Have you ever wondered why one real estate investor is so much more successful than another? Or maybe you see the success of a investor friend that you met at a REIA, and wonder how they have become so successful. Despite what the “Gurus” tell you, it does take work. I guarantee that every successful investor has a routine and plans for continued growth. In this short article we’ll cover what it takes to make it big in Real Estate and what other investors are doing to make it happen.
Again, back to our first article “Tips For The New Real Estate Investor“, we covered the fact that you need to decide that you are running a business, and real estate investing isn’t just a hobby. So now that you have that mind set, now what?
Have A Plan For Your Real Estate Investment Business
Every successful real estate investor has some sort of game plan, and certain things that they do everyday. They don’t just see what the day has in store for them, or take what the wind may blow them that day. They get up with a mission, and don’t rest until it’s done.
In our post “Tips For Becoming A Full Time Investor“, we touched on the fact that you need to have a plan. One thing that wasn’t touched on enough was that you really need to write things out. It helps you remember and prioritize.
John Fedro just wrote an excellent post that we had to mention. He gives a lot of really good advice for not only new investors, but also for some of us investors that have been around awhile and might have lost some focus. Here are just 2 tips from his 7 tip article that we liked:
2. Make incremental improvements.
Aim to not make the same mistake more than one time. At the end of each week, write down all the successes and failures of the week. Mentally walk through each day with an open mind to objectively point out what actions have produced results or continue to waste time and money.
Pro Tip: Always be reading and continuing to educate yourself. Consider joining or forming a book club with other like-minded real estate investors and entrepreneurs.
3. Keep your eyes on the prize.
It is too easy to let hours pass by without being productive. These hours turn into days, which turn into weeks and longer. The real world oftentimes has a habit of distracting us from our long-term financial goals and ambitions. For this reason, a prudent investor may write down and hang up a list of weekly/daily must-do’s. Hang this physical reminder around your home and office to help keep you on track.
Pro Tip: Motivate (or guilt) yourself into consistently producing results. Post reminders, quotes, and pictures of goals and achievements you wish to attain through your real estate investing all around your home, office, and car—a dream board everywhere you go. However, also make sure to include the custom list of action tasks to perform daily to help grow and maintain your investing business.
Read John’s Full Article “7 Daily Habits of Real Estate Investors Who Seek Financial Freedom“
John makes some excellent points, and we really like his “Pro Tips” on these 2 points. First, continue your education on real estate investing. We regularly attend REIA’s and other real estate investor meetings and we always try and take away at least 1 thing that we can learn, or implement into our business to make it run smoother. All though it is important not to try and jump on every type of new investment strategy that comes along. More on that in a minute.
On his 3rd Pro Tip, we are firm believers in writing down what needs to be done in the business, from day to day operations to setting goals for the future. It’s also important that once you do accomplish your daily tasks, or reach a goal, go ahead and reward yourself! It makes getting things done that much sweeter.
We suggest you go ahead and read John’s full article because we think it’s a really good read for both new investors and savvy investors alike.
Master One Form Of Real Estate Investing
The last thing that we want to touch on is something that we see frequently with new investors. They attend investor meetings regularly and are constantly changing their strategy. This can lead to a lot of frustration and lack of being able to produce income on a continual basis.
We found an article that was written by Jean Folger on Investopedia that hits on this exactly:
4. Develop a Focus or Niche
Because there are so many ways to invest in real estate, it is important for investors to develop a focus in order to gain the depth of knowledge essential to becoming successful. This involves learning everything about a certain type of investment – whether it is wholesaling or commercial real estate – and becoming confident in that arena. Taking the time to develop this level of understanding is integral to the long-term success of the investor. Once a particular market is mastered, the investor can move on to additional areas. Savvy investors know that it is better to do one thing well than five things poorly.
Read Jean’s Full Article “10 Habits of Highly Effective Real Estate Investors“
We couldn’t agree with Jean more. We think it is extremely important to master one type of investing before you try and move onto the next. We see it all the time. An investor starts doing one thing, then hear about what the latest method is from some Guru and move onto that. Then before they make any money from that, another Guru comes along and entices them to move onto another strategy. Master one way of real estate investing before moving onto another form!
There is no reason to reinvent the wheel. Learn from other investors, take action, write down your goals and make things happen. And lastly, just master one type of Real Estate Investing before you try and move onto something different.
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