Have you ever wondered what it takes to become a successful investor?
To own multiple assets that pay you. Seems like a dream right. This unobtainable thing that only smart and rich people know how to do right?
There are 7 traits that all successful investors have, and they may surprise you.
When you think property, you think money, strategy, growth, capital, taxes and so on. But they key that brings them all together is mindset.
Now I know you’ve probably heard the word “mindset” pop up in many conversations within the property industry and there’s a very good reason for this because if you want to create financial freedom through real estate then you must have the right mindset
So let me share the 7 traits of a successful investor so you too, can become successful.
1 – Patience
If it were easy, everyone would be doing it right?
In a world where instant gratification is an indication of success, and get rich quick schemes are everywhere, in property, we play the long game, so patience is important.
The reason why most people are not successful is because they lack patience. They don’t want to wait for their investment to grow. They want to skyrocket their wealth in days and weeks, some even become discouraged within the first 24hours!
Look at the most successful people you know, there is no such thing as an overnight success. It takes years and years to build real sustainable wealth. I guess you could say, the best way to predict a successful investor, is by looking at how patient they are.
You can have the most incredible product, with millions and millions of dollars supporting you but, if you don’t have patience, nothing else will matter.
2 – Keep focused on your goals
On one hand I’m encouraging you to be patient and on the other I’m telling you to keep focused on your goals and whilst focusing on your goals, you may become a little impatient.
Other investment opportunities will compete for your attention and there will always be shiny new things tempting you and as NFL Star Jerry Rice once said, “today I will do what others won’t so tomorrow I can accomplish what others can’t”
If you can remind yourself about all that you have to gain by staying disciplined and patient, you will find it easier to ignore those short-term temptations.
3 – Keep emotion separate
I live, eat, and breathe real estate. I learn as much as I can, talk about property everywhere, and I’m constantly reading, attending events and so on. I can literally spend hours upon hours a day surrounded by property.
That’s how passionate I am!
But when it comes time to invest, I put my emotions aside.
Because buying a home is an emotional decision and buying an investment property is a strategic decision.
Warren Buffett once said, “Investors should remember that excitement and expenses are enemies”, and that holds true in real estate. You won’t succeed if you throw money at opportunities when you “feel” great and the markets doing well, then immediately try to get out of the deal or sell your property the moment things take a turn.
Becoming emotional is sometimes understandable. It makes us human. But letting those emotions influence your decision making in property can and will cost you.
4 – Never stop learning
When it comes to investing in property, the more you know, the more opportunities you’ll have, and you’ll see opportunities that others can’t.
I’ve spent thousands of hours and dollars in my learning to become an expert in my field, and as you become more and more successful, you’ll become more curious. You’ll begin to look forward to learning even more because now you have first hand experience.
It’s when you start out that it can sometimes be difficult because there’s so much information out there.
My best advice, find someone who is where you want to be, and do what they do.
5 – Be an Action-Taker
Many would love to enjoy the freedom and benefits of becoming a property investor, however they won’t because they don’t take action!
I’m not saying to empty your life savings and buy a property right now. It can mean, reading that book, attending that webinar, educating yourself or even speaking to a consultant to understand where you stand so you can create a realistic plan to enter the market.
As a wise man once told me, how do you learn to swim? By reading about it, or by jumping in the water? So, jump in.
6 – Know bad advice
This may seem self-explanatory but when you’re just starting out, you’ll be bombarded with information, and bombarded with bad advice, you just don’t realise is yet.
As Tony Robbins has said, there is definitely a relationship between making mistakes and success, however that doesn’t mean you shouldn’t do your best to avoid it.
Be weary of these red flags:
- It sounds like a get rich quick scheme
- They lack credentials and experience
- They can’t offer testimonials or success stories to prove results
- They don’t use their real name or show their face
As time goes on, spotting bad advice will become second nature, the same goes for ignoring it and staying focused on your goals.
7 – Ignoring the detractors
Some in your support circle may try to convince you that making money in real estate isn’t right for you.
That’s not to say they don’t have the best intentions at heart, they probably do, but that doesn’t mean they’re right.
Unless they have more experience in creating freedom with real estate than you or the person you’re learning from, then you should probably ignore their advice.
Once again this comes down to remaining focused and being confident in your path because if it were easy, everyone would be doing it, but it takes a huge level of self-confidence, focus and discipline to be successful and that’s why we do what we do.
With over 10years experience, countless testimonials and over 750 lives changes, we not only have the experience, but proven results and we help all our clients create that successful mindset then guide them through their property investment journey.
When considering an investment property with positive cashflow, it is important to make sure it is suitable to your specific financial goals and objectives. Remember to do your due diligence and if you need advice, JR Prosperity Partners can help you decide if this is the best strategy for you. Contact us today on 1300 522 562 or email: email@example.com .