One thing I notice about successful real estate investors is they have an open mind. That’s important because deals don’t always go as planned or turn out the way you expected. If you are stuck in your thinking or wanting to find deals that fit EXACT parameters, the process becomes much more difficult. These are the people who are the tire kickers; they can’t see past their preconceived notions. Sort of like being stuck in the mud and revving the motor over and over and nothing happens. You are still stuck.
Open Minded Investor Traits
Knowing your Vision and Purpose – As an investor, those with vision are the ones that take the time to ponder the possibilities of a property. What could be done to bring more value? Or, is it a great value just the way it is? What’s the purpose here–to make money, hold for a higher return at a later date, increase the value and make a quick profit, maybe just want a tax deduction? Everybody’s motivation (or vision) is unique and different. Purpose is the personal reason that motivates you as an investor–Why are you doing this? For me, it’s about Real Freedom.
Curiosity and willingness to try new things, experiment, consider new ideas, invent a new path. In real estate this could be using new products for rehab, keeping up on the trends. I just discovered trenching for sewer pipes where they use a liner instead of replacing the pipe to the road – wow, what an invention to save homeowners money rather than digging up yards. If you are a rehabber, it might be exploring new subcontractors or taking the time to get three bids. Bring fresh eyes to each new property. If you are searching for a property, sometimes it takes going outside those boundaries that are self imposed, such as it must be a two-story or it must not be beyond a certain street. Sometimes, the perfect gem isn’t exactly where you thought it was. It’s sort of like dating, who says the love of your life lives within 20 miles of you? Who knows, it could be 1,000 miles or 10,000 miles.
Creating and building powerful relationships – Hardly anyone does well as an investor all alone. It takes a team of people who are all “in the boat”. Many times, the hardest part is getting your spouse or partner on board to take a financial risk such as real estate investing. I see many couples who do well when both participate in the investing with their unique skills. Building a team of people who “help” is critical to the process. Choose a great attorney, accountant, subcontractors, escrow people, Realtor, Property Manager, etc. They understand at the level necessary to proceed and then fully grasp the ideas. It’s proactive thinking. This is a business of negotiation and compromise. Be willing to listen and then make a guided decision.
Open minded people are fun people too! They have a sense of adventure and are the fun people who aren’t afraid to go ahead and make an investment knowing they can handle the outcome. So, are you an open minded investor?
For anyone who is not quite ready to buy due to credit issues or someone who is ready to sell yet doesn’t want the market hassles, then consider RENT TO OWN. I have expert Realtors who can help you with this, so give me a call.