The 5 Skills You Need for Successful Investing No One Tells You About

The 5 Skills You Need for Successful Investing that No One Tells You About

What’s the recipe for success in real estate investing? A lot of people will say it’s a strong market, a high quality piece of property, or the ability to scout incredible deals. And they’re right. Those things ARE necessary for success. However, there are a few other factors that will contribute to your success as an investor, and lucky for you, they’re all within your control. In fact, they’re all things that you (hopefully) already possess.

1. Time management. Investing in real estate can be incredibly time-consuming. For most investors, it’s not a 9-5 gig, and it’s certainly not one where you can clock out all leave all the stress at the door. Knowing how to manage your time wisely is a huge asset to have in this business. If you don’t have this skill already, you’re going to discover rather quickly how important this trait really is. Here’s what I recommend to new investors who are struggling with time management: don’t be a slave to phone calls/emails, plan your day’s activities in advance and stick to it, and don’t set unreasonable expectations or goals for yourself.

2. Ability to say no. Are you a ‘yes’ person? If so, you need to find a way to change that ASAP. In real estate, the word ‘no’ happens often, and you need to be able to say it to others and to yourself, or you will most definitely be taken advantage of. Some instances that come to mind where being able to assertively say ‘no’ include pushy sellers or contractors (and there are a lot of those in real estate), or times where you have to tell yourself no, even when you really don’t want to - like when you find a property that you LOVE, but the numbers just don’t add up in your favor.

3. Stellar organization. Real estate investing is a lot like juggling, except instead of 3 balls in the air you’ve got 100 very different tasks going on. With so much to keep track of, it’s easy to get overwhelmed or confused. Being highly organized can help, though. Keeping thorough and detailed records of any transactions you make is a must, and files should be stored in an organized and easy-to-access way. Trust me, having good organizational skills will do more for you than you can even imagine.

4. Perseverance. Maybe this isn’t technically a “skill,” but it still deserves a spot on the list. Why? Because you are going to experience failure as a property investor. That’s a given. Things are not going to go how you want them to all the time, and you’re going to have to learn to deal with it. The best way to do this is simply by persevering. Staying focused, staying motivated, and continuing to work toward your goals - even when the going gets tough - is the only way you’re going to succeed in this industry.

5. Patience. Okay, okay, I guess patience doesn’t exactly qualify as a skill either, but again, it’s such an important attribute to have that I felt the need to include it. You’re not going to get rich quick in real estate. Sorry, but that only happens on HGTV. In real life, wealth is built over a period of time that usually covers a span of years or decades. You’ll also have to draw on your patience for the day-to-day stuff associated with real estate, and especially when your focus is on rental property investment.