10 Skills Needed To Be A Successful Real Estate Investor

Everyone always wants a formula for doing things

, or a step-by-step process to success, or specific numbered requirements for something. If this sounds like you then you will love this short article. During all my years as a real estate investor and hundreds of deals later Ive come up with what I believe to be the top ten skills that a person needs to possess in order to be very successful in this business. I must first preface however that by no means am I saying these are the end-all be-all skills that you need to have if you want to make money. However I do believe that once you have adapted these skills personally then there is nothing that you and your business cant achieve.

Youll notice that Ive provided a brief personal comment subsequent to each skill set. Oh, and by the way, these skills are in no particular order, they are just my top ten.

Skill #1: The ability to make decisions quickly. Take action already will you. If you cant make decisions quickly then you will lose deals that you wont even know youve lost. Remember my motto: Act and then Feel which means I like to go with my first instinct and then deal with the consequences of my actions later. This learned skill has benefited me very well as an entrepreneur.

Skill #2: The ability to think creatively. Creativity is vital in this business. The better you are at playing detective and finding ways to make things work the more money youll make.

Skill #3: The ability to negotiate effectively. Refer back to last months article where I discussed my 12 commandments to negotiation success. Enough said.

Skill #4: The ability to explain complex processes in a clear and understandable fashion. This skill may seem miniscule but in reality it is HUGE. This is a business that requires you to deal with people and their problems. What comes out of your mouth when you speak with them must make them want to do business with you, not scare them away because they are confused.

Skill #5: The ability to eyeball properties quickly to determine approximate repairs. You must get to the point where you can look at a property and guestimate that it needs $5k, $10k, $15k, or $20k in repairs. Anything over that is a pretty major rehab.

Skill #6: The ability to quickly analyze the potential for a real estate deal. All you need in order to do this is a filled out UPS sheet. Without these then you have no deals to consider.

Skill #7: The ability to understand and use multiple exit strategies. Always buy your properties with the exit strategy in mind. The more flexibility you have when you buy, the more flexible you can be when you sell.

Skill #8: The ability to keep emotions out of a business decision. Do business based on the math, not on how pretty you our your spouse thinks the property is.

Skill #9: The ability to always minimize personal financial risk. Never make promises you cant keep or personally guarantee any debt, ever!

Skill #10: The ability to always do business with integrity. The way you run and operate your business should never keep you awake at night. If it does, then you may need to reconsider what you are doing.

Not bad, eh? Brian

by: thebrianevans

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