The goal is to be successful and happy. That is the whole point of all this real estate investing after all, isn’t it?
So let’s talk about a few things that will pretty much guarantee you wont’t be successful or happy if you are doing them.
Three Habits of Unhappy Real Estate Investors
1.) Analysis Paralysis
We’ll lead with this one because it comes up so often. New investors will analyze deal after deal but barley put in any offers. They are waiting for the “perfect” deal to come along.
Insider tip: THERE IS NO PERFECT DEAL!
This business is all about taking action. Calculated action, but action nonetheless. Days go by faster than we realize and if you continually take action it adds up. Next thing you know it is a decade later and you are sitting on a sweet portfolio of rentals.
I always tell people my only regret in real estate investing is not starting sooner!
So find what it is that will get you passed the analysis paralysis. For me it was learning how to correctly analyze the financials of a deal and then trusting in those numbers.
Using a property calculator is the easiest way. I preach it all the time and will continue to do so.
2.) Going at it alone
This isn’t to say you can’t be an investor by yourself. I did it the first four years investing, but I didn’t realize how much it held me back.
There are so many deals I could have done with other people, but I just wasn’t willing to partner up. I do it now and it has allowed me to accelerate my real estate investing many times over.
Plus, often times partnering up solves a problem for you. I hear all sorts of roadblocks when I speak with new investors.
For example, they have a deal but do not have the down payment money. Sounds like the perfect opportunity to partner up with someone that may have funds available but not the time to find or manage a deal.
A partner can be anyone from a family member to someone you meet at a networking event. Just be sure to have your operating agreement laid out at the start so each party knows what they are getting into and our responsible for.
3.) Be you and chase your goals, forget what others are doing
Each of us have different goals, different means and different levels of risk we are willing to take.
Just because another investor you know owns more units than you doesn’t make you unsuccessful. That line of thinking is a recipe for unhappiness.
If you own cash-flowing rental units you are indeed successful. It’s almost like a keeping up with the Jones’ dilemma, but with real estate investing.
There are investors I know that have acquired more units than me in recent years who I helped mentor. This makes me happy to know I was able to help propel someone to their goals.
I’m more than happy with the path that I am on and the size of my rental portfolio. Be sure to recognize your success against yourself. Push to do better than the you of yesterday, that is the only person to compete against.