“Real estate is an imperishable asset, ever increasing in value. It is the most solid security that human ingenuity has devised. It is the basis of all security and about the only indestructible security.” –Russel Sage, American Financier and Politician
There is no doubt that there is a huge buzz around real estate. Whether you are buying, selling, building, or investing, real estate is the hot topic of 2016.
Let’s talk about the fear of real estate investment in real terms.
When a customer walks into a car dealership, it is a given that the car they buy will lose value the instant it drives off the lot, yet dealerships are still in business and customers are still crawling through the door ready to be handed the keys to their brand new set of wheels. Unless they are a darn good salesman, and can do some hard core custom work on that vehicle, they know that they will not be flipping their sale to make money in 5 years.
Real estate is a whole new story. We all know the ups and downs of the market and the roller-coaster of emotions that come with deciding whether or not you should be investing your money in real estate. But have you ever wondered why you are second guessing yourself so much over real estate when you have a new car in your drive way that you know is decreasing value by the day? (If you are someone who has a new vehicle)
Real estate is a much bigger investment, automatically putting more fear in the investors eye, however, investors have the chance to make more bang for their buck than they do with the simple purchases they make every day.
How do you put the fear of real estate investment behind you, take the leap, and come out on top?
After researching investor blogs, success stories, and most commonly read books leading to a successful investment, I came up with some helpful tips to share with you to ensure you are ready to become an investor, and more importantly, become successful at it.
10 tips to help you become a successful real estate investor
Overcome your fears
Let’s be real. Real estate is a tough and competitive industry. One of the first things people think is “what if I don’t make it.” The fear of losing time and money consumes their thoughts.
Stop and think, “but what if I do make it?”
When you master your fears and put yourself out there, then you will succeed as a real estate investor. Something that a lot of people don’t realize about real estate is that the most important step in achieving success is through a positive mindset.
Build a network around relationships
Although it is not impossible, learning the real estate investing business is challenging when attempting it on your own. Effective real estate investors often attribute part of their success to others – whether it be a lawyer, a business partner, or a supportive friend. Successful investors embrace other people’s expertise.
Focus on strengths
Before moving forward, ask yourself this question:
What kind of real estate investing is suitable for me?
If you can answer this question, then you have mastered identifying your strength.
If you can’t answer it, try listing your core competencies, figure out your personality, what you are good at, and your personal finances.
To give is to gain
Think about it like this:
You are a successful writer who has a story due to your editor by the end of the day. You are too busy to get it done, so you simply walk into your editor’s office and hand him/her a stack of blank papers. Does he/she smile and accept the blank papers as a highlighted article? Probably not.
Instead, you crunch time, gather resources, put in a few extra hours, and present your editor with a complete article, including pictures and extra features. Your editor is elated with the effort and highlights your article on the front cover.
Same case applies to real estate. If you want to succeed, you need to give the extra effort before you gain the benefits.
Never stop learning
This one is simple.
Successful people are always learning new skills and keeping up with new trends in their industries. They understand that there is always room for self improvement and are always trying to dig up the latest bit of information that might further them in their career goals.
Invest with a planned exit strategy
Successful investors know that there are always two sides to an investment. Knowing this doesn’t push them to the fear of not investing, but rather to prepare in advance for possible changes. Average investors try to predict the future of their investments. Successful investors do the opposite; they prepare for the best while still preparing how they will deal with the worst.
Successful investors are very patient. We all know that great things can’t be created in a day, same goes with investments.
Make trends your advantage
Another attribute of successful investors is that they know how to use trends to their advantage. Average investors panic over market fluctuations, but successful investors welcome these fluctuations because it’s based on these fluctuations that they make their money.
Ride the trend waves and take each day as it comes.
Successful investors are strict with themselves when it comes to investing. Know that it takes a great deal of discipline to stick to your investing strategies, don’t give up.
Be passionate about the game of investing
Why are you an investor? Your answer to this question will determine if you will be successful in the world of investing or not.
It is the same scenario when working at a job. Statistics show that people who are happy in their career have a higher success rate than those who just show up at work for the paycheck.
You can’t succeed in something you are not passionate about.
In conclusion, these are 10 characteristics possessed by every successful investor. If it’s your desire to become a real estate investor, spend more time researching how to become successful at it rather than researching the down sides of your investment.
Learn more about Enclave Development and see if we are the ones you want to build your investment success story with. Drop us a line at 701-478-4300, or check us out at www.enclavecompanies.com.