Real Estate Investment Success

[Janea L.]

Hello, 

I'm new to real estate investment. I'm curious about what habits and behaviors, whether very minor or major, make a person successful in REI. I understand success can look different for everyone depending on what goals they set. However, I think it's important to understand patterns of behavior that help a person in this industry succeed.

Thanks! 

[Hamp Lee III]

Welcome to BiggerPockets!

I would add:

1. Ability to pivot. When looking for a property in a specific market or area, sometimes the area doesn't have what you initially set out for. If this is the area you want to target, you may need to adjust your desired property. 

A few years ago, I wanted to buy a multifamily in my city as an owner-occupied property. However, I quickly found that multifamilies were in declining neighborhoods, which I didn't want to deal with at the time. I quickly pivoted to a new build SFH and lived there for almost two years. Today, the property brings over $400 in monthly cash flow as a LTR.

2. Doing what you're budget says you can. Yes, we all want a great property or get a great deal, but sometimes our budget says otherwise. In the desire to stick to what we want (#1) and get emotional (#3), we might find ourselves with an undesirable deal. It's perfectly okay to start small. Everyone starts somewhere. Just take action.

3. Not being overly emotional. REI is a numbers game. As soon as you get emotional about a house, you may find yourself in big trouble. When you get emotional, you may begin to ignore your initial property criteria because you think you're missing out on a great deal or you're hung up on a specific property. There will be other great deals and opportunities. Don't allow your emotions to get the best of you...and your wallet.

I can share more, but I'll leave it with these.

I wish you all the best.