The world is big, confusing, and quite scary and a small mistake can cost you a great deal of money. This is something many real estate investors in particular are aware of. The horror stories of getting ripped off after a bogus proposition are very real, and they have cost them thousands of dollars. However, Allen R Hartman feels that, if people allow this fear to overrule them, they will never be able to develop their own career and passion. Yes, things will go wrong, and yes, they will cost money. But it is possible to be a successful real estate investor overall.
Allen R Hartman on Why Some Are So Successful
The reason why some investors are so much more successful than others is because they know that one bad deal does not equate to a bad career. They know that, just because their mobile home in Mobil, Alabama was trashed and cost them thousands, does not mean their multi-family apartment complex in Houston, Texas will do the same. Many believe that this is only because they have struck it lucky in the past, meaning they have the resources behind them to watch a deal go sour. But according to Hartman, this is not the case at all. Rather, what matters is that these investors have four key things in common. And developing those four things means that you, too, can become successful.
Four Characteristics of the Successful Real Estate Investor
- They think clearly. They know fear only exists because we worry and overthink things. Fear is a response to something our mind anticipates, often due to past experiences. You may have seen a photo of a condo that was completely destroyed, and your mind will develop a fear that the same will happen to you, completely disregarding that there are millions of condos where this hasn’t happened. Hartman feels people should stop thinking about their failures but think about their victories instead.
- They speak to themselves honestly. They admit that they have made mistakes and they use those as lessons so that they don’t repeat them anymore. But they also talk to themselves positively, again focusing on success, rather than failure.
- They are educated. They take part in conferences and seminars, they read books, they network, they blog, and more. Good investors know real estate like the back of their hand.
- They have faith. They know that things will turn out ok, even if things go wrong a little every once in a while. They know they have educated themselves and that they know what they are doing (positive and truthful self-talk). Simply put, they have faith in the fact that they are doing all they can do, and that this is enough.
Hartman believes that those who want to become real estate investors should grab the bull by the horn and go for it. Things may go wrong a little bit but, overall, they are far more likely to go right.