A great real estate investor has more than just money in their pocket and properties in their portfolio.
To be a success means to have traits and characteristics which uplift your abilities rather than undermine them. Here are five of the key traits that every real estate investor should have in order to be a winner in this business.
Highly successful investors are learners
Dave Ramsey often says that “readers are leaders,” and encourages followers of his plans to read one non-fiction book a month. In order to be a success, you have to spend more than studying than your customers and your competition. A successful real estate investor invest in themselves. They tap into the knowledge of experts in their field. They read books, journals and magazines ranging from investing to personal development. They also attend seminars to improve themselves.
A Successful real estate investor always has an exit strategy
Successful investors know there are always two sides to an investment and that the future is not a guarantee. As the saying goes, they don’t count their chickens before they are hatched. If you are a winner, you prepare for the worst and then grow when things come out the best.
Successful investors are patient
Successful investors are very patient. They are willing to wait in order to win, whether that is for the best price or the best property. Some of the richest, most successful people in the world have showed that this is true. Again, as Ramsey says, success comes thanks to a crockpot, not a microwave.
Successful real estate investors have strong emotional control
This goes hand-in-hand with patience. You shouldn’t dictate your real estate investments based on fear and greed. Average investors invest based on these emotions but successful investors have a stronger control over these emotions. They also don’t react to the news. They follow the trends to take advantage of them, but panic is not a part of their plan.
Successful real estate investors are focused
A successful real estate investors is focused on their investment vehicle. They take it one step at a time; one investment at a time. For instance; Tim Ferris said on his blog that he would rather stick to angel investing than attempt to stock trade because he understands angel investing better. Warren Buffett is focused on stocks, Tim Ferris on angel investing, Jim Rogers on commodities future and Donald Trump on real estate.