Updated about 2 years ago on .
3 CHARACTERISTICS Required to be a SUCCESSFUL Real Estate
The biggest myth of real estate is that it is passive income.
There are some aspects that are more passive but the process of investing in real estate is anything but passive.
Most Gurus sell an expensive program and that is as far as their real estate investing success has gone. They try to sell a "shortcut" a "secret" when the only shortcut is that there is none, it takes work.
Here are my three characteristics that are essential to being successful:
1. Grit, I know this is overused but I like the idea of the tactile feeling of dirt or sand in your fingers. It is gritty, it is uncomfortable, and it causes discomfort, this is real estate investing. You literally have to deal with people's sh*t, there is no way around it, that is just how it is, and having the mindset that it is part of it makes it easy to power through the hard times.
2. Unceasing desire to learn, be a sponge, learn everything you can about the asset classes you feel most interested in. Do not base your learning on what will make you rich quickly, real estate is about the long game. Learn from your failures, learn from the days that suck but also learn from others and their failures. it will save you a lot of time and money.
3. Know where you are going. I know it is cliche in many circles talking about your "WHY" but you need to understand that knowing where you want to go allows you to draw up the map. Real Estate is beautiful because you can choose how big you want to go and make it happen. It is like walking into a grocery store, you are not there to buy everything just specific items, so your "WHY" is like writing up your grocery list so you buy the right stuff.
The bonus characteristic is GUTS, having the guts to make the right decision when the opportunity arises.
If you can master these you are well on your way to being the next Donald Trump.