As I have learned from countless investments, real estate depends on more than just luck – a LOT more than just luck. Just like any other job, your skills and talents need to be learned, honed and are absolutely crucial to your success.
Learning in which areas you excel – and identifying areas for improvement – can help you build your own real estate empire.
Here are my personal 5 steps to increasing your real estate investing acumen:
1) Assess Your Skills.
Before you do anything else, you should sit down and consider your skills. It can be helpful to write down your strengths and weaknesses on a sheet on paper. Having a concrete list can help you define your goals for moving forward in the real estate investing world.
2) Learn What You Don’t Know.
Now that you have a solid idea of the areas in which you are not as familiar, start learning! Become a student of real estate. Take a course in real estate investing, or work on your organizational skills – do whatever you need to improve yourself and ensure your future success.
3) Find Someone Who Knows More Than You.
Seek out experts who have knowledge that you don’t. The real estate world can be challenging, particularly when it comes to complex paperwork and legal issues. Start building relationships that can help you on your real estate investing path. If you aren’t sure who reach out to, or get in touch with, ask your mentor/expert for recommendations and referrals.
4) Build a Team that Complements Your Skills.
Whether you decide to take on a partner or just form a working relationship with lawyers or other real estate investors, you’ll want to find a team that can help you improve upon your weak points. If you are naturally a high-energy, big-picture salesperson, surround yourself with some introverted, detail-oriented taskmasters that can back up your energy and vision with solid execution.
5) Work With a Mentor.
A good mentor can make a world of difference for your initial foray into real estate investing. They can help you identify where you need to improve and point out skills you may not have realized you have. Somebody who is already involved in real estate may be able to point you towards others that can help you achieve your goals.
Learning about your skills can help you identify your niche – and teach you where you need to improve. If you’re interested in investing, start targeting your skills and figuring out what you need to do to get better. Your success in the real estate world depends on it.
P.S. – Real estate auctions can be a great place to get in touch with other people involved in the real estate arena. From lenders to agents, many different types of people show up to real estate auctions. Arrive early and talk with the various types of people in attendance – you may be surprised at the relationships you might start to build.
