As great as the rewards are from studying real estate investment in a structured academic or self-taught environment is, success as an investor also depends on a personal approach. A good attitude, solid support system, balanced approach to risk management and healthy lifestyle give you essential tools as well and things investors need. Here’s why.
Little Known Things Investors Need
A Support System
The people around you, especially the five with whom you are closest, make a difference in your attitude. Behavioral psychologists have found that people are influenced by those with whom they have the most frequent and deepest interactions.
While you can’t pick your family, you can pick your friends. Choose those who have positive attitudes and have the courage to accept positive criticisms that help you grow as person and investor. Being able to utilize constructive criticism is a hallmark of personal growth and a sign of maturity.
A Positive Commitment
As you go forward with any venture, it’s easier to get through the inevitable challenges when you have a positive attitude and belief about what you’re doing. Without this commitment, the little setbacks will seem larger than they are and more frustrating to tackle.
Searching out groups where you can learn from others who are engaged in real estate investment activities will help you build your knowledge and experience. Joining groups, whether online or locally, gives you the opportunity to mix with like-minded others. Many successful investors consider networking fundamental to their ongoing success.
Professional property management companies also provide invaluable services for an investor with turnkey properties. They’re on the front lines of everything related to rental housing, from successful property selection to skilled contractors for remodeling, repairs and maintenance. When your time or skills don’t permit, these management companies will supply the services you need.
Realistic Risk Tolerance
You don’t need to be a daredevil to be a successful investor, but you do need to be able to keep a balanced perspective. Know the difference between excessive exuberance and its opposite. Having an open-minded attitude about real estate deals that come your way will help you build your ability to accept risk as a part of doing business.
See also How to Increase Your Investor Risk Tolerance
A Healthy Lifestyle
How healthy your body is makes a big difference in your attitude along with your mental and physical performance. What you eat, how much you rest and relax, and consistently good sleep have an enormous impact on your mental, physical, and emotional health.
A balanced diet lays the groundwork for well-being, and good food choices are easier than ever to make. Grocery stores and restaurants, including fast food, have plenty of options that will give you the energy and nutrition you need to keep your body healthy.
Exercise is a critical component of a good attitude toward life in general. The human body was meant to move. If your schedule is such that you can’t manage a trip the gym, sneak movement in by:
- Parking further from the door.
- Skipping the elevators by using stairways instead.
- Walking around during phone calls.
- Standing as much as you can while you work.
- Stretching your legs and feet as you sit at the desk.
Physical activity, even small gestures, stimulates brain activity and at the end of the day, promotes restful sleep.
Each of these tools is within the reach of any investor. Incorporating them into your work lifestyle takes some thought and practice. The payoff in greater confidence and the ensuing competence will be worth the effort.
See also How to Minimize Risks of Turnkey Properties
JWB has more than 10 years experience managing turnkey rental property investments. We have a consistent approach that delivers steady cash flow from our clients investment properties. Curious what your cash flow could be from one of our rental properties? Try our cash flow calculator or contact us to learn more.