5 Characteristics of Successful Real Estate Investors

Over the past decade, I have met hundreds of real estate investors with the majority having limited success as investors. Very successful real estate investors are a clear minority. I have observed that the most successful investors share five characteristics that are the foundation of their success.

Written Plan

All successful investors have a written plan that they constantly work and use for daily goal planning. The difference in people’s abilities is directly affected by the goals they set. A study of the Yale class of 1953 found that three percent had written down financial goals for their futures at their college graduation. When the group reconvened in 1973, this three percent of the class that had started their careers with some kind of plan controlled more combined net worth than the other 97 percent combined.

Marketing

Once they have a written plan successful investors invest heavily in marketing so they have a continuous supply of potential deals coming their way. This supply of deals is the basis of their financial success. They all evaluate the success of their marketing programs and continuously alter them if they are not producing the desired results.

Continuing Education

Everyone is familiar with the phrase “knowledge is power.” Successful investors have an insatiable hunger for knowledge. Educated investors are aware of changing rules and regulations, and the profit potential of different paths that can be taken in real estate investing. A Harvard professor summed it up succinctly when he stated “if you think education is expensive, consider the cost of ignorance.”

Networking

Most careers emanate from a defined and established program of formal education. Schools do not offer degrees in real estate investing like they do for business, accounting or engineering. Successful investors network with other investors so they can learn from their success and failures. It might be said that networking is the path of formal learning for real estate investors.

Financial Knowledge

Many companies with good ideas fail because they were unable to make a profit. If your real estate investments do not make a profit then you will fail as an investor. Successful investors understand the impact of income and expenses and they make decisions that allow them to be profitable.

Incorporating these traits will allow you to have a better chance to be among the minority of investors that are extremely successful.

There are many ways to make a fortune investing in real estate. For more information about real estate investing visit my website at InvestInRealEstate101.

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