Investing in property is a tested and proven way to get ahead and reach your financial goals. In fact, the large majority of todays millionaires and billionaires are in the position they are in thanks to real estate.
So what exactly does it take to be a successful real estate investor?
Whilst we are all unique and come from different cultures there a number of common personality traits which go along way in ensuring success. These traits are found in successful people in not just real estate but across almost any industry you can think of.
In order to buy your first property you will need a deposit or what is commonly referred to as a down payment. Depending on your location this can be anywhere between 5-25% of the property purchase price. Now, unless your a one of the lucky ones, this is something you will need to save for over a period of a number of years. With all the spending temptations being thrown at us every day the act of saving money requires strong discipline as well as continued commitment.
Knowledge and a clear set of goals
The old saying ‘knowledge is power’ is definitely true when it comes to investing in the property market. Having the required market knowledge along with clear set of goals will make the entire investing process much easier and ensure you invest in exactly the right kind of property. Not doing so can not only set you back years but also be very costly due to costs associated with purchasing and selling of property.
Plan for the unexpected and have a plan B
Things happen and as much as we would like them to, they don’t always go to plan. Whist this is something we cannot control its certainly not say its something cannot prepare for. A successful property investor always has a plan B and usually a plan C and D. Being prepared means that if and when things don’t pan out as planned they are equipped to adjust and alter their position to ensure they continue on their path of reaching their goals.
Becoming successful at anything including real estate isn’t necessarily easy and does come with a wide range of challenges. However, adapting these 3 traits will ensure you are well on your way to success in real estate or else.
December 15, 2016