3 Keys to Real Estate Success (That No One’s Talking About!)
There’s a lot of great theories and ideas out there in terms of keys to success for real estate investors. For instance, work really hard, have a set of goals, build a great team—I talk about some of that, too.
But there are other less-discussed keys to success. I want to talk to you about three of those (although there are way more, to be sure).
3 Simple Keys to Success in Real Estate
1. Keep moving. Momentum creates success. If you find yourself stuck, put one foot in front of the other and find things you can do to carry yourself toward your goals on a daily basis.
You don’t want to be sitting around waiting for things (like life!) to happen. Waiting does not create success—unless it’s strategically waiting for something very specific (like playing the waiting game during negotiation).
2. Don’t ever quit! I find that most people quit the first time something bad happens. My company and I have had a lot of bad stuff happen because of this business. We’ve had a lot of good stuff, too! But in general, we’ve created more and more success for ourselves. That’s mostly because we didn’t quit.
If you quit, then you’re automatically out of the game. You already lose. If you don’t quit and you instead find a solution—and take quitting off the table as even a possibility—then the only other possibility is to eventually succeed. You’ll force yourself to stay in and get through turmoil and get through speed bumps until you trip upon success. Try and try and try until success hits you.
3. Limit emotions. Don’t ever let your emotions get involved. It’s very hard, because this can be an emotional business.
On the good side, you might get extra excited and pay way too much for a property you shouldn’t really be buying. Or on the bad side, you could get overly angry about things you can’t necessarily control.
Instead of getting upset, have a script for when things go wrong. Contractor doesn’t show up? This is what I do. Tenant didn’t pay their rent? This is what I do.
Don’t let your emotions get involved, because it’ll skew your decisions. It’ll cause you to do things that are based on healing the emotion as opposed to advancing you toward your goals. As best you can, don’t let your emotions get involved.
Those are the top three keys to success that most people don’t talk about, but you should be thinking about for yourself. All of these things will carry you forward to success if you put them into practice.
What other tips do you have for investors? What has worked well for you? What have you heard works well for others?
Share in a comment below!
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Matt Faircloth, Co-founder & President of the DeRosa Group, is a seasoned real estate investor. The DeRosa Group, based in historic Trenton, New Jersey, is a developer and owner of commercial and residential property with a mission to “transform lives through real estate." Matt, along with his wife Liz, started investing in real estate in 2004 with the purchase of a duplex outside of Philadelphia with a $30,000 private loan. They founded DeRosa Group in 2005 and have since grown the company to owning and managing over 370 units of residential and commercial assets throughout the east coast. DeRosa has completed over $30 million in real estate transactions involving private capital including fix and flips, single family home rentals, mixed use buildings, apartment buildings, office buildings, and tax lien investments. Matt Faircloth is the author of Raising Private Capital, has been featured on the BiggerPockets Podcast, and regularly contributes to BiggerPockets’s Facebook Live sessions and educational webinars.