How To Transform From Casual To Serious Real Estate Investor
For many, the thought of becoming a serious real estate investor is nothing more than a pipe dream. Sure, they may dabble here and there when the right opportunity comes along but taking the plunge and forming a real commitment is beyond the reach and scope of many.
If this sounds like you, rest assured you are not alone. However, if you are thinking of finally taking the plunge and becoming a serious, committed investor, now is the perfect time. It’s not something you can just decide to do on a whim, though — becoming a serious real estate investor requires both a change in attitude as well as a change in resources.
While you might think that having a large bank account or some sort of insider connection is the most important thing you need to get started, it all really starts in your head. That’s because the main difference between a casual and a serious investor isn’t their bottom line. Instead, the difference is their mindset from the very beginning.
– Be Willing to Risk It All
Serious investors are that way because, at some point, they decided that they were willing to put their assets on the line and take the plunge. For many, this idea is so scary that they are never able to make it past this idea and actually do it. But the truth is, if you don’t find a way to get over this, you will never work up the nerve to move yourself to where you want to be in life.
– Expand Your Horizons
Investors who decide to take the plunge often do so because they finally decide that they aren’t happy with what they are currently doing. Investing brings with new opportunities which can be realized only through seeing farther than you ever have before. Where do you see yourself? What do you see yourself accomplishing in your investing? If the answers to these questions are small, then you’re never going to move beyond where you are now.
– Create a New Vision for Yourself
However, if you can find yourself expanding your horizons, then you might realize that this stronger, bolder commitment is what you are looking for. This requires vision and daring as you think about your life. Can you see yourself taking the plunge? Are you willing to put more of yourself and your resources out there in order to make your vision a reality, instead of a daydream? Taking this plunge means your vision is able to see a bigger picture than ever before.
Having a vision also means being able to look at a potential piece of property and see more than what’s there right now. You need to be able to understand how property can best be put to use, and then set about making that happen. How are you going to do that without a vision to see more than what’s there at the moment?
As important as it is for you to change your attitude, expand your horizons and implement your vision, you’re not going to get very far without an equal commitment of available resources. This doesn’t necessarily mean money (although that’s a part of it). In fact, money is such an obvious part of it that we’re not going to worry about it here. Instead, we’re going to talk about other resources that will come into play for the serious investor.
– Grow Your Skill Level
However much you think you know about real investing as a casual investor, it’s simply not enough. Serious investors live, eat and breathe investing, and they still admit that their skill level can always improve. Some of the skills you’ll need to practice and perfect include analyzing properties for their maximum potential, recognizing undervalued properties, learning about the various economic factors that drive the market of a specific region and understanding how to deal with various types of properties.
– Build Relationships
There are a lot of intangibles that come into play when it comes to becoming a successful investor, but fostering relationships definitely comes near the top of the list. Think about all of the various things that come into play throughout the course of an investment: making deals, getting permits, winning bids, getting the right price and making a sale is just the tip of the iceberg.
If this sounds like the sort of commitment you are willing to make, there are a lot of resources out there that can help you. The question is, which resources are the best for you? When you think about all that it takes — a clear, focused vision, a serious attitude towards risk, a better use of all available resources — finding the right resources becomes crucial. This is where REIvault comes in. We have the resources, skills and relationships needed to help turn the casual investor into a serious success. If you are interested in knowing more, please don’t hesitate to contact us today.