Real Estate Investment Advice...
How To Be Stupid, Ugly, Unlucky and Rich
Advice, they say, is worth what you pay for it. Except, of course, real estate investment advice. In many cases, it seems that the more you pay for real estate investing advice the less it's worth! Now, keeping in mind that this is a 'free' web page on which I am about to pass along some success tips for real estate investors, I am hoping it will perhaps be worth something to you.
I came across a book in the bookstore a few weeks back. I have always been somewhat fascinated with books about success and what makes people successful. The title of this book certainly caught my eye...
Stupid, Ugly, Unlucky and RichWhat Really Leads To Success - And It's Not Smarts, Looks Or Luck
I was intrigued to say the least.
The author is a gentleman by the name of Richard St. John. Ten years ago, Richard was a successful businessman in the high tech industry, a millionaire, and an accomplished marathon runner. By all rights he was "successful'. But it wasn't until he was seated on a plane (10 years ago) next to a teenage girl who asked him the question...What really leads to success?
St. John didn't have an answer.
It was this simple encounter with this young girl that was the catalyst for this book/project. Over the course of the past ten years he interviewed over 500 successful people, ranging from Martha Stewart, to Quincy Jones, to Russell Crowe. After analyzing all of the interviews he settled upon
The Top 8 Success Factors
(and excellent real estate investment advice)
Now, before I lay these 8 factors out for you, you may be wondering what this has to do with real estate investing. Well, a lot as a matter of fact. When I read through these 8 factors and related them to my own real estate investment experiences and successes over the years, it really hit home just how on the money Mr. St. John is.
Here are the 8 factors and how they relate to becoming a successful real estate investor.
"If you want to get rich, put passion at the top of your list and money at the bottom," said St. John. The real estate investment advice I give out most often, especially to people interested in commercial property investment is, you must have a passion for it. Sure you want to get rich from it, but if you don't have the desire and passion for it you likely won't stay with it long enough to be successful. Remember, investing in real estate is not like investing in the stock market. Ie., it is not typically a passive investment.
St. John discovered that his subjects weren't workaholics but rather "workafrolics". "If you're not having fun, you're doing it for the wrong reasons," says one of the interviewees, Jay Chiat, co-founder of Chiat Day Advertising. Successful real estate investors aren't lucky. They work very hard to create their own luck. If you are planning on being a part-time investor, as most people are, it will take a lot of work and dedication on top of all of your other responsibilities.
Don't be a dabbler. "A lot of people don't focus, they dabble," said St. John. All of his subjects were great at one thing, and focused intently on that one thing. People who "dabble" in real estate investing usually fail. Period.
You must push through obstacles, both mental and physical. Real estate investors are entrepreneurs. Successful entrepreneurs must push through obstacles, and you will encounter many obstacles in the investment real estate game.
Ideas light the way to success so "write them down," says St. John. "If you don't write them down they will fly away never to return. Whether it's E = mc2 or pick up milk."
"The best chance you have to be successful is to put your nose down in something and get damn good at it," Alex Garden, chief executive officer of Relic Entertainment advises in Richard's book. That makes for some sound real estate investment advice as well. There is a lot to learn, and keep learning, in the real estate investing business. The more you educate yourself, the more successful investment property deals you will do.
On the topic of education, I recommend that this is where you start. You must have a solid grasp of the fundamentals of real estate, and then build upon that foundation. Spend a few weekends in your public library, or check out some of the good online courses. Here is one that focuses on getting started in apartment investing.
The real estate investment business is a service business like any other. Whether you are renting apartment suites to tenants or developing land and selling new homes, ultimately you are serving people.
"Persist through time, persist through failure and persist through crap," says St. John Again, sound real estate investment advice. I can guarantee you that as a real estate investor you will face some tough times. Things won't always go according to your real estate investment business plan. The answer is to persist.
Investing in real estate has arguably made more people rich than other investment vehicle. (Or at least it is certainly up there.)
There is no reason why you can't be successful if you follow the 'real estate investment advice' above.
But if you think that you can forgo any of the above 8 factors you are likely setting a course for disaster. As I look back over my 15 years as a residential and commercial property investor it is easy for me to see the importance that each of the 8 success factors played in my success.
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