5 Attributes of great Real Estate Investors

I have watched over the last 15 years of my real estate investing career the different attributes in myself as well as others and what made me and them successful real estate investors. Some of these I may have had pieces of naturally, however, I have had to continue to develop and grow in each of these areas.

The short list I compiled here isn’t the only attributes, but they are the top six, with number one being number one on purpose. I could write and speak for days about courage. However, we will keep it simple here.

  1. Courage: When it comes to making money I think this is the number one attribute you have to have. Without you will never pull the trigger. You will constantly be researching and thinking about something. Eventually you have to have the courage to go all in and do the deal.
  2. Patience: Real estate investing can be a long-term game, and it’s important for investors to have the patience to wait for the right opportunities to arise and to hold on to properties for the long term. The hard reality is that in most cases real estate needs at least five years and you are better off waiting 10 or more before you really see the compounded returns. You have to be in it for the long haul. There is no get rich quick in real estate usually.
  3. Flexibility: Real estate markets can be unpredictable, and great investors are able to adapt to changing conditions and pivot their strategies as necessary.
  4. Risk tolerance: Real estate investing can be risky, and great investors are able to tolerate the potential for setbacks and losses and still stay the course. The thing that is not talked about enough when it comes to risk, is the risk of doing nothing. Many times this risk is more detrimental than actually doing something.
  5. Networking: Real estate investing often involves building relationships with other investors, developers, agents, and lenders. Great investors are able to build a wide network of contacts and leverage those relationships to find the best deals. To me this has been somewhat easy, because if you love real estate and you find others who love real estate, you can spend hours with them. You just have to be willing to put yourself out there.
  6. Attention to detail: Real estate investing requires a great deal of research and due diligence. Great investors are able to comb through financial statements, property records, and market data to make informed decisions about where to invest. They also pay close attention to the details of a property and the potential issues that may arise. Attention to detail is very important, especially if you are raising capital and using other peoples money. However, don’t get so caught up in the details that you forget your gut instinct. You can do all of the underwriting possible and a deal may look like it doesn’t make sense. But sometimes your knowledge based of an area or a certain property may be able to make that deal work.

As I mentioned before, some of these attributes I had already possessed before I got into real estate investing. But I have had to continue to cultivate and grow in each of these areas, especially as I have continued to look and invest in bigger deals.

To your success and your future.

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