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Five Common Real Estate
Investor Characteristics |
I have
noticed from my experiences in affordable housing that to be successful in
this industry is very much the same as when I was showing and selling
horses. Certain characteristics apply regardless if you are trying to make
money with houses or horses. Here?s a look at some characteristics that
can put you in the winner?s circle, whether it?s Real Estate:
Mental Toughness - Real Estate is not easy or everyone would do it.
There are going to be times when certain situations are completely
frustrating, extremely challenging or just plain exhausting. Finding deals
can be an impossible feat or selling can almost make you suicidal. Not to
mention the thousand and one things that can go wrong in
between?break-ins, theft, contracts falling through, bad contractors, the
list is endless. This is where mental toughness is absolutely mandatory!
You must face each difficult situation with the determination to resolve
the problem to the best of your ability and then move on. In the rodeo
world the term ?Cowboy Up? means to overcome the odds and conquer whatever
is in your path to victory. The same attitude applies in the game of Real
Estate and it all starts with staying tough mentally!
Perseverance - you?ve heard the old saying ?When a rider gets
bucked off, he has to get up and get right back on that horse.? Why? To
conquer the fear, to overcome the bad experience and to learn to take
control again. It?s the same in Real Estate. Sure, it?s easy to say, ?I?m
giving up, I lost so much money on that house?. Ask any investor and see
if they lost money in a deal. I promise you it goes with the territory,
but it takes heart and discipline to keep pursuing your goals and
overcoming the setbacks. Get up off the ground, dust yourself off and
climb back on that ride called Real Estate investing. All winners in life
have perseverance!
Being Realistic - that old saying ?Pride of Ownership? can be tough
to swallow! We would all like to think that ?our? house will bring more
than any other investor?s ?sorry, it just doesn?t work that way. Try to
remember not to get involved with the property emotionally. Being
realistic is about knowing and following the numbers. It doesn?t matter
that you put in hardwood floors or that you built custom counter tops. The
property will only bring what the comps say it will. Being realistic is
really just applying good old fashion ?horse sense? to the Real Estate
market.
Do What Is Right - why wouldn?t everyone do right? Well, the answer
is that shortcuts to greed can get in the way. Don?t let it! When you
rehab a house, fix it the correct way so you know that you have put a good
product on the market. Also, your contractors will respect you as well as
your fellow investors. I have seen horse trainers ?quick-fix? horses and
it may work once but those trainers never last in the business. It?s the
same in the Real Estate business. Don?t cheat, you will be found out and
you will have a hard time selling to investors, using good contractors or
dealing with banks and lenders. Do what is right and you?ll go to the pay
window over and over.
Act Like A Winner - Everyone likes to associate with winners and do
business with winners. Have a positive attitude; be proud of yourself and
what you do. Be kind, optimistic and smile! Winners attract winners. Don?t
be afraid, we all started with a ?first? deal at some point in our life
and more often than not, investors are happy to share their knowledge with
you. Remember, horses know if you are afraid or timid and they will take
advantage of your apprehension. The same is true in Real Estate. Make your
moves with a positive approach and you?ll get along much better.
All winners in life share these five common characteristics. I am sure
there are many more but these have been an important combination for me to
achieve the success I have had in both the horse world and the Real Estate
world. Apply these characteristics to your everyday life and they can work
for you as well. I look forward to seeing you in the winner?s circle!
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