By Dennis Henson
January 16 2009
Becoming a successful real estate investor is the result of learning and performing a group of skills the right way-over and over again. If you uncover, develop and practice these skills, then make them habits, those habits will not only lead you to success, you will literally find it difficult to fail.
By forming good habits you are planting the seeds of your success. Og Mandino stated it this way in his book, "The Greatest Salesman in the World".
"In truth, the only difference between those who have failed and those who have succeeded lies in the difference of their habits. Good habits are the key to all success. Bad habits are the unlocked door to failure. Thus, the first law I will obey, which precedeth all others is-I will form good habits and become their slave."
What are the habits that lead to success in real estate investing? The following is a list of some of the most important success habits for the real estate investor.
â€¢Making quality offers
â€¢Searching for money
â€¢Playing the credit game
Affirmation is a great habit to form because you can use it to help develop all of the other success habits. Here is how it works: Write a statement that details the successful person you want to become. Instead of stating what you will do or want to do-make the statements as if you are already doing them and achieving the success you desire. Form the habit of reading your affirmation to yourself out loud each day and you will be amazed at what your subconscious will do with that information.
Another great habit to form is to always be working to improve your education and seeking wisdom. Not only will this habit help you to become a successful real estate investor, but it will lift you to heights beyond your dreams.
All the other habits listed above are important but three of them are absolutely critical to your success as a real estate investor. Let's briefly look at each of these three.
The first is prospecting-and that means searching for really good deals. (A really good deal is one that will almost guarantee an exceptional return on your investment of money and time.) Successful investors are constantly searching for those nuggets that can literally be turned into gold.
Making quality offers is the second very important habit. Every book I have read and every CD about real estate investing agrees that forming this habit is an absolute must for becoming a successful investor. A quality offer means that you have done your homework and have arrived at the optimal amount to offer for a property. Your offer should be high enough to have an acceptable percentage of the offers accepted but low enough to insure a good return on your investment of time and money.
Finally, the third and most overlooked crucial habit is the habit of constantly searching for money. Real estate investing is a cash intensive business. It takes a great deal of money to keep the business going and you will probably be able to find more good deals than you have money to purchase them. Money is the life blood of real estate investing and you simply have to search and find an unending amount of it in order to succeed in the business.
By developing the habits of prospecting, making quality offers and searching for money you will improve your chances of becoming a successful real estate investor a hundred fold. Then if you will take the time and effort to develop the other success habits you will find that "you can no more fail than water can run up hill" (Quote by Tom Hendrix, HENCO Inc.)