What should I practice every day to become competent in?
- Read. Read. and Read. BP has a book recommendation forum, I would start with suggestions there. And on the podcasts you can see what all the experts are reading.
- If you're in growth mode, I would prospect everyday. So I would check the MLS like you check Facebook. Check craigslists, the BP marketplace. And not just prospecting for deals but also prospecting for financing. Always be meeting with bankers, lenders, etc.
- Maybe not every day but I would also suggest reviewing your net worth. And along with that: review rents, cashflow, cost of capital, condition of your properties, costs of insurance, things like that. At least once a month.
- Network. Sounds simple but it really is a game changer. I would go to 8 Real Estate meetings a month at a minimum. Everyone knew me. I still get deals sent to me almost everyday, deals that I don't even want or are looking for haha. But they call me first, just from my reputation back then. BiggerPockets is a good thing to do between meetings.
Find properties and evaluate them everyday. Really dig into the numbers to determine how the deal changes with slight changes to a potential offer.
Oh yeah, and before you do all of this, figure out what your goals are. Then start to identify a road map on how to get there.
You will be amazed at how much you learn if you go slow and make sure that everything you do is time well spent to achieve your goals. Always keep educating yourself. BP is great for just about every aspect of residential investing.
Thanks to Dave, Joe and Shaun for your replies!
@Richard Salazar , definitely agree with that the others have said. Something else to consider would be working to develop vision. The ability to look beyond the obvious and see the opportunity or potential (e.g. in a property or a market or a financing arrangement). That's a skill that will benefit you in all aspects of your life, and definitely as a RE investor. That's also a skill that doesn't come easily to most people. Best of luck in your REI journey.
Persistence. Real estate is full of "no's" - no loan, no deal, no concessions, no thank you. Getting from "no" to "yes" is a lot of work and takes a tremendous amount of moxie. Practice never giving up.
The ability to communicate well.
Listen first, respond second!
If you aren't doing twice the listening that you are doing talking, change it up! We have two ears and one mouth for a reason. ;)
network, generate leads, and make offers...persistence over long periods
Thank you guys for the great insights!
I was taught that there are 4 things that a real estate investor does. generate leads, analyze the deal, make the offer, and close on the deal and get paid.
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