As we all know, attitude is everything in any kind of
business. There's the old saying "Attitude is altitude." In
other words, the more positive your attitude, the higher
you'll fly in your investment career. Now, that saying is
definitely true, but it's also a little simplistic.
Here's a plain fact: you can't simply think you'll succeed
and then do so. Thinking has to be combined with action!
You have to get in there and do the everyday spadework that
finds and closes deals.
So, a great attitude and the ability to take action are two
primary characteristics of successful real estate
investors. However, there are some additional
characteristics you should know about. A few, lucky
investor-entrepreneurs are born with them. Most of us,
however, aren't. The good news is that we can learn them!
It just takes study, practice and application.
So, my recommendation is to study the essential
characteristics I explain below and then work hard to
integrate them into personality. It can be done! I know, I
did it!
Characteristic 1: The Entrepreneurial Spirit Whether in
real estate or other businesses, entrepreneurs are
essentially opportunity-seekers with an independent streak.
They have a great combination of vision and common sense.
Through research and hard work, they seek out niches in the
market that no one else has exploited (vision). They then
do the numbers on those niches. If the numbers are good
(common sense), they exploit that niche; if not, they move
on. They favor the KISS principle—keep it simple,
stupid!
Characteristic 2: The Planning Spirit Successful real
estate investors are planners to the core; they detest a
"shotgun" approach to investments, knowing it will spread
their resources too thin and not bring in really profitable
deals. They possess the "Have a plan and work it!"
mentality. In other words, once they've set a goal, they do
the day-to-day work of setting objectives to carry out
those goals. They plan on a daily basis to keep their focus
on achieving their long-term goals. They never get
distracted by daily events or people that get in the way of
achievement of their goals.
Characteristic 3: The Networking Spirit Successful
investors know in their bones that they live or die on the
information they get and the contacts they make within a
local community. So, they're careful to cultivate a
reliable network from the start to the end of their
investment careers.
Successful investors know that they have to give back to
the network of contacts and fellow investors. It's not
always possible, but many investors know that the quickest
and most effective way to success is by finding a mentor
who can teach them the ropes.
They also know that they have to give in return to their
mentors. It's not a one-way street where you take and give
nothing in return. They show mentors (and others) their
appreciation through tips, leads, gift certificates,
birthday cards, theater tickets, etc. Small personal gifts
show that they care and are thinking of the mentor.
Characteristic 4: An Objective Spirit Successful real
estate investors are entirely objective about their
properties. In other words, they ruthlessly review their
portfolio of properties on an annual basis. When they find
properties that aren't performing to their expectations,
they get rid of them quickly. These could include:
Properties losing money Properties in neighborhoods that
have spiraled down into war zones. Properties that have
turned into a management hassle and consume too much time,
etc.
Characteristic 5: An Ethical Spirit Successful real estate
investors treat everyone fairly and honestly. I've said it
before and I'll say it again here—your reputation is
everything in the real estate investment community. Once
it's damaged or gone, it's difficult to make deals because
few people will want to work with you. Successful real
estate investors know that fair and honest treatment of
buyers, sellers, agents, etc. is not only the right thing
to do, but is also great business sense. The better your
reputation, the more business you get.
Characteristic 6: A Family Spirit Successful real estate
investors always gain the support of their families for
their careers. When thousands of dollars are involved, they
know a spouse can get very nervous and fearful, so they
keep that spouse informed on what they're doing every step
of the way.
Characteristic 7: A Giving-Back Spirit Successful real
estate investors give back—to their families, their
communities, their churches, their schools, etc. They
recognize that they should share their good fortune and, at
the same time, gain back in terms of good will and more
business. It's the classic "win-win" situation. Giving back
can take many forms: Time spent on fund-raisers Sponsoring
athletic teams Teaching Charitable donations, etc. They can
also give back by becoming the people who helped give them
a start—by becoming mentors themselves!
Characteristic 8: A Learning Spirit Successful real estate
investors remain successful because they never, ever stop
learning. They know the real estate business is a dynamic
and ever-changing market due to economic conditions,
federal rules and regulations, and other factors. So, they
always stay on top of local, state, and national conditions
and plan to meet the changes created by those conditions.
Key Point: You may not be a "natural" for the real estate
investment business, but you can make yourself into one!
All it takes is a willingness to learn!
----------------------------------------------------
Jack Sternberg is a nationally recognized expert on real
estate investment and the creator of the renowned "Buyers
First Program" who's been in the business for more than 30
years. Sternberg's deals have totaled over $750 million and
he's been to the closing table more than 1,500 times. For
more, visit http://www.askjacksternberg.com
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