Today I want to talk about something very upbeat. I want to talk about the five signs that you are going to be a good, successful real estate investor. There are some things that I’ve seen over the years, and especially since starting this podcast, that are important indicators. If all of these things are not true for you, don’t worry. Some of these things can be learned and developed. But if none of them are true for you, you might be in trouble.
Here are the five signs that you are going to be a kick-butt real estate investor:
1. You are willing to work as long as it takes to succeed.
Some people call it having a motor. You keep going and going and going until you succeed. This also means taking massive action until you succeed. That is an indicator of success in any business, especially real estate.
2.You were not deterred by past failures.
Maybe you’ve tried some other business in the past and it didn’t go well, but you’re not deterred by that. If you are deterred easily by setbacks and challenges, real estate is going to be a tough game for you. If you’re in this business for any length of time, you will experience setbacks consistently. But if you’re the kind of person that can move forward with more confidence, energy, and enthusiasm, you’ll be fine.
3. You are eager and willing to learn.
You don’t think you know everything from day one. You’re willing to talk to people who are successful, and you have a sincere desire to take the information in and use it. People who are teachable are always good candidates for success, and real estate is no exception.
4. Your friends and family are telling you it’s a bad idea… but you don’t care.
This is a tough one, and it stops a lot of people. Sometimes, you just are afraid of looking stupid, or you might even believe them! You can’t listen to people telling you real estate is a bad idea if they’ve never invested in real estate. You need to listen to people who are in the industry; if your friends and family are not real estate investors, you don’t need to listen to them. Most successful real estate investors I know were told at one point by somebody in their family or in their circle of friends that they’re going to lose money, and they did it anyway. Don’t be easily swayed by the naysayers. Your friends and family are trying to look out for you, but they don’t necessarily know what they’re talking about if they’re not in the industry.
5. Real estate excites you.
If you truly enjoy going into houses, picturing them fully renovated, running the numbers, and selling that house, that’s a great indicator of success. I will make this little caveat: I know real estate investors who don’t care if it’s real estate or stocks or anything else. They’re business people, and they will do whatever they can do to make money. These people can be successful in real estate, but most successful real estate investors I know really do get excited about real estate. I know that’s true for me.
If all these things are true for you, buckle up! You should be in for a really fun ride.