Today's Smart Investor tip comes courtesy of Ken Corsini of BiggerPockets.com.
We love Corsini for telling it like it is, and he makes a solid case for the reason everyone isn't a successful real estate investor.
It's not exactly rocket science, but the skills necessary to turn property to paychecks aren't exactly easy to come by.
Here are three key traits he says it takes to make it:
Intuition – Knowing where to buy, what to buy and who to sell to is paramount for any real estate investor. While any smart investor will study existing data carefully before developing an investing strategy, there is certainly an element of intuition involved with any real estate decision. Do I accept this offer or wait for another higher one? Do I buy in this neighborhood or do I think it will decline over the next several years?
Making these types of buying and selling decisions can be a lot like playing poker. You never have all of the facts, but you make the best decision based on the information available as well as what your gut is telling you.
Adaptability – I wrote a blog last week about the speed at which the real estate industry changes. Any investor that wants to stay profitable and relevant needs to continually stay abreast of changing trends and adapt business models to stay current. Having the ability and foresight to make these types of strategic changes midstream is what sets successful investors apart from the rest.
Patience — While patience is rarely regarded as an important quality in real estate investing circles, I think it is one of the most important ones. Whether it be waiting to buy the right deal or waiting to get the right price on a sale, learning to be patient with your investments is of utmost importance. Too many investors have purchased bad properties because they weren’t willing to wait for the right ones.
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