What Are Your Real Estate Investing Rituals?

Question

Hello again BP! Noob here. I've been studying success and real estate investing, but I am still in college and have a part time job, so my time is extremely limited to spend towards just real estate investing. So, I want to dive into the heads of those of you who actually are real estate investors to get an idea of some habits and rituals that I could pick up that will lead me to a successfull real estate investing career.

What are the little things that you do every single day/week/month/whatever that makes you a real estate investor?

Gideon Sylvan · Answer

This is a great thread, and I hope it turns into a thing were people actually write down specific recurring rituals/habits that have helped them succeed. My most important daily rituals involve following and participating in the market. Especially during pre-graduation prep time, I recommend the following rituals:Every day check all new listings, all price changes, all changes to pending, all solds. Figure out who is buying the rentals, who is selling the flips, and which agents are well connected. Do this for on and off market properties. Do the math on every interesting deal (whatever is interesting to you for now). When I say math, I mean math. Go through the specific numbers on every deal, and destroy every part of yourself that wants to use the "50% rule" or any other witchcraft shortcuts.Finally, on a regular basis, go to real estate networking events. Many of these suck and they're filled with advertisements for other events that suck, BUT there are some amazing people you will eventually meet that will help in unpredictable ways. These rituals are strategy independent, so if you're still figuring out what to do, you may as well do these. At the end of the day the money comes from action, so you'll still need rituals that accompany the strategy you pursue.

Hunter Perkinson · Answer

"@Jennifer Lee " Good stuff! I like the little mental game you play about guessing house prices. I'm sure those little things add up and help you get better at this game. Those kind of little habits are what I want to start implementing daily to help me learn and to become an investor.

Jennifer Lee · Answer

i never thought about it.But I think my ritual is learning about markets.--------No matter where I am, I looking around as I drive. (Easier as Realtor now). EVEN ON VACATION.I play a mental game... In a new area I guess house price/rental rate. And when I have a chance see if I'm correct hahaha.-------I always take every chance to talk to Realtor or investor. (Easier as Realtor now) EVEN ON VACATION we go to real estate office hahaha-------When I meet ppl:If homeowners, ask why they bought here ,how is school? Etc.Housing market is so easy, everyone knows it, homeowner, renters., All housewives loves to talk about it. Positive or negative. They may not have investor mind.. But I learn what I need to do when I flip.Ex. Housewife says: " can you believe a house for $x don't have granite?" Or Only has x bathrooms..etcSo much to learn. Ppl love to talk ;)

Michael Roy · Answer

@Hunter Perkinson Someone once told me, "Manage your regrets and don't always try to hit a homerun."

Hunter Perkinson · Answer

"@Michael Roy "Do you have anything specific or memorable that you have taken from one of your meetings and apply today?

Hunter Perkinson · Answer

"@Michael Roy " and "@Gideon Sylvan "Awesome ideas! Thanks for sharing.

Jennifer Lee · Answer

@Gideon Sylvan I never thought about this as ritualsBut yes do the math!!! My dinning conversation is usually stray to a property that is a deal or even not a deals. Or talking about a deal my client is willing or not willing to take.Analyze Why I feel its a no deal ;) play out what if. Speculate seller motivations.My kitchen table is littered with scrap paper with math and floorpan renov ideas.

Michael Roy · Answer

As a young investor fresh out of college... I find my favorite commercial buildings, or (if you're geared towards residential, then find the largest residential investor in your area) and set up a meeting with the owner/investor. Most of the people are very willing and eager to meet with young, aspiring investors. Ask them how they got to where they are today. Find out how they hustled to get deals. It has been the most rewarding experience for me thus far.

Hunter Perkinson · Answer

Here's another caveat to this thread-- What are the things you do/focus on 20% of the time that you feel makes 80% of the difference?

Arlan Potter · Answer

@Hunter Perkinson for me it is knowing my market. Constantly looking at properties, even if not buying. Auctions, realtor.com. Bigger pockets, living it every day.