What does it really take to become a successful real estate investor?
Unfortunately, there aren’t any magic pills for lasting overnight success. There aren’t too many shortcut hacks that you can replicate again and again to (legally) make a significant amount of money. But on the bright side, it really doesn’t have to be that outrageously difficult either. The reason that so many self-help, motivational, and real estate books fail to truly deliver new secrets or fresh information is that the real keys to success in real estate are small, often daily actions and habits.
“Lose 600 lbs in 6 minutes a day for 6 weeks” sounds like a far more exciting type of claim than 10,000 hours to achieve mastery in a field. But what’s the reality of getting and staying in shape? Consistent positive daily actions. That’s what makes world class athletes. The same applies to real estate investing. So what are some of the daily habits you can adapt to level up as an investor?
Download Your FREE copy of ‘How to Rent Your House!’
Renting your house is a great way to enter the world of real estate investing, but most first-timers (understandably) have a lot of questions. Fortunately, the experts at BiggerPockets have put together a complimentary guide on ‘How to Rent Your House’. All the skills, tools, and confidence you need to successfully rent your house are just a mouse-click away.
The 6 Non-Negotiable Habits of Elite Real Estate Investors
One famous trainer said that the only thing that will make a difference between where you are now and where you will be in five years is the books you read and the people you meet. Look at the success habits of any notable person throughout history, and you’ll find books a big part of that.
Leaders read. It is said that the top CEOs in America read on average 60 books a year. Reading goes a long way. Just think, someone puts their whole life’s experiences into a book for you to read. There is so much you can pull from their knowledge and so much to read if you want to keep up with the leaders.
All of the science shows that getting sufficient sleep is critical to great performance. I know that I still struggle with this one, but it’s true. Bodybuilders know that your muscle gains only actually happen on rest day. Without enough sleep, your brain automatically switches to survival mode and sees things more negatively. Get your sleep, and you’ll be more productive and happy — and you’ll make bigger leaps.
3. Give a lot of value.
Give, give, give. But most importantly, give without any expectation of getting anything in return. Don’t expect it. In fact, if you expect not to get anything, you’ll enjoy giving of yourself even more. Share your knowledge, time, and resources.
4. Take time to think.
It’s really tempting just to rush into action and stay busy all the time. Action is necessary. Yet sometimes we get so much into the grind of things that we have to take a step back and think big picture. The big advances come by thinking better, asking better questions, and identifying the solutions, not just slogging away. That’s why CEOs get the big paychecks, not the brick layers.
Sometimes we all need a time usage checkup. Have we been using our time to its maximum potential? Or have we been acting out of fear and refusing to delegate tasks? Don’t forget the 80/20 rule. Eighty percent of the results are created by 20% of your activities. Every year, take time to identify that top 20% of tasks — and delegate the rest. Among the 20% retained should be taking time out to think and strategize every day.
5. Connect with 10 new people.
If you simply connect with 10 new people each week, you’ll have more than enough leads to fulfill all of your real estate goals. Ten a week is 520 a year. Eventually, some of those contacts are going to need to buy, sell, rent, or invest in real estate. Keep this up, and you may never need to do any other marketing.
6. Keep your goals handy.
Keep your goals handy. I wake up and write my goals down, I carry them in my wallet and look at them through the day, and I rewrite my goals before I go to sleep. Everyone is a little different. For some, it is just reading their goals. For others, it is using vision boards. Find your best way and lock it in every day.
Which of these habits do you already practice in your everyday life? Anything you’d add to this list?
Let me know with a comment!