What are the common habits of successful real estate investors?
Becoming a successful real estate investor is not a small nor an easy feat to accomplish.
In a market that is overflowing with investors, competing with other investors in the market requires you to have superb skills and enough experience to carry you down the road. Otherwise, you’ll be left behind like a broken car in the middle of the road.
Successful real estate investors know that in order to compete with other investors, they have to sharpen their skills through an ongoing process of learning and experience. To help you become a successful real estate investor, I sought the advice of renowned and successful real estate investors, agents, and professionals and asked them one simple question: What is your #1 advice for people just starting out in real estate investing?
While the answers varied, most experts agree that the best way to becoming a successful real estate investor is to always keep learning and adding on to your experience and your knowledge base.
To learn more about all aspects of real estate investing, continue reading our blog.
So, here is the advice that experts have to say to beginner real estate investors to help them grow and find success in this ever-expanding market.
Successful Real Estate Investors Learn from Their Mistakes
The #1 advice that real estate experts and professionals had to say to beginner real estate investors is to keep learning from your mistakes.
When first entering the world of real estate, most beginner investors are often too cautious and will avoid getting involved in any investments that have any sort of risk related to them. However, successful real estate investors realize that real estate investing is not a risk-free venture, and no matter how small or big your investment is, there will always be some sort of risk associated with it. This, however, should not stop you from seeking riskier and more adventurous investments.
Making mistakes when you first start out on your journey to becoming a successful real estate investor is natural. Not only that, but it is also necessary and crucial to your learning experience. As a beginner investor, your first investment will probably be the smallest that you make. This means that the amount of money that you could lose on your first investment will be smaller than the rest of your investments. Take this opportunity to experiment and acquire as much knowledge as you can to help you pave the path to success without risking much.
Seth Williams, an expert real estate investor with over 10 years of experience, says: Realize deeply, the learning potential that lives inside of your mistakes.
He went on to say: When you start taking action and moving toward your goals (making offers, talking with property owners, asking questions, discovering where the boundaries are), you’re bound to encounter obstacles, take occasional steps in the wrong direction and try strategies that don’t work. The sooner you make these mistakes, the faster you’ll learn, and as you continue to learn more, you’ll be better equipped to achieve the goals you’ve set out to accomplish as a real estate investor.
When you look at each “mistake” as a learning opportunity, it becomes much easier to take action and explore – and that’s ultimately where success comes from.
Seth’s website and blog: Retipster
So, if you’re still a beginner real estate investor, make sure to follow Seth’s advice and look at the mistakes that you make as learning opportunities and not just as obstacles in your way to success.
Also Read: Top 6 Real Estate Investment Strategies
Successful Real Estate Investors Read a Lot of Books
But your mistakes are not the only source of knowledge that is available to you. Most, if not all successful real estate investors will have read at least a handful of books throughout the early stages of their careers. Just like you can read books to learn about science, politics, or history, books are the main source of knowledge for real estate investors as well.
There are thousands of great and very informative and insightful books about investing in real estate that can help any beginner real estate investor learn the ins and outs of the business and build a base of knowledge that can help them compete in the market.
When asked about his advice for beginner investors, Xavier De Buck, a top-producing Johannesburg real estate agent, started out with a single word: Education.
On the importance of books, Xavier went on to say the following:
“If you haven’t already, make sure your personal library in your home office is filled with real estate books. I’m serious! There are plenty of real estate related books to be found at secondhand bookstores which will remain valuable, even many years down the line. As you start reading more and more real estate investing books, you will start to lean towards a couple of the top real estate authors. I’ve always been a huge fan of Robert Kiyosaki (“Rich Dad, Poor Dad” being one of my all-time favorite books!).”
But that’s not all that Xavier had to say!
Successful Real Estate Investors Take Part in Investment Communities
Xavier also mentioned the importance of networking and being a part of a community in order to grow your base of knowledge and learn from the experience of others.
On this, Xavier said:
“Become a member of a few major online real estate investment communities, as soon as possible. Not only will these be of enormous help in getting you up to speed in the world of real estate investing, they’ll become a great place to ask questions once you get actively involved in doing it yourself! And of course, it’s a very small world out there, so if you keep an open mind, you’re more than likely to meet investment partners in your area! The BiggerPockets community (and podcast!) immediately springs to mind.”
Successful Real Estate Investors Work with a Mentor
Xavier’s final piece of advice on becoming a successful real estate investor is considered by many to be the wisest move that any beginner investor can have.
Most successful real estate investors, at the start of their careers, sought the advice and help of real estate mentors who have helped them pave their way to success. These successful real estate investors eventually become mentors themselves, and they pay it forward by guiding and helping other beginner investors find the same success that they were once guided to.
On this matter, Xavier said:
“And last but not least, try to find out via your current network (academics, family, friends, work, etc.) people who they know are actively involved in real estate investing. Reach out to those people, meet up for coffee, explain your situation, real estate investment ambitions and goals, and just ask them if they like to be your mentor. More than likely they’ll either be prepared to help or know someone who might!”
Xavier’s blog: LuxuryHomesJohannesburg.com
Becoming a successful real estate investor takes time and effort. But most importantly, it takes the will to learn and grow, and the realization that this is an ongoing process that does not come to an end once you’ve learned the basics.
Whether you’re a beginner real estate investor or an experienced one, the process of learning about real estate is endless, and you will always find something new to learn about or someone new to learn from.
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