One Essential Trait Every Real Estate Investor Needs

5

There are many things that a Real Estate Investor must know. Some of these things depend on the niche that you will be working in, but there is one principle that supersedes all.

Some of the general things that must be known are: why do you want to become a Real Estate Investor, how will you get started, what area to get started in, what location to purchase your first acquisition and how to build a successful team. These questions are great to have answered, but there is one thing you did not know you needed, but you will need to learn quickly. This one thing is a necessity in order to become successful in any entrepreneurial venture. Some people call it thick skin, but I prefer the term “resilient.”

Overcoming Adversity

Criticism and adversity will present itself on every occasion, not only when starting out, but along your journey. You will face opposition from sellers, agents, buyers, contractors, other investors and even family members, but those who are resilient will be able to overcome any obstacle.

Related: Real Estate Investing Fears and How You Can Overcome Them

William Arthur Ward, a well-known educational scholar, depicts adversity as presenting two results.  “Adversity causes some men to break; others to break records.” There are only 2 options: quit or continue to pursue and exceed your goals.

There are thousands of books, many of which are best sellers that stress the importance of resiliency. The majority of Academy Award winning films for Best Picture are movies that address an actor/actress overcoming some form of adversity. Motivational speaking is a billion dollar business because adversity triumphs many. There is a direct correlation between those who succeed in life and their resilience.

Those who live in mediocrity often have a view through the lens of the glass being half empty.

If at First You Don’t Succeed…

Starting out in real estate investing, the key is to buy right. In order to find the right acquisition you will either have to put in numerous offers on properties listed on the MLS, or you will have to send tons of direct mail and speak to hundreds of sellers to find the deal.

In any case the first actionable step when speaking with a seller is to engage them, find out their motivation and present an offer. The best case scenario is to receive a “YES,” but the likelihood of that occurring is very slim. This is when you will receive a lot of negative responses that can easily play on your psyche if you do not have tenacity and aren’t resilient.

Related: What was your biggest fear or concern in starting real estate investing?

I often speak to nearly 50 or more potential sellers a day. This can be a difficult task at times because it is easy to start questioning yourself. Is it supposed to be this difficult? Why are so many sellers irate when I ask them about buying their house? Why am I calling these people?

It is easy to become dejected and want to give up when you hear most of the negative response from sellers. This is when your faith has to kick in. You have to believe in whatever will provide you with the confidence to get you over the hump.

Remember — you are not the first person to face adversity when starting out.

Conclusion

I know this topic is not going to give you some strategic advantage immediately or give you vast amounts of wealth in one year as some gurus will like to entice you with, but everyone who is successful no matter their level of success has to be resilient.

Do you have a particular situation that almost caused you to give up? What did you do to keep moving forward? And is there anything you can say to encourage someone else that may be facing adversity?

I would love to hear what you had to overcome, and I know it will inspire other readers!

Subscribe to our mailing list

* indicates required Email Address * First Name Last Name

About Author

Marcus Maloney G+ is the Executive Officer of 3rd Generation Management & Holding LLC, which is a family owned and operated real estate investment firm. The firm's goal is to provide affordable solutions in real estate while providing exceptional opportunities for community redevelopment for the residents of Phoenix, Arizona. You can follow Marcus on Twitter

5 Comments

  1. Great observation. I am a newbie in my first year and they don’t tell you this side of investing when you are in all those boot camps and courses. I am definitely finding that I am in charge of maintaining my motivation and have to put myself in scenarios that offer encouragement at least monthly. (REIA’s and business networks are great for that) I do tend to get bull doggy when I have an idea or a goal so thankfully I get it. It’s all not as simple and easy as things tend to be promoted. It’s hard work and you have to keep plugging. I think timelines to accomplish things need to be realistic and flexible or you will burn out. I take all the efforts as learning events. If I don’t get the deal I figure out what I learned. If I get frustrated with the tedium of marketing, I am figuring out which parts of my business I will want to move to hired assistants later and which parts I want to keep during the process too. I have learned that you can personalize how you run your business that way. I am learning what my strengths and weaknesses are and thru my networking in the business world I am finding people who can help me with those weaknesses. (SBA has been very helpful too.) A lot of free stuff is available to help if you keep looking. This has actually been a great process for self improvement. I thank you for your observations and open dialog about what it really takes. I will challenge readers to figure out how to use the process of learning investing to work on areas of self that need improvement. That will make you feel productive if investment things are moving slowly. Marcus I really like your blogs and always come away with growth. Thanks for sharing you thoughts.

    • Sonia,

      Thank you for being being a reader of my blog, I try and talk about things that I have went through starting out or going through now. I believe words of encouragement go a long way. You are right timelines are extremely important and I would like to add to that; making daily goals of what you will like to get accomplished that day. This way you can have daily victories to keep you motivated.

      Its great that you use all efforts as learning experiences because that is the only way you will be able make serious progress. Gurus use the motivation to get you to buy in at that moment but I always say that it is a journey and not a trip.

      Relying upon your circle of influence and outside forces will continuously motivate you to keep moving forward. Sonia you are on the right track.

      “Enjoying the Journey”

  2. Great article!

    I’m going through this right now actually. I’ve closed 2 deals which netted me about $10,000 last month. In the process, money got tight so I had to stop my direct mail completely until the deals closed. I think I’m still feeling some hangover from that, but I’ve started back marketing again and I am dealing with a lot of unmotivated sellers. It just seems like lead after lead is not what I need to make a deal out of it. I know I still have to keep pushing forward so that’s what I’m doing, but your line about asking yourself “Is it supposed to be this difficult” really hit home. Lately I find myself saying “what am I doing wrong?” “what did I do different on the first 2 deals?” I don’t think there WAS anything different. I’m just experiencing my own personal slice of overcoming adversity. Thanks for writing this!

    • Jim,

      Try and never stop marketing even if you have to send out 10 mail pieces a day. This is your funnel and you always want to keep something circulating. Everyone experience the elation of getting the first deal and they believe that they have figured out the master formula and then you hit a lull. Its common it happens to everyone. There are many podcast that discuss what you are going through. Some people it may take a year before their 1st deal but successful investors dig deep and they understand that for every mountain there is a valley on each side. I’ve learned that after every success is a time of disappointment.

      I’m glad that you are focused and continue to push forward. Keep MARKETING and fill the funnel.

      “Enjoying the Journey”

  3. Frankie Woods

    Thanks for the article Marcus! I really believe that lacking resiliency is the primary reason so many people fail to achieve their dreams in all aspects of life! We have to get out of our comfort zone!

Leave A Reply

css.php