1. Lifelong Learning
Some people have a hunger for further knowledge. They read books in their free time and they ask questions constantly. Does this describe you? If it doesn’t, you might want to make it a habit if you’re going to succeed in real estate investing. If you aren’t already devoting regular chunks of time to educating yourself about real estate investing, try to spend at least a half hour each day reading real estate articles or books.
You can start today by reading free, online articles like this one! When it comes to a big and complicated topic like real estate investing, there’s ALWAYS more you could learn. Be a sponge. Soak up as much knowledge as you can!
2. Keeping Good Records
Keeping thorough, well-organized records may not come naturally to all of us, but it’s important to know your financial situation inside and out. That means updating your rent rolls, keeping your financial records in order, being aware of details like refinance opportunities and accelerated pay-offs, and more.
If you aren’t financially savvy or you find it impossible to keep everything sufficiently organized, then hire accountants and CPA to do the work for you. But that doesn’t mean the responsibility is off your shoulders—even though they are doing the heavy lifting, you’ll need to stay informed by looking carefully over the reports and updates they send you.
3. Constantly Seeking Opportunities
A successful real estate investor always has an ear out for potential properties, even if they aren’t in the market for a new property at the moment. It’s all too easy to get into the habit of ignoring opportunities. Then, it becomes so much harder when you’re actually looking to purchase a new property. If you stay in the habit of keeping your eyes and ears open, you will be able to snag the right opportunity when it comes along.
There are two additional benefits to constantly seeking opportunities: you learn the market better (this goes along with the first habit on the list, lifelong learning!) and you also prove to others (such as banks and other investors) that you’re a serious contender in the local real estate market.
4. Keeping Goals in Mind
No matter the profession, success comes from figuring out your overarching purpose and then chasing after it. What’s your end goal in all of this? Don’t be generic, be specific when you set goals. Is it something tangible, like being able to retire within X amount of years and spend entire summers walking on the beach and soaking up the sun? Is your goal to be able to put all your kids through college and still have money left over? Whatever your goals may be, they should always be in the back of your mind. You will always perform better if you’re always thinking of the overarching purpose behind all of your hard work.
If you haven’t set specific, tangible goals, do that right away. Then get into the habit of thinking about them, especially when times get tough (and they will).
Do you have any more important habits to add to this list? What habits do you need to work on in your own life? Let us know in the comments!