Real estate investing is hard! Wait, let me clarify. Real estate investing doesn’t require a college degree or a high IQ. Anyone can do it. Real estate investing is hard because there are so many options and components to it.
While it may look like some people become successful overnight, it’s just not the case. What people don’t see is the behind-the-scenes time and effort it takes for anyone to be a success. I’m sure you’ve heard the famous “10,000 Hour Rule” which suggests that it takes roughly 10,000 hours of a concerted effort to make any big feat work. Let’s talk real estate specifically and drill down as to why getting rich overnight as an investor just doesn’t happen. There may be people out there who were born into a wealthy family of investors and get rich overnight because it is handed to them, but ignore them for now because most of us aren’t them. Plus, the same efforts I’m about to point out had to be done by the family members who handed it to them at some point anyway.
The following are Three Essentials to be a Successful Real Estate Investor:
- Education and Learning
- Building Teams
- Finding Your Vibe
Let’s look at those in closer detail:
- Education and Learning. Let’s be honest. There is A LOT of learning required to be an investor. To make it worse, not a bit of that learning were we were taught in school. When I became interested in finding a way out of my corporate job (which was after only about 30 minutes into my first day), I started reading every book I could find. I was constantly online researching things, I was going to seminars, watching webinars, networking and trying to talk to anyone I could find who might be able to teach me something, and thinking all the time about what may work for me. This went on for three years before anything even started coming out of it. Years. Yes, years. I consider myself to be pretty smart and quick on the uptake, so it’s not a matter of not understanding what I was studying, but there is just really that much to learn. To add to that initial time I invested into learning, now I am out of corporate and in the industry full-time but I am still constantly ordering new books and looking for new events to attend. As I continue to work, I am always finding a weakness or an area that I don’t understand as well as I should, so I immediately look for a source to teach me whatever that is. In addition, these weaknesses I find while I’m working could have only been found by doing the work. No book could tell me everything I would need to learn ahead of time. I laid some great groundwork when it came to building a knowledge foundation, but only experience can teach you everything you need to know.There is so much to learn and so much on-going training required to be a successful real estate investor, it just can’t happen overnight.