What single habit has contributed the most to your success?

Rental Property Investor · Pittsburgh, PA · Member since 2018 · 142 posts · 55 votes

Alright so I'm sure there are a lot of good complete systems/programs that people have developed but if you had to choose one single thing you do that has the biggest impact on your success, what would it be?

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Steve Vaughan

Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes

A strong why.

I'd had it with the status quo. The commute. Corporate apathy. I needed freedom!

The strong why for me provided tenacity and perseverance no matter what. Ask yourself why you want this 7 times to find your true why.

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Bill McCafferty
Real Estate Investor · Coatesville, PA 19320 · Member since 2011 · 108 posts · 178 votes
7y
LFDA.
Laser Focused Daily Activity.
That's the magic formula.
3 Reply
Keith A.
Rental Property Investor · TX · Member since 2019 · 236 posts · 392 votes
7y
I pray day and night. And I don’t invest so I can drive fancy cars and smoke cigars. My husband and I (yes I’m gay and conservative) live humbly, and live in a house that is smaller than any of our rentals. Our tenants live better than us! The key for me is Jesus and remaining humble. Without Him I have nothing.
5 Reply
Account Closed
MD · Member since 2018 · 195 posts · 53 votes
7y
Originally posted by @Account Closed:

Alright so I'm sure there are a lot of good complete systems/programs that people have developed but if you had to choose one single thing you do that has the biggest impact on your success, what would it be?
I am a newbie, haven't bought a single investment property yet. I speak more like an outsider in RE, and my opinion is based on my general understanding of a bigger picture and lifetime of observation of things around me.
If you ask of technical side, I would say what you pay for investment property will decide the outcome of your project. Buy it for 60% of AS IF value, and you can probably wholesale it, you won't even need to rehab it. Rehab it, and you will make even more money. And if you are unlucky and buy it just before market crashes, still you should not be ruined. Because houses are unlikely to lose 40% of the value even if we have another Great Recession tomorrow. During the last housing bubble national medial price fell only by 6%, and only few markets took a hit of 13% to 20%. So, get the house for 70% or less of AS IS value (or 70% of ARV minus repair costs), and you should be Ok.
But above is just a math, the numbers, the logical side of it. Social interactions (of which any business is inseparable part of) is more than just about a drawing board, numbers, planning on the paper and executing your goal. We are collectively animals. Imperfect biological machines with all the passions, desires, fears and destructive, irrational behaviors of animals we observe in the nature. Things like your likability, manners, appearances can and will play great role in how well you do in this or any other business. Tone of your voice, choice of words will determine if the person on the other end of the phone will want to have more than 30 seconds of conversation with you. If that person happens to be the owner of the house, a subtle difference can make a difference between closing a deal or getting cursed for unwanted marketing call.
And to one or another degree this same pattern of interaction will follow you anywhere you go, be it a networking meeting, conversation with the lender, a realtor , an attorney and so on. More people like you, the greater your chances to have them cooperate with you and facilitate things along the path. Opposite will happen if you don't fit the mold and are not the type that most people would want to do the business with. To make things worse, this may have nothing to do with your true intentions or with what type of human you are. It has a lot to do with perceptions. And, in my personal opinion, your people skills (ability to deal with others) is of greater importance than your math skills and ability to figure things out in the drawing board. Because if those around you don't work with you , you will accomplish little even if you have brains of Einstein.
And if you have both people skills and a level head on your shoulder, well, then sky is the limit. Those are the types who boast of building a portfolio of 200 houses from $20,000 initial cash investment in a matter of 3 years.
Good luck!
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Brian Bradley
Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes
7y
@Steve Emling grit, tenacity and gumption. None of the words I have used to describe myself, but used to describe me by others. But it’s how I’ve gone about my life and career. With a laser focus!
1 Reply
Jonathan R.
Investor · Wichita, KS · Member since 2017 · 584 posts · 813 votes
7y
Repetition.
1 Reply
Robb Werner
Flipper/Rehabber · Columbus, OH · Member since 2018 · 51 posts · 22 votes
7y
Definitely persistence.
1 Reply
Taylor Eldredge
Flipper/Rehabber · Dallas, TX · Member since 2016 · 12 posts · 4 votes
7y
Do what you say you’re going to do. Whether it’s to yourself or to others. Just keep it simple and do what you say you’re going to do.
1 Reply
Eric Schultz
Investor · San Diego, CA · Member since 2016 · 265 posts · 305 votes
7y
Consistent effort each day in the direction of your goals. Avoid shiny object syndrome. It starts with mindset and your strong “why”, but nothing comes to fruition without taking action.
1 Reply
Jaron WallingPro Member
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
7y
@Jim K. What you said about taking after your father hit hard. I'm struggling with this. My Dad didn't like my first property and told me not to buy it. His fear about money and risk are blinding my investment goals.
3 Reply
Scott JensenPro Member
Financial Advisor · Blaine, MN · Member since 2014 · 478 posts · 387 votes
7y
Sitting down with my wife every month and deciding on our budget for the following month. Even while our income was pretty low we were able to accomplish a lot by being diligent with our spending. Now, we've been married for 11 years, have 11 years of budgets we can look back on, and very rarely fight/argue about money.
1 Reply
Ellen Dempsey
Rental Property Investor · Netherlands, Amsterdam · Member since 2019 · 17 posts · 7 votes
7y
Persistence. You gotta keep going and try hard even if things at first don't work out the way you want them to. Success will find you working :) And I would also say that it's crucial to be open to new ideas and strategies. The world is changing very fast, and we have to be responsive to change.
2 Reply
Scott Morongell
Investor · Charlotte, NC · Member since 2017 · 791 posts · 479 votes
7y
@Account Closed surround yourself with the right people. We've all heard it, you become the sum of the 5 around you most. Well, it's true. Get involved and create a layer of insulation with people who are climbing the same hill as you. Oh and getting out of your own head is very helpful. Most people are actually scared of success. Let that sink in...
1 Reply
Lacee Beitler
Rental Property Investor · Pittsburgh, PA · Member since 2016 · 60 posts · 38 votes
7y
@Steve Emling Keep showing up!
2 Reply
Gina SternPro Member
Investor · Boca Raton, FL · Member since 2019 · 1k+ posts · 161 votes
7y
@Account Closed The Only Thing Failure Can't Deal With Is Persistence
When I first started it took me 18 months to get my first deal....crazy...but worth the wait.
[email protected]561-430-2616
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Mike Taravella
Rental Property Investor · Knoxville, TN · Member since 2017 · 160 posts · 107 votes
7y
Hello @Account Closed
The biggest thing that has impacted my success is changing my mindset from "I can't" to "How can I?"
This has been primarily due to all the great people on here so cheers to everyone on here being proactive and helpful!
3 Reply
Glenn F.
Rental Property Investor · Virginia Beach, VA · Member since 2014 · 41 posts · 9 votes
7y
As everyone can see with all of these posts, everyone is different. What works for one might be different for another. That's why you can read 100 books and there will be 100 different opinions on why that way is the best.
*Find what works for you* and put it into action!
1 Reply
Josue Vargas
Real Estate Agent · San Antonio, TX · Member since 2017 · 814 posts · 466 votes
7y
@Account Closed
I love to just drive through neighborhoods and explore/compare properties. That gives me an idea of what to look for or where not to look. That way you are not just very familiar with your area, but you know what is worth it or not, and what areas are worth your REI model, so you don't speculate or spend additional time.
Driving is fun, looking at properties on your computer with "photo shop pictures" is boring.
1 Reply
Mike G.
Real Estate Agent · Las Vegas, NV · Member since 2016 · 589 posts · 275 votes
7y
@Account Closed
there are many things that contributed but if i had to claim just one as the holy grail to set a blaze the road that leads to success it is simply this. . .
the ability to take action
2 Reply
Jack Martin
Specialist · Scottsdale, AZ · Member since 2014 · 626 posts · 700 votes
7y
@Account Closed kudos for a great thread! I would echo a lot of what has been mentioned here and wanted to offer a little broader perspective.  Consider there are some fundamentals that are important to have in place before any one thing can have the impact it is capable of.
Belief.  When you begin each day with the belief that what you are focused on will happen, it allows you to be creating during your day. Lack of belief invites worry, concern, anxiety, fear, etc. and that is not a fun way to live a life.
Direction. When you know exactly what your target is, it's easier to ignore the noise around you and stay focused on the goal. Lack of clarity here just invites constant distraction.
Action.  With those established, the daily ingredient becomes consistent action. If you believe in what you are doing and you are crystal clear on the direction you want to go, then it is just a matter of taking that daily step.
2 Reply
Christopher Lombardi
Developer · Point Pleasant Beach, NJ · Member since 2015 · 303 posts · 216 votes
7y
@Account Closed Persistence. You have to put in offers and reach out to owners non stop. It doesnt matter what market you are in or what part of the market cycle. You will find good deals if you are persistent enough.
1 Reply
Mark H.
Investor · Grapevine, TX · Member since 2014 · 88 posts · 75 votes
7y
Originally posted by @Gina Stern:

