By Brent Roberts
Entrepreneurs are a special breed of people they step up to the challenge and take action that sometimes flies in the face of convention. They embrace some carefully-assessed risk because they know that the rewards of success can be sweet.
Among this exclusive group are real estate investors one of the most entrepreneurial groups of people I have ever met. I cant think of a faster way to become an entrepreneur than to become a real estate investor.
While most people view real estate profit as the result of buy-and-hold appreciation from their primary residence (or, at the most, they might rent out a suite in their home to help cover the mortgage), real estate investing entrepreneurs understand that there are cash flow opportunities from renting out carefully-chosen properties. REIN Members, in particular, stand head-and-shoulders above other investors in their entrepreneurial spirit and business-like approach to finding good properties.
As a real estate investor, REIN Member, and as someone who works with many other real estate investors, I see entrepreneurial investors as being:
The real estate investing entrepreneur is inspired by a larger vision. It might be a desire to quit their job and retire early, to take care of family, or to leave a legacy, or any other multitude of inspirational visions. This inspiration motivates and drives them to wake up every day and give it their very best.
2. Optimistic but also realistic
The real estate investing entrepreneur strikes a balance between optimistic (ambitiously building toward something better) and realistic (sensibly keeping their feet on the ground). Too much of either one is dangerous, but ambition mixed with sensibility is the best approach.
The real estate investing entrepreneur is action-oriented, eschewing analysis paralysis in favour of pushing forward. This person knows that not every action will be 100% correct 100% of the time but they take action anyway because they understand that good action is better than no action at all.
4. Proactive about due diligence
The real estate investing entrepreneur knows that an investment is a business. They apply thorough due diligence principles before buying their business.
The real estate investing entrepreneur is willing to get their hands dirty if necessary but also understands the value of a team and works toward building one. By comparison, non-entrepreneurs try to do it all themselves because they dont see that a small investment into a team reaps considerable dividends.
6. Risk tolerant
The real estate investing entrepreneur understands that there are risks inherent to every type of investment (real estate or otherwise) and they welcome acceptable risks because, on balance, the rewards are greater.
7. Big picture thinkers
The real estate investing entrepreneur is a long-term thinker, avoiding suspicious get rich quick actions in favour of building long-term value for tenants, the team, and partners. They know that, in the short term, there might be discomfort and stretching but, in the long term, there is considerable gain.
The real estate investing entrepreneur pushes higher, farther, and deeper in their quest for success. They never settle or rest on their laurels. While some investors might be happy to own one or two doors, the entrepreneur stretches daily to get more.
9. Problem solvers
The real estate investing entrepreneur knows that problems and challenges arise. But rather than being stymied by them, they embrace challenges and thrive on creating solutions.
The real estate investing entrepreneur knows that the secret to success is not WHAT you know but WHO you know. While others collect accolades and even dollars, the entrepreneur collects personal contacts (and deep interpersonal relationships with each one).
11. Win/win seekers
The real estate investing entrepreneur desires success for themselves and for others. The entrepreneur gets as much as they can ethically get out of every negotiation but they also help others to get what they want. By seeking win/win arrangements, they ensure long-term value and better relationships.
12. Perpetual students
The real estate investing entrepreneur is always learning. They know that there is more to know and they seek out the best people to help them, plus they apply their knowledge when they learn it.
The real estate investing entrepreneur helps others. They generously give of their time, money, attention, effort, and knowledge to help others especially other investors. They are excited to see others use what theyve shared to succeed at even greater levels.
The real estate investing entrepreneur is persistent. They get up every day and tirelessly work toward the achievement of their goals. They are driven and determined, taking persistent daily action (however small) to do the work.
Real estate investing entrepreneurs possess these 14 traits in abundance! If you are a real estate investor who understands that youre also an entrepreneur, take a moment to reflect on these characteristics. Do these traits appear in your thinking and actions each day? And, when was the last time you sought to improve these characteristics to become more skillful at them? Use this article as a curriculum for yourself to grow your entrepreneurship skills, and youll see your investing business grow as a result.
Brent Roberts started to invest in real estate and bought his first door at the age of 18. Brent owned 18 houses prior to becoming a realtor. He decided to take the real estate course in the late 1980s to become a more educated buyer. He was then convinced to become an agent and has never looked back. Contact Brent at email@example.com.