The best thing a real estate investor can do, especially a new one, is practice the habits of other successful real estate investors. It is a clear path of progress you have already seen work for them.
This is why we will discuss a few key habits that I see present in just about every investor I know that is crushing it!
Three Key Habits for Successful Real Estate Investing
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, 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.
This is by far the most common issue that comes up with my coaching students. Luckily, it is completely fixable and usually resolved after one call. It’s all about identifying what investing niche best suits a person goals, personality and resources. With a specific niche picked, a game plan for investing can be designed and executed so actually progress to building wealth can occur!
My investing niche is buy and hold rental properties. Especially BRRRR properties (buy, renovate, rent, refinance). I want to acquire properties that produce 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’ve learned the ins and outs of this strategy that much faster since all my energy was focused there. Plus, you become known for that specific specialty in your market. There are benefits to that. Say 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. What it means is to keep the momentum going. Days and then weeks can quickly slip away without taking any action on your real estate investing if you are not careful.
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 few years 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 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?
As you can see it really isn’t all that complicated. If you need help sorting out your investing game plan, check out the education page and we’ll get you on a path to success!