Real estate is said to have made more millionaires than anything else. For those who have successfully made money in it, it’s not hard to see why. With so many different ways to grow wealth investing in real estate, there are tons of opportunities for many different people with different skill sets and talents to be successful, make money, and improve their financial position in meaningful ways.
I am a real estate investor, and I’ve become a student of creating wealth through it. Having interviewed successful investors on the BiggerPockets podcast and networked with them in many forms, I’ve recognized patterns in the abilities of an investor that often lead to their success. I’ve compiled a list of some of the traits I see pop up time and time again amongst the most successful investors I’ve met. Whether it’s a house flipper, residential home landlord, or large apartment complex owner, these same traits are almost always involved.
There is no substitute for knowledge. When you see the very best doing what they do, they always seem to know more than those around them. Real estate investors with large portfolio simply know more about what drives markets, how to time market cycles, and which things to watch out for. They are much more likely to recognize shifting markets before others do and are prepared to take advantage of these opportunities when they present themselves.
The very best never stop learning, and real estate is no exception. BiggerPockets.com is a free online resource where investors can learn, network, and find solutions to their problems, all for free. Some of the best investors I’ve ever met are big fans of the site and are involved riding blog articles, creating videos, or answering questions in the forums. There are also tons of books written on how to invest in real estate. Many of the top investors I know read them frequently.
If you want to focus on where to grow your knowledge, I recommend starting with developing the following skills: