Sorry for the delay in getting this lessons learned post about the BiggerPockets Real Estate Summit, but I took a trip through the North Dakota oil patch after leaving Denver and was overwhelmed with the possibilities!
As I look back at what a great experience participating in the BiggerPockets Summit was, I keep coming back to the recurring themes that I heard during almost every presentation and in almost every discussion I had the good luck to participate in. In fact, it was hard miss these “themes” as they appeared to be the essence from which all of the established and successful real estate investors were operating from!
Whether you are already in the trenches moving forward achieving great success as an investor, or are just getting started, I firmly believe that by embracing these themes you will move toward continued and sustained success. And, why not? The fastest way to success is to follow the actions of those who are already succeeding!
Critical Themes Present Around Successful Real Estate Investors
Successful real estate investors . . .
1. Prepare themselves for SUCCESS. Investors know that their success requires vast amounts of learning. They know that they must spend time and effort “learning” prior to jumping in and they must be willing to participate in every learning opportunity available to them. The next BiggerPockets Summit would be a great investment on your part.
2. Embrace their SUCCESS. Real estate investors have conditioned themselves to accept that they are worthy of success and that their success not only helps them, but also directly and indirectly helps many others as well.
3. Have learned the art of overcoming their FEARS. Successful investors know that they will need to take educated risks and make decisions which are new to them. They are unwilling to listen to their “mind-chatter” and know that getting out of their comfort zone is essential. These same investors have learned to take risks with certainty, overcome their fears, tune-out their mind-chatter and move forward having full confidence in their plan and their abilities.
4. Believe in ABUNDANCE. Every successful investor knows that their success is not a zero-sum game — a game where others must lose in order for these investors to succeed. These successful investors believe that there is vast never-ending abundance fueling their success and the success of others as well.
5. Real estate wealth is not a “Get Rich Scheme”. Successful investors realize that with proper planning they will get “rich” investing in real estate. Yet more importantly, they know that the process of obtaining wealth through their real estate “entrepreneurial” efforts requires discipline and it won’t happen overnight.
6. Have a clearly written set of GOALS. Their goals are S.M.A.R.T Specific, Measurable, Attainable, Realistic, and Time-based. These same investors not only know what their goals are, they have them written down, and they recite them everyday without fail.
7. First become an EXPERT in a single area of investing. Successful investors know that learning the ropes by becoming an expert in at least one real estate investment area will get them to their goals via the shortest path possible. These areas may include wholesaling, rehabbing and selling to homeowners or investors, holding properties as rentals, etc.
8. Have a success FORMULA. Our successful investors have spent substantial time and effort to develop a formula for achieving their success in real estate. This formula considers amongst other things local market conditions, their knowledge and abilities, their financial resources, and their risk tolerance.
9. Know the value of building a TEAM. This team made up of lenders, realtors, attorneys, contractors, property managers, and others allows the successful investor to focus their efforts on finding quality deals and more rapidly achieving their goals.
10. Know the value of STRATEGIC PARTNERSHIPS. They have learned that not every partner is a bad partner, and if chosen with care strategic partnering can be one of the quickest methods to achieving their goals.
Bottom line… have you embraced similar themes for your business? If not, what are you waiting for?
Photos: Dave Bowden, Julie D.