Hey BP! I've been taking some time to think about what skills I need to develop to become a high performing real estate investor and I wanted to get your opinion. What are the three most important skills that make real estate investors successful?
Thanks for your input, I'm curious to see what those of you who have been doing this for much longer than me have to say!
1. Get as much knowledge as you can about real estate. 2 always treat real estate as a business not a hoby. 3 work smart not hard
If you can't buy right its tough to make deals work. Especially where were at in the market
Thanks for the tips. Underwriting expert isn’t something I thought of. Do you have any suggestions on how to develop that skill?
Get a mentor or coach, go to a weekend seminar, you can also find some podcasts or books on it i'm sure. I chose the coaching part when I started.
@Dennis M. yes, all great points as well!
Thanks to everyone that replied here!
The thing is that there are more than one dozen ways to succeed in real estate investing, but whatever way you choose decide to become an expert in that area of investing, a real professional, smart, savvy, timely, and committed.
Decide to be the best at what you do, someone who could teach others all about how you go about succeeding like being and being able to guide others in being impecable.
Be an, "I don't take no for an answer" kind of guy Be someone who makes it happen not someone who only wishes things would happen.
You do have to be good at raising capital but then also making that capital grow through good money management practices.
Be devoted like no other. If everyone is giving 100% then you give 125%. This does not mean work harder than everyone else, it means give 125% toward working smarter.
Be willing to go where the deals are not just sit back and expect the deals come to you although that can be a good startegy but you need to make yourself be in demand which also takes an awful lot of dedication, and is a part of working smarter. The point being is the you have to want it more than anyone else, but make good deals not simply load yourself up with properties that will not prove to profitable for you.
Learn to spot diamonds in the rough, find or pick properties nobody else seems to want but have the wherewithal to effect the transition of properties from rough diamonds into polished and far more valuable ones. Here on BiggerPockets get familiar with and learn from guys like Jay Hinrichs and Joe Villeneuve.
Learn to put together a good team, Oh !, that is more than 3 isn't it? :)
Different skills are needed for different types of real estate investors. The skills required to buy and hold and self-manage properties are different than the skills needed to do syndication deals or buy notes or flip houses.
For a self managing landlord important skills include:
- identify and fund good buy and hold deals
- set and enforce policies and build systems with repeatable processes for accounting, leasing activities, collecting rent, managing work requests and complaints, and renovations
- 'managing' tenants and team members (by managing tenants, I mean making sure that your are providing your tenants with incentives that encourage the behaviors that you want.)
- prioritizing work
- Consistent action over a long-period of time