Are you a true investor? A true investor has what it takes to sustain a long-term career in real estate. Today we’re going to talk about five specific traits of a true investor.
On this episode of Investing in Real Estate, I’m going to share some questions you can ask yourself to determine if investing in real estate is right for you. You’ll learn about setting goals, understanding your identity, and so much more.
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- What is your motivation behind investing? A true investor has a specific reason why they are investing. What is your WHY? For this specific prompt, I want you to forget about money for a second. Think about things like more time with your family, the freedom to travel, the confidence that comes with being your own boss. Your why needs to be something deeply important to you, and it has to be something other than money… because this is what will keep you going when things get tough.
- Are you committed to a long-term goal? You know that I’m passionate about the Freedom Number, because I truly believe that setting a goal can change your life. If you’re going into investing aimlessly, or to see what happens, I don’t think you’ll stick with it for long. Having a measurable goal can change everything. The Freedom Number Cheat Sheet is so powerful because it’s not an arbitrary number. It’s based on your finances and tailored for your specific situation. A true investor can look at the real numbers and set a specific goal, and they are committed to seeing that goal to the end.
- What’s your identity? When someone asks what you do, what is your answer? Do you call yourself an investor? You might think this doesn’t really matter, but our words are powerful. The way that you view yourself is important. Here’s an example: think about someone you know who is a dedicated runner.. someone who would describe themselves as a runner. This type of person is so committed that they run no matter what. They run when the weather is bad. They run after they recover from injuries. They might even run on vacation. They run because it’s their identity: it’s who they are, and it’s what they do. That’s how you should feel about investing when you’re a true investor. You know, I have a lot of investor friends and mentors who got burned in real estate back in 2008, but today they’re back on their feet with a healthy portfolio. And I think what sets those successful investors apart from the investors who never invested again after the crash is their identity. They got back on their feet because they thought of themselves as true investors.
- How do you handle difficulties? Running a business always comes with hardships, and real estate investing is no exception. Investors deal with all kinds of difficulties: vacancies, tenant turnovers, damages, and more. A true investor sees these obstacles as part of the business, and they don’t let it discourage them from reaching their goals.
- How do you feel about the ebbs and flows of the market? A true investor knows that it’s always the right time to buy real estate, because they’re thinking long-term! It’s more important to have time in the market than trying to time the market. I want you to watch the video I published last week called “Is Now the Right Time to Invest in Real Estate?”
Real estate is a long-term strategy, and it’s important to not get caught up on things like interest rates or inflation or whatever else might be happening in the economy. Here’s the thing, the market is always shifting, and it’s always out of our control. It’s rare that the stars align and everything is perfect. As I’ve said before, you can always refinance into a lower interest rate if it becomes available in the future… but you can never go back in time and start investing earlier. A true investor understands these ups and downs of the real estate market. One of our partners at SDIRA Wealth said, “You want to marry the property and date the interest rate.” A true investor controls the controllables, and doesn’t stress about the other factors. A true investor buys real estate when they can.. they trust that they’ll come out ahead over time because they know they’ve put the right fundamentals in place.
If you’d like to talk more about anything you’ve heard today, we’d love to learn more about you and your goals. Schedule a free call today.
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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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