- Investor
- Austin, TX
- 5,507
- Votes |
- 9,861
- Posts
Traits to have as an Investor
I see too many newbie investors get caught up with the numbers, when they should be perfecting soft skills. Ex: negotiation, relationship building, team management etc... Deals are created, not found. This is where your soft skills come in to play. This of course depends on what kind of investor you are.
What do you believe holds more value?
For me it's deal finding, strong integrity (if you have this you're ahead of 90% of other landlords - part of this is not being a pushover but also being fair), relationship building as you said, especially when it comes to tradesmen - if they like you they'll show up quickly and their workers will do right by you if they like you. I also think being picky is ideal - especially when it comes to tenant selection.
Managing risk and liability.
Understanding the emphasis of why you're investing and what you're investing for. And not getting caught up in missing the forest for the trees.
@Eliott Elias
I have seen many people who were good talkers and go out and raise money and couldn’t count to ten and lose everyone’s money
Best is to determine what your skill is and build a team based on everyone’s strengths and weaknesses
- Investor
- Fort Lauderdale, FL
- 587
- Votes |
- 897
- Posts
The best investors have a great team and great communication skills. The investor needs doesn't necessarily need to the smartest in everything but needs to have the right mortgage broker, realtors, tradesmen, property managers, etc. A good investor knows he can't do everything alone and needs to be easy to work with and have a vision
- 4,083
- Votes |
- 6,767
- Posts
Quote from @Eliott Elias:
I see too many newbie investors get caught up with the numbers, when they should be perfecting soft skills. Ex: negotiation, relationship building, team management etc... Deals are created, not found. This is where your soft skills come in to play. This of course depends on what kind of investor you are.
What do you believe holds more value?
I think you are confusing yourself between investor and an operator. We as investor do not need to have good soft skillset, that's the manager job. For us investor as long as reward/risk analytics is good, my job as investor is only to transfer an asset class from time to time(and place) for X amount of time investment AND eventually managing risk.
I see lot of veteran investor that's much smarter than me, what they are good is actually...........critizing the operator. Soft skillset ? noooo LOL
Quote from @Eliott Elias:
I see too many newbie investors get caught up with the numbers, when they should be perfecting soft skills. Ex: negotiation, relationship building, team management etc... Deals are created, not found. This is where your soft skills come in to play. This of course depends on what kind of investor you are.
What do you believe holds more value?
These are all important skills, but they are cultivated with experience. Numbers are king and the difference between a good investment and a bad investment.
You can't sustainably invest if you're losing money.
- Investor and Real Estate Agent
- Milwaukee - Mequon, WI
- 5,431
- Votes |
- 3,886
- Posts
Making consistently good decisions. I agree that too many new investors are so hung up on their numbers and BP nation keeps telling them if the numbers don't work, it's not a deal. In my experience the numbers are always on the fringe. Maybe I am not that great of an investor, but I did not have that many home run deals over the last 10+ years. I always felt I am over paying. And then over rehabbing too. But when you look back on a portfolio, the most important thing is not how much you paid for it years ago, it is the quality (and also the quantity) of your portfolio. You can only buy the best deal a market wil give you. Or not buy a deal at all. And if you don't buy anything you are not investing.
-
Real Estate Agent Wisconsin (#82198-94)
- 262 671 6868
- http://www.OnPointRG.com
- [email protected]
agreed.
but you know what else they need?
money.
and I think a lot of new investors would be better served by building the skills you mentioned, WHILE saving, THEN investing.
- Investor
- Austin, TX
- 5,507
- Votes |
- 9,861
- Posts
Quote from @Nicholas L.:
agreed.
but you know what else they need?
money.
and I think a lot of new investors would be better served by building the skills you mentioned, WHILE saving, THEN investing.
You don’t need money.
sure - you don't need it, but new investors would be better off having it. in theory, could a new investor find a seller finance deal to house hack where the seller pays all closing costs and they're out of pocket $0? sure. will most new investors find such a deal? no.
A great skill newer investors should learn is valuing other people's time. As investors we constantly add value and don't waste time. I don't call/text/email contractors or agents without a reason. When we receive quotes for jobs I don't leave people hanging. I make a choice and FOLLOW UP. If someone needs paid I make my self available and get them paid ASAP. I agree with @Ray Hage good communication is everything.