How to be a stronger, faster, better USA real estate investorApril 1, 2016
Train to make money in the real estate game
I just finished up a long run today. I don’t love running – I love improving. Every day is a new opportunity to improve our real estate investing business and ourselves. The goal in the gym is to become a stronger, faster and better athlete. I test and measure by tracking my performance and having a coach. The real world trial is against the clock in endurance competitions like Spartan Race.
The scoreboard or time clock at the finish line doesn’t lie. They simply measure your training and execution. The same holds true on your balance sheet and tax return at the end of each year. Numbers tell the story of performance.
What do the figures in your investment property portfolio look like today? What is tracked is measured and what is measured is improvable. If you are struggling or looking to improve your real estate investing take a step back and evaluate how you are training.
Investing in real estate is a business and businesses exist to profit and grow. If you are not profiting with your current assets and you don’t have a plan to grow then you are not heading in the right direction. Don’t worry, with well-directed effort and guidance anyone can recover, profit and grow.
Real estate is a team sport. You have to surround yourself with the right industry professionals who will be able to advise you and keep you and your business on track. Struggling investors often blame the asset. The majority of time it is a human on the team who is falling short. When an athlete takes time off training they become weaker and slower. When a real estate investor does not communicate with their team and keep on eye on their assets, problems occur. Effective communication with your team and tracking how your assets are performing will keep your business profitable.
Always be learning. It takes time and practice in the real estate game to get good. Athletes may have talent but you will find that the professionals train and practice every day to become stronger, faster and better. The same is true if you truly want to create wealth through real estate. Learn from you mistakes and be thankful for costly lessons and setbacks. The painful mistakes will forge you into a stronger, faster and better real estate investor if you stay in the game and focusing on growing your portfolio.
Athletes have coaches. Who do you have in your corner? The best way to become a successful property investor is to seek out and surround yourself with other investors who have achieved what you want to achieve. If you don’t have a mentor or a business partner with more experience than you, then you must find other investors who will show you the ropes. None of the above? Hire a coach to keep you accountable and lead you forward.
Know what type of real estate investor you want to become. You certainly will not successfully run a marathon with out dedicating the time and effort to property train. First you must learn to run five miles before you can run twenty-five. The same is true in real estate. You have to buy, hold, manage and sell smaller assets before you develop the skills and confidence to become the investor who owns and manages a large property portfolio. Have a big goal and take smaller, consistent steps to achieve it.
There will be lessons in every real estate asset that you own over the course of your property business. Unfortunately the most valuable lessons will be the most painful. Temporary set backs always lead to long-term victory if you stay the course and never quit. You will never learn unless you play and you have to be in to win it.