4 Habits Newbie Real Estate Investors Should Adopt for a Successful 2016

16

I still get hit up all the time by people wanting to complete their first deal. Wholesaling it simple but not easy. You need a motivated seller and a motivated buyer — and BOOM you are picking up a check. I know I make it sound easy, but it’s not. There are details that need to be attended to that have been mentioned on BP countless times. I recommend doing a search of the blogs and forums to learn more about the details. But to have a better 2016, I will talk about things that are not always mentioned but that I think are needed.

The 20 Best Books for Aspiring Real Estate Investors!

Here at BiggerPockets, we believe that self-education is one of the most critical parts of long-term success, in business and in life, of course. This list, compiled by the real estate experts at BiggerPockets, contains 20 of the best books to help you jumpstart your real estate career.

Click Here For Your Free eBook!

4 Habits Newbie Real Estate Investors Should Adopt for a Successful 2016

Write down your goals.

This is very important. For example, if you want to get your first wholesaling deal, write down, “I will complete six wholesaling deals.” I actually got that from a self-help book — a good way to lay out your goals is to start them with “I will.” Some say that you should write them down as if you’ve already completed them. I personally think you should do whatever sounds most motivating to you. The most important thing is just writing them down. Once you write them down, be sure to hang them somewhere you look everyday. Don’t stuff them in the back of your drawer. It’s no good there; you must remind yourself of the road you want to travel.

underwrite-multifamily

Get familiar with the concept of time management.

I learned the importance of time management five years ago when I decided to go back to grad school. I quickly learned that if I wanted to pass my classes in grad school, I would have to invest the proper amount of time. Instead of sleeping and wasting time on the weekend and after work, I had to allocate my time properly to get desired results. After getting better at time management in grad school, I eventually dropped out; however, when my real estate dreams became concrete goals, the transition became much easier. I allocated my time properly, which eventually led me to owning a six-figure-producing real estate business.

Related: 10 Seemingly Harmless Habits That Sabotage Ambitious Millennials

Practice daily sacrifice.

Sacrifice is very important to consider when starting your real estate business. There is not a wealthy person out there who does not understand sacrifice. Sacrifice could be anything that is not helping you get closer to your goal. I personally cut off cable, stopped listening to music in the car and stopped partying. I replaced TV with reading, music with podcasts and partying with real estate groups. You have to give up what you’ve got in order to get what you want. If you want more, you have to be willing to do more. Change is scary at first, but sometimes it needs to be done. Don’t focus on how change looks right now; focus more on the goal.

Related: 5 Habits of the Wealthy That Helped Them Get Rich

Learn to manage your money.

The best time to learn about money or money management is when you have no money — just like the best time to prepare for an opportunity is when you have no opportunity. This is a key component to progressing through life in general, not just real estate. You do not want to be one of the people who as soon as they get a $6k check, it’s gone two weeks later not because of bills but because they splurged on some items they could’ve gone without. These people stay on a treadmill that keeps on spinning even though they work for themselves. They are never able to progress due to the fact that they always are in need of a check. I always want a check, but I am not in need. There’s a big difference.

tenant-owe-money

In conclusion these are basic items you will need to implement to be successful in 2016. These might be the missing components that you need to complete your first deal. And of course this is assuming that you know what you need to do to get deals. If not, search on BP. Most importantly, you have to take action. The more serious you get with your actions to get to your first deal, the faster it will come. Always remember, those 100-unite empires were not built in a day. That took a lot of time and sacrifice. We all want the end result, but we do not want to put in the much-needed work. In 2016 try these things and take action toward your goal.

Investors: What would you add to this list?

Let me know with a comment!

About Author

Nasar Elarabi

Nasar is a corporate failure who was saved by Real Estate. Nasar is now a Wholesaler, Rehabber and Landlord in the Charlotte area. Nasar may have just barely graduated college but can flip a house like an acrobat. Nasar's work can also be found at RealEstateDoru.com.

16 Comments

  1. Mike Collier

    Great article! I especially like the part about daily sacrifice. As Brandon has said, a few minutes a day on BP can change your life. Most times it’s not about how much you do as much as it is about doing whatever it is consistently.

  2. I would like to add role model and positive mindset. If we have role models in business, their biography can be inspirational for us. Also, we should not feel jealous of wealthy investors, instead, it is better to learn from them and hope to be one if them one day.

Leave A Reply

Pair a profile with your post!

Create a Free Account

Or,


Log In Here

css.php