We’re living through unprecedented uncertainty and fear amid the COVID-19 pandemic. Our news feeds and conversations are fraught with worry. And really, who can blame us? Not only do we see this pandemic sweeping across the world and claiming lives, but we also see already worrying economic repercussions.

Real estate investment is a time-proven strategy for building wealth, particularly in the long-term. However, we see a multitude of misconceptions about investing in real estate. While some of these ideas are ultimately harmless, they become limiting beliefs that can hinder your ability to succeed and reach your full potential as a real estate investor.

Over the past decade, investing in real estate has become more popular than ever. Whether it’s due to the onslaught of fix-and-flip shows or the undeniable opportunities found in a post-Great Recession America, there are millions of real estate investors in the United States today. Even in 2012, real estate investment was a $9.2 billion industry with some 28 million self-identified real estate investors. 

What do you think it takes to succeed in real estate investment? When the rubber meets the road, success in real estate investment isn’t about the newest technology, the flashiest marketing, or the newest investment platform. No, if you want to find financial security and build your wealth through passive real estate investment, you have to rely on proven strategies. 

In the world of real estate investing, we see a lot of would-be investors come and go. Some were unprepared for the inherent risks and challenges while others threw in the towel the second the market didn’t produce obvious, no-brainer wins. 

The U.S. housing market is in a slump. 2019 is bringing with it a flurry of predictions and speculations, many of which have to do with the shifting environment. Are we due for a bubble burst? Unlikely. The conditions in which the housing market crashed in 2009 are wildly different than the conditions we're currently experiencing.

As much as we would like real estate investment to go off without a hitch, that just isn’t reality. We know that things will inevitably go wrong somewhere along the way. The question is how we will respond and deal with these bumps in the road.

Total dedication can be an intimidating prospect. Most of us like to keep at least a small part of ourselves held back. It’s a self-preservation tactic. When it comes to investing in anything, there’s inherent risk, and because of that risk, we don’t always treat our investments as we should.

Passive real estate investors can fall into this temptation to keep their investments at arm’s length. After all, they’re not really responsible for the outcome, right? They’re just putting the money in. Someone else is really handling it. If things go south, it’s not your fault. You keep a loose grip on things just in case you have to pull your ripcord and stop your freefall because the ground feels like it’s just getting a little too close.

There are certain qualities that turnkey real estate investors must champion if they hope to succeed in real estate investment. Building a successful real estate portfolio doesn’t happen for everyone—it happens for the people who know how to do it right, for the people who hone the right skills and qualities, and for the people who have the drive and the passion to make it happen.