Be A Successful Real Estate Investor - What You Need To KnowSkip Force

Be A Successful Real Estate Investor – What You Need To Know

You don’t need to have money to be a successful real estate investor.

Many people have a romanticized view of real estate investing. The reality is that being a real estate investor is not for everyone. People who may possess many of the key assets needed to be a successful real estate investor will hang it up after the first bad experience.

If you pursue real estate investing, you’ll encounter some bad experiences along the way. You’ll need to be aware of what you’re getting into and what you’ll really need for long-term success and happiness, because if you’re miserable, you probably won’t be successful. Despite popular opinions, the most important assets of a real estate investor are not cash and financial knowledge.

Here are the qualities you really need.

Thick Skin

I think the two biggest things that usually thwart a real estate investing career are stress and slander. These are, at least, my two biggest challenges. When I say slander, I really mean vilification. I want to be the good guy. I want to be fair. I want to be proud of what I do. However, in this business, you regularly run into conflict.

I recently had a situation with a contractor whom I hired to do a midsize drywall job. The short version of the story is the project went bad. After about two weeks into a one-week job, he was still not done, and he demanded to be paid more than double our contract amount. In essence, he unilaterally changed our fixed, firm contract into a time-and-materials contract.

The situation rapidly devolved to the point that I called the police to remove him from my property because he wouldn’t leave, and he was threatening to tear the drywall out. The officer showed up and treated me as if I was the villain, and the contractor delighted in informing me that the officer called me a pencil pusher.