Today I want to talk about what it takes to become a successful real estate investor, including 10 of the habits and mindset shifts that are a common theme among wealthy investors.
Because the truth is, most top investors did not build their wealth by chance. Successful investing is the result of dedication, planning, and incredible paradigm shifts. Join me for this episode of Investing in Real Estate to learn the ten habits of wealthy, successful investors!
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- Focuses on the big picture.
Real estate investing can be a long process. If you get caught in the weeds when little things go wrong, chances are you’ll end up giving up. I like to ask new investors if they would be hung up on small inconveniences if they had 50 rental properties. Likely not! Things like evictions and extra expenses are just part of being in business. See the big picture, and focus on the end goal of building net worth.
- Sets quarterly goals and analyzes them.
If you’re on my email list, you’ll know how important this is – and if you’re not, please sign up at morrisinvest.com/email. Most successful investors and business owners that I know divide their yearly goals into quarters. Then you can break down your year into digestible, tangible steps. As we go into fall, have you thought about what you want to accomplish in the last quarter of the year? It’s important to set quarterly meetings with yourself to analyze the progress you’ve made & where you want to go.
- Tracks real numbers.
If your goal is to simply build wealth, that’s far too vague. If you want to be successful, you need to set goals based on your real numbers and your unique situation. You can use my Freedom Number Cheat Sheet to help guide you.
- Asks for help.
Having the humility to ask for help is incredibly powerful. Successful entrepreneurs ask questions, not because they’re ignorant, but because they have a sense of curiosity. Don’t be afraid to ask questions about things that you don’t yet understand, and learn from people who have knowledge in different areas than you. Admit that you don’t have all the answers, and ask people who do.
- Builds strong relationships with like-minded people.
You cannot become successful on your own. In fact, I think the term “self-made millionaire” is a gross misnomer. No one has all the skills and knowledge necessary to become wealthy, so surround yourself with those who have different expertise. From your tax team to your property management company, building strong relationships in business is what will help you become successful.
- Loves to learn.
The pursuit of knowledge is a critical part of growing in any area of your life. Because you’re here with me today, I know you believe that to be true. Cultivate a reading habit, listen to audiobooks, or watch YouTube videos. Learn everything you can about self-improvement, business, investing, and more!
- Pays attention to the market.
Get an online news subscription, and pay attention to what’s going on in the news. Stay up to date with the economy, and how it can affect you as an investor. Watch my video on 10 things to look for in a rental market, and be sure you’re investing in the right cities.
- Uses leverage wisely.
At this point in time, there are a lot of great loans and financing programs available to help you buy performing assets. Smart investors use these resources — but they do not allow themselves to become over leveraged. I’ve seen it happen time and time again, new investors get too excited, buy too many properties at once… but their numbers are off whack and they can’t make their payments. Again, it’s a slow, long process to build wealth. Smart investors use loans, but they do so wisely and sustainably.
- Stays true to his or her why.
Why do you want to become an investor? Do you want to spend more time with your family, give back to your community, or take care of a loved one? Once you identify the motives behind your wealth building, how to do it becomes very clear. Find your why, write it down, and stay true to it.
- Takes action.
Successful investors do not sit around and overanalyze everything. Instead, they dive in. Because what’s the worst that could happen? Everything is a learning experience, and like I mentioned before, successful people look at the big picture.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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