“If you don't have a competitive advantage, don't compete.”
- Jack Welch
in May 2010, I wrote about gaining a competitive edge in real estate investing. Today I want to share with you other attributes in developing a successful real estate investing business. You will have thousands of
training, ebooks, CDs in the how to be successful in real estate investing. In my opinion the basics of real estate investing are not difficult to be taught. What it is difficult at times is how to become successful. Why is it that some investors are more successful than others and why success remains elusive for many real estate investors. Is there a secret and/or formula of doing real estate investing profitably on a consistent basis?
In my opinion, the level of
success of each investor boils down to their level of passion for his or her investing. This "passion" is what helps them create the competitive edge and drives them to make better decisions and in some cases be able to see what others are missing. In other words, the passion drives them into the development of a vision which in turn drives them into success.
Another attribute in conjunction with their drive is
their optimistic attitude. Which it makes sense. When you are driven to accomplish a goal there is no one that can stop you. Michael Jordan is a good example of this. He became such a good player and a success because of his drive, focus, or passion. He would not be denied of his success. He would not stop. In real estate investing, You WILL be be bombarded with objections and inundated with adverse comments. Trust me on this one. People will give a thousand reasons why your idea wont work. So how can you swim yourself through these waves of negativity? Determination. without this positive attitude or determination you will sink and be dominated by fear.
Another attribute of successful
business people is that they are specialists and an avid learner. See real estate investing is a broad realm, and if you pretend to be an expert on everything, you may set yourself for failure. I suggest that you focus your efforts in the area of real estate investing that are of high interest to you. For example, I have know people that are successful in low income housing. The reason, that was his passion. He
determined to venture in an area that many investors would not venture to. As soon as you’ve found your niche or passion, learn as much as you can about it. Become an expert in your area. Excel where others have
failed. I know this contradicts today's trainings of becoming rich without thinking. I just do not agree with that philosophy.
area that I see missing from many of the trainings being sold today is goal setting. Real estate investing is like any other business. You must treat it like such. A business without goals has greater chances of failure than one where the owners spent time in directing the resources towards a common goal. A fool with a plan has greater chances of success than an "expert" without a plan. Can you imagine sending a football squad into the field without a plan, it is suicide. Goals are necessary in ALL business ventures. When you lack of a plan, you will definitely have no way of realizing which solution to turn when faced with a choice. It is important that your goals are specific and time-oriented and they need to be written down and measurable.
the help of a mentor/coach when needed. Specially if you are a beginner in this field. Ask any success athlete or business person and you will see that they will attribute their success to them. Investing is not something that you should do alone. Networking, Mastermind groups and leveraging the strengths and information of others will provide a huge the competitive edge you need to achieve your goals and attain success. Seek out local groups, join real estate associations and attend seminars and seek someone who has more experience than you and is keen to share his or her wisdom.
As you can see there is no one
element to the success in real estate investing. However, most of the
obstacles to achieving success are found within you, in your thought processes and attitudes. By changing your mindset, you will be able to increase your chances for success.
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