What are the five best skills to focus on for a newbie

[Andrew Semler]

There is obviously a lot to learn and master in real estate investing. I was wondering from yall's past experience, what would you say the top 5 skills/habits were that made for your greatest advances early on? To say it another way, what's the 20% that lead to 80% of gained ground? Or "Okay, you're still bumbling and inept at most things, but you'll be okay if you get really good at..." fill in the blank.

Thanks, 

Andrew

[Travis Hanson]

Here are the top 5 "skills" needed to kill it (in my opinion).

1. Surround yourself with people who will encourage you to succeed.  This may not sound like a skill but it is.  Being around people who will help you reach your goals is critical.  Without this top "skill" many people who possess many other needed skills will never start building their dream life due to naysayers around them.

2. Know your investment market.  A good deal on paper means nothing if you do not understand the market you are in.  You may have a 2% deal on paper to only learn later the tenant quality, neighborhood, maintenance, etc will kill your returns.  Sometimes the best deals on paper (1.5-2% deals) are often the cheapest properties in the cheapest of areas that will only lead to headaches.  You will likely make money but not with the significant non-passive moves you will constantly make to assure you are profitable.  Speaking from experience!  Strive for quality over cash flow for long term success.

3. Learn to save money.  Again, basic but an important skill.  Many new investors underestimate the importance of capital reserves.  Save your money.  Live frugal for as long as possible.  Have the adequate capital reserves to handle issues with your portfolio or you will possibly have a short lived stint as a real estate investor.  

4. Think long term.  This goes well with #2 and #3.  Getting "rich" quick is entirely possible with real estate but is rare and dangerous to think as being a certainty.  Think long term with massive goals and when you end up with anything less you will still likely be in excellent shape.

5. Protect your reputation.  Be friendly.  Take the high road. Don't be prideful.  Make many investor friends along the way.  Deals will always come and go.  Don't burn bridges to win a deal.