The Two Main Skills that Define Every Successful Real Estate Investor
Which skills do you think are most important to starting and growing your fix & flip empire?
I’ve personally flipped hundreds of homes and funded thousands of other deals – and I’m still constantly honing these two abilities. In fact, I can often tell who the successful investors will be right off the bat by having a conversation with them and gauging their abilities and mindset.
They value these two skills and understand they must work on them relentlessly in order to flip more than a few homes.
#1. Problem Solving
I’m fond of saying this:
You’re not in the real estate business, you’re in the problem-solving business.
Every deal has surprises and roadblocks. While I teach my students step-by-step to flip homes, no two deals are the same. There are an infinite number of fun little problems that arise (even if they are variations of the same few problems) and no matter the training you have, you’ll have to think on your feet and figure it out.
Problem solvers are problem solvers in any walk of life. You take someone who’s a great problem solver with one aspect of life, drop them in real estate, and they’ll figure it out.
Because they’re resourceful. They’re determined. They’re creative. And most of all?
They have the attitude of “what do I need to do to get this done” instead of “oh no, I probably can’t get this deal done now”.
You can also get better at this.
The more real estate knowledge, experience, and skills you have, the more inoculated you are from the problems that kill a deal.
Let’s say you find mold in your investment property, but you’ve dealt with that before, it’s less of a disaster (still kind of a disaster, though). You’ll at least know the steps to take and probably have a contact you can call to help you out.
Or, if your funding is falling through, but you’re creative enough to put together other ways to get the money, your problem is solvable.
I’ve done so many flips that I’m 100% confident that I can solve any problem worth solving. Of course there are problems so big, costly, and time-consuming that they’re not worth it. I could solve the issue, but I choose not to.
That’s the luxury of having done this a million times.
I know the first few flips are hard, and everything’s still new. But if you’re a problem-solver by nature, you’ll get it figured out, and then it gets easier.
#2. Marketing & Selling
Okay, so I guess that’s actually two things, but they’re very closely related.
Until you treat real estate investing like an actual business, you’ll never get the return you’re looking for.
The ones who do well are the ones who systematically execute on a marketing plan. If you sporadically peruse the MLS in 10-minute bursts, you’ll get nothing.
On the other hand, if you send out 100 postcards per week and make 20 phone calls per night, you’ll have a predictable amount of success.
Just remember at first you won’t be very good.
For example, my numbers show that brand new investors need about 30 referrals before they close one. A seasoned investor needs about 3.
Over the long run, honing your ad copy, working on your phone pitch, fine-tuning your negotiating skills, researching new strategies, and learning other marketing & selling skills will be the most profitable thing you do for your business – besides good ol’ fashioned hard work.
If you’d like a little more step-by-step help with becoming a real estate investing pro, then click the button below! It’s an application where I determine if we’re a good fit to work together and if I think I can help you!