The first step to making real estate investments is to consider whether or not you’re ready to become an investor. Although anyone can become an investor, great investors typically share some traits:
• Planners. Great investors put time into planning their investments. They consider carefully which investments will help their portfolios, and which ones to pass on. These people contemplate their ideal lifestyle and match their investments to what they want for themselves and their families in the long run.
• Networkers. As an investor, it’s important to network with others. Not only will you build a pool of people to turn to when you’re looking for, say, a contractor, but you’ll also learn a lot about the industry by meeting others in the business. Networking is a great way to find a mentor when you’re starting out in real estate.
• Administrators. Your investment portfolio is just like any business. When you see you’re losing money on an investment, you have to be willing to lose it. After putting so much time and money into something, it can be hard to “fire” it, but it’s important to lose bad investments. Successful real estate investors know when to let something go.
• Self-motivators. Staying educated about the field is an important factor in successful real estate investing. In order to stay on top of your game as an investor, you have to be self-motivated to learn as much as you can.
• Protectors. Your real estate portfolio is like a flock of sheep. You have to be willing to protect them from lawsuits and other calamities. It does take time and money to protect your assets, but is worth it in the long run.
Anybody can be an investor, it just takes time and willingness to put effort into growing your business. When you’re getting into purchasing commercial real estate, it’s important to put in the time you’ll need to be successful. Becoming an investor is easy, but becoming a good investor takes effort.
