Most successful individuals, within any field, do not lounge around all day— relying on mere chance. Like me, you have probably been told ever since childhood that if you wanted to be good at sports, music, or academics, you would need to invest a serious amount of time, dedication, and most importantly practice. It’s not like you were born with the ability to recite multiplication tables after only hearing them once. It was by practice that you learned 4 x 5 and 12 x 7. Multiplication tables are proof that practice really can make perfect.
What makes a great investor?
From what I’ve noticed during my time in real estate investing is that the most successful real estate investors understand and practice the law of repetition. They commit themselves to spending hours and hours perfecting their craft. No investor begins with an ingrained how-to guide, with all of the information required to achieve “success”. While some individuals are more gifted than others, those who may lack in talent can cultivate achievement through work ethic. Talent you are born with, but it will fail you if you don’t not choose to dedicate yourself to your craft every single day. You don’t have to be “born with it” to “make it.” Much more valuable and longstanding is a character trait of being willing to invest the time it takes to reach greatness.
Dedicate yourself to being better. Every. Single. Day.
It’s proven that the game-changing quality between those who excel and those who settle for mediocrity hinges upon the amount of time, practice, and focused effort that someone has chosen to invest. The real estate investors who you find yourself looking up to understand that to pursue lofty goals, they had to start at the ground-level and work their way upwards. Instead of expecting miracles, they spent the time needed to study the art and gain experience.
Occasionally you do have those cases in which someone can start out with more resources. For example, Donald Trump received a 1M loan from his father to go into business for himself. For most, they begin with less resources and simply have to work harder and leverage what’s available— especially their time.
Regardless of what type of real estate investing interests you, you have most likely already discovered that there are many differences between the people who choose to pursue investing as a career. What may not be so clear to you is why only a small handful achieves significant success. Want to know what their “secret” is and how you can apply it to your life?
Simple secrets for investor success
This insight is not really a secret, but very simple and often easily overlooked. In today’s culture, we become ‘busybodies;’ jumping from one shiny thing to the next. And the next, and the next. Mediocre— or even good real estate investors— have a tendency to become distracted by the “next best thing.” The great investors? Well, they know that in order to reach higher levels, they must be willing to attempt; not just once, twice, or three times, but however many times it takes to accomplish the task at hand.
Great investors continue to work with focus—not as a “blind bat—” but instead, with a determination to be effective. It’s critical that in whatever you do to practice the right way, work smarter, not harder, and be willing to readjust your strategy if something “just isn’t working.” Practice will never make perfect if the method is not useful. Pay attention to the way you work.
Why it works
Amazing investors surpass mediocre investors by their ability to set out goals, map the course, and refine their methods throughout the journey. These investors are committed to a strategy, continue to educate themselves on new options, and can handle painful bumps along the way with poise. Great investors have a knack for spotting camouflaged opportunities within the market. The people who you look up to are not ones who achieved overnight success, but their success was the result of the myriad of experiences that they had and the skills they refined during their career.
This information sounds pretty simple, doesn’t it? It’s interesting how often the most simple ideas and advice often happen to be the most difficult. At the beginning of a new endeavor, we are fueled by a fiery passion that is often a catalyst to climb to the top quickly. There is so much momentum sometimes that NOTHING can stand in your way. This unstoppable passion is a fantastic time in your career, but it’s easy to be caught by the current and forget to cultivate the craft. Take the time to learn the basics and practice the ropes. ‘Get-rich-quick’ schemes always have their catch.
Focus fuels forward motion
If you rely solely on momentum, there is the danger that you will fall, becoming discouraged and despondent by the very first hurdle. New investors often are in danger of throwing in their hats too soon; calling it quits before they even make progress. Don’t let this be you! You have so much potential! Often, it’s when we are inches from a breakthrough and a big win that we walk away. The gems of accomplishment are waiting for you to pound the pavement and take the prize. It’s all yours.
photo via http://www.davidmcelroy.org