The best thing that a new real estate investor can do is practice the habits of other successful real estate investors. It is a clear and defined way toward progress using habits you have already seen work.
In this article we will discuss three easy habits that successful real estate investors have.
Three Habits of Successful Real Estate Investors
1.) Focus and Decide
There is a saying in sales that if your market is everyone then your market is no one. I believe this holds true with real estate investing as well.
There are many forms of real estate investing. Flipping, wholesaling, buy and hold rentals, vacation rentals and so on. If we try to do all of them, we will make little to no progress. We only have so many resources and so much time in a day.
Successful real estate investors focus on one specialty and then commit their time and resources to it.
For me, I focus exclusively on buy and hold rental properties. I want to acquire properties that cash flow in good markets I can hold for an extended period. It is the style of investing that meets my goals and suits my personality.
Additionally, I learned the ins ans outs of it that much faster, being all my energy was focused there. Plus, you become known for that specific specialty in you given market.
So if John Doe from your local real estate investor association (REIA) is looking to unload some rental properties, he will likely reach out to you since that is what you do.
2.) Keep Busy, Keep Working
That sounds like the opposite of what we want real estate investing to provide us. However, what it means is to be sure you keep the momentum going. Days and weeks can quickly slip away without taking action on your real estate investing.
Successful real estate investors are always doing something that can help them reach their goals.
This can be as simple as attending local meetups and networking with other investors. Maybe that leads to doing a deal with them or getting a piece of useful information that can be applied to your real estate holdings.
Up until a year ago I was collecting rent the old school way. Then an acquaintance turned me on to https://cozy.co/ which provides a tool for rent collection online at no cost. This allowed me to streamline my rent collection and no longer deal with depositing checks at the bank.
3.) Leverage Services Providers
The bottom line is we are a finite resource. No matter how hard we work there is a limit to what can be accomplished in a given time frame. That limit is expanded by making use of service providers.
Successful real estate investors let others do some of the work for them, or better yet enhance it.
For example – searching for rental properties is time consuming and there are only so many deals we can find on our own. However, there are plenty of services that do just that; find deals.
The clearest example are wholesalers. They find properties, get them under contract and look to sell them to a third party investor for a small percentage profit.
Personally, I don’t mind if they are making money off the deal because I would not have found it without them. As long as the price works for me and it cash flows that is all that matters.
Pretty Simple Habits, Right?
There you have it. Three Habits of Successful Real Estate Investors.
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