Principles of the game
Many people have asked me for an outline of the
keys to success with real estate investing. That is of course tough
(which is why I wrote a 250-page book) but here is generally what I say:
1. Passion:
If you are not passionate about investing and
entrepreneuring (mixing risk, sweat equity and some limited amount of
capital in the hope of receiving much, much more capital), then my
strategies are not for you.
2. Success is not an accident:
Those most likely to succeed with real estate
investing are those who are following the lead of successful investors
who went before them.
3. The devil is in the details:
Big pictures are fine, but many deals have died a
large death over small details.
4. Discipline:
Mental and physical discipline are key when the
going gets tough.
5. Perseverance:
If you start into the game of real estate
entrepreneuring, you WILL face hurdles... that is the nature of a
risk-reward endeavor. Quitting is never an option.
6. Humility:
I have no patience with the self-important.
Results speak for themselves. Be humble and learn to listen.
7. Networking:
I have had incredibile paydays just by knowing how
to put the right people in the same room.
8. Study and self-improvement:
The world is constantly and quickly changing. To
maintain a high level of success, one needs to be on top of new and
exciting opportunities that come with change.
9. Running scared:
The best investors are always running scared,
worrying about the downside of their decisions. The good stuff takes
care of itself.
10. Integrity:
The world is a very small place. There is no right
way to do the wrong thing.
