wanted to share with you the podcast and let you listen for yourself. I had a great time joining them and the interview gets into a lot of topics covering our business.
Every so often, I like to circle back around to topics and re-illustrate a point for our readers, staff and even our clients. I happened to be talking to another passive real estate investment company last week and they were asking me about weeding through all the calls and requests they get from potential investors. They relayed that they were getting a hundred or more calls and emails a week from interested investors and often they were spending a lot of time on the phone with no real chance of helping the investor get started. For a myriad of reasons, the investor was not a good fit for their company. I pulled a line from an article I had written almost a year ago to try and help them get over their hurdle:
