Is Real Estate Investing For You?

This topic may sound harsh to many of you. If you are new or thinking about starting a profession as a real estate investor it is a question that you must ask yourself. It is important to find out now, rather than later so you won’t waste your efforts, time and money. My goal here is not to scare you, it is to help you be successful in life. Do you have what it takes?

We all have our own unique reasons why we want to be involved in this business. Among the most popular choices are “being your own boss” , the possibility of “financial freedom”, and having your own TV Series (hey you never know you may be the next Donald). Many are attracted to this business for the simple fact that real estate investing has made more millionaires than any other business in history. Ask yourself; What are your reasons?

Real estate investing is not a shortcut to wealth, despite what many of so-called “Gurus” say. They will motivate you to buy their books and tapes, go to their “Rah Rah” seminars and the only ones building wealth are them. In this profession, that I love and I am pationate about, to be successful you must have:
• Patience
• Persistance
• Faith
• Desire
• Specialized Knowledge
• Self-confidence
• Imagination
• Organization
• Courage

Over the last 18 years, I have seen many people succeed and fail in real estate investing. I will share with you the traits that would indicate to me that a person is not ready for this profession:
1. They want to know “every single detail” on how to do something, before they do it. Some of them become part of the elite group of “Real Estate Investing Book Investors”. They invest in books about real estate investing for months, even years and do nothing since they will never know every single detail of a transaction.
2. They are easily influenced and let others inoculate fear serum in them.
3. They are pessimists and see nothing but pitfalls to real estate investing; “But what if…? Or I don’t think I can…?”. Remember the wise words of Napoleon Hill “Whatever your mind can conceive and believe it can achieve” This applies to success and failure. Another person once told me “You find what you are looking for”, if what you are looking for is the way that a real estate transaction does not work, you will find it.
4. They lack commitment to make personal sacrifices to reach their goals.
5. They are the type of person that waits for “things to happen”, instead of taking control and making things happen. They let others or outside factors dictate their lives.
6. They expect overnight success and quit at the first sign of difficulty.
7. They are afraid of competition. (Let me give you a hot tip: You are not the only real estate investor in the United States, nor your state, nor your city)
8. They do not commit to learning and applying what they learn. Knowledge by itself is just potential power. The only way we convert our knowledge into wealth is by applying what we have learned.
9. They refuse to give up hobbies and time-wasters in order to succeed.
10. They are easily scared by the big numbers of real estate investing.

My advice to you is to take a hard and honest look at yourself and the question I posed here. If, after consideration, you answer yes, then welcome to the club!. Invest in yourself and your business every day and never give up your dreams.