One of the things I love and admire about our country is that anything is possible. Now it took me a couple of decades to learn that it’s a lot easier to accomplish “anything” if you
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are passionate about “anything”
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have some of the natural gifts (skills and characteristics) to accomplish your “anything”
How do these things relate to becoming a successful real estate investor? Let’s take a look.
Passion to Be a Real Estate Investor
Passion can take various forms, here are just a few:
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Love taking the old and make it new. Perfect for a fix and flipper
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Love the art of hunting down a deal. Perfect for a wholesaler
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Love creating decent housing for individuals or families. Perfect for a Landlord
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Love the ability to write your own ticket. Perfect for a real estate investor
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Characteristics of a Real Estate Investor
What characteristics does it take?
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Teachable and coachable. Are you willing to say you don’t know it all and seek out those who have more experience than you, and listen? As the Director of Real Estate Education for OTA I often sit in class with my instructors to observe, and even though I’ve been investing for 25 plus years I always learn something. The ability to take direction (be coachable) is also very important.
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Being able to make a decision and take action. There is a balance here. There is a process that needs to be followed, of due diligence, analyzing and then pulling the trigger. That last step is the hardest but the most important.
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We laugh about the carrot on the end of the stick but it works to control a donkey or pig. If they didn’t like carrots, it wouldn’t work. So you have to know what your carrot is and answer the question, Will real estate investing help you get your carrot?
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A Great work ethic. You have to be willing to put the time in when it’s needed, solve whatever problem there may be, and do what it takes.
What Skills Does It Take To Be a Real Estate Investor?
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Having the right tools and knowing how to use them to make an informed decision.
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Communication – the ability to talk to people you don’t know and make them feel comfortable.
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Seeing what is possible – not just what is.
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Understanding how money and budgets work.
There are more skills and characteristics I could list and some may fit you and some may not. The only thing you really need is the desire and willingness to learn and make things happen. If you don’t have some of the skills you hire people that do – that is why we help you build your team, so the team can fill in the gaps. If you aren’t good at pulling the trigger, find someone that is assertive and take them as a partner. If you are clueless about setting budgets or how to analyze a property, take an OTA Real Estate Class and find out how cool and easy our tools are to use.
Where there is passion and will, there is a way.
This content is intended to provide educational information only. This information should not be construed as individual or customized legal, tax, financial or investment services. As each individual's situation is unique, a qualified professional should be consulted before making legal, tax, financial and investment decisions. The educational information provided in this article does not comprise any course or a part of any course that may be used as an educational credit for any certification purpose and will not prepare any User to be accredited for any licenses in any industry and will not prepare any User to get a job. Reproduced by permission from OTAcademy.com click here for Terms of Use: https://www.otacademy.com/about/terms
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.
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