The 7 Essential Elements of Success

[randall]

Thank you Tony for all you do for the investment community. Your honesty, expertise and availability are great assets to all of us taking this journey.

7 things needed to be a real estate investor

1. Attitude: knowing what you want and believing you can achieve it.

2. Diligence: consistent time invested in strategic systematic activities.

3. Decisiveness (risk tolerance): being willing to pull the trigger with incomplete information.

4. Knowledge of the market: sale values, rental values, cost of repairs, zoning and trends.

5. Knowledge of the business: contracts, laws, best practices and accounting.

6. People skills: ability to win people’s trust quickly and maintain business relationships long-term.

7. Money or access to money.

I believe that without all these elements present it will be impossible to achieve and maintain success in Real Estate Investing. It is my responsibility to always be strengthening my areas of weakness and partnering with others whose strengths compensates for my weaknesses.

[Tony Alvarez The REO Mentor]

That is very tight, very well written and thought out. I could not agree more.
Sometimes when you're first starting out in this business it seems that ALL you need to get started is the will too take action and actually doing something more than taking another stupid class or attending some investor club meeting.

Like just driving your favorite investing neighborhoods, writing down all the phone numbers on listings, calling and interviewing the agents and making some offers at prices that you KNOW (to the best of your knowledge)will be profitable for you within the next 3 to 6 months.
I truly think there is no better education than to just get out there looking at houses and mixing it up with your local market players. Ask questions, take notes, check out your competition and see what all is being done to other properties in your market.

In other words- "Paper Trade & Pretend a Deal" Follow the fixer upper properties from poor condition listings through the whole process and see how they are rehabbed and then sold, follow the money and you will not believe what you will learn. But to reach solid confident success and hold onto it for any amount of time, you are spot on on the advice you wrote here. Thank you so very much for taking the time and making the effort.
Much appreciated.
TA.

[KIM RAY]

thanks. What's the source of this info?