The 7 Habits of Highly Successful Real Estate Investors

It has been my experience that the people who are successful investing in Real Estate share common traits. Those traits can be narrowed down to good work habits repeated every day over a period of time with success.

What we focus on in life expands. If we focus on the negative, we will be up to our eyeballs in grief and troubles. Conversely, if we focus on the positive things in life, or the “Good News” it will also enlarge and expand.

This is an easy concept to intellectualize, and a bit more complicated at times to apply, particularly at times of set backs, but true nonetheless. Be Honest with yourself and ask, what do you spend your time thinking about, your Problems or your Goals and Successes?

Clear your mind and let go of your limiting beliefs. Right Now! Allow yourself to take five minutes and dream. The next question you have to ask yourself is, am I willing to pay the price to get what I want? If your are then pay that price and go out and “Live Your Dreams”!

The following “7 Habits” are just a part of the price you will have to pay to become a successful investor in real estate. If you establish these habits as part of your daily life, you will be well on your way to success.

The 7 Habits

1. Run your business as a “Turn Key” System. If you look at why McDonalds is successful, it isn’t because they have the best hamburgers in town, it’s because they have the whole operation down to a science. They have a system for everything, it’s automatic. Whatever you do to work your business do it consistently and conitnuously.
2. Leverage your time. Your time is limited, you only have 24 hours a day, and your days are filled with work, family, and other distractions. Use the resources that you have available to you like your ODA who works even when you can’t.
3. Develop a Strategy and Follow it. Stay within the parameters you have set for yourself. It will allow you to win more often, with better results on the types of deals you like to do.
4. Have a Coach or Mentor. Why reinvent the wheel, work with people who have successfully done it before. This will help you avoid the pitfalls and the trial-and-errors you’ll experience on your own.
5. Multi-task. Work more than one “Deal” at a time. You should have 5-10 irons in the fire at all times. It will set you back months. If you aren’t able to put together a deal on your first property and you don’t have any other alternatives or options, making it so you would have to start all over again.
6. Take Action and Overcome the FEAR Monster. Fear is the biggest obstacle a new investor faces. FEAR stands for False Evidence Appearing Real. As an investor, you want to learn to leverage yourself with other people’s money and time. Mitigate the risk whenever possible. The biggest mistake most investors make is that they never get started. They never make any offers. They just talk about it. At some point you have to jump in and get your feet wet.
7. Don’t be a “Jack of all Trades”. In the beginning, get focused on specific types of property, and become an expert. It doesn't matter if it’s Strip Malls, Duplexes, or Single Family Homes. What matters is that you get good at one or two strategies, and then you can develop and use additional strategies as your  knowledge and experience grows. You will make fewer mistakes and make more money in the long run.