@Account Closed The Only Thing Failure Can't Deal With Is Persistence
When I first started it took me 18 months to get my first deal....crazy...but worth the wait.
This! I also looked for a year and a half for a deal. I started in early 2009 looking in Vegas, but banks were unresponsive to offers I placed for their foreclosures. Later, I switched to Phoenix and same story. Later I looked in cities in my region, but banks insisted to sell foreclosures to primary occupants. In the summer of 2010 I was tired, discouraged and about to give up, and as I was taking a walk outside my house in the evening, I noticed just around the corner from my house a big new sign that said "For sale in public auction" - that's the first one I bought! How ironic that after trying so hard out of state, I ended up buying a great deal just a few hundred feet from my own home... that was the beginning of my journey, but persistence really paid off.
2 Reply
Chris LumLee
Investor · Honolulu, HI · Member since 2017 · 187 posts · 108 votes
7y
The desire to improve your life. You have that, then you can carving out your path forward.
1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Zach Cummins:

@Steve Vaughan You will find freedom in Wenatchee, Washington! beautiful area!
no kidding successful real estate investor living in one of the best kept secrets in America.. and no state income tax.. one of these days watch out
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
3 Reply
Michaela G.
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
7y
Doing it my way, instead of following the crowd. And listening to my intuition.
2 Reply
Account Closed
Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
7y
@Steve Emling Waking up early and making my bed. It sounds stupid, but it sets the tone for the rest of the day. When the alarm goes off the “loser” inside me wants to sleep in. When I get up I start my day off with a win. I believe self discipline is the key factor that differentiates successful people from average people.
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