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Booming Real Estate Profits From Baby Boomer Investing
In last week's article, called "Irrational Exuberance, Part II?," I discussed some of our concerns about what is happening in the preconstruction investment real estate market. What many people have asked me is "if you're so concerned about the real...
How to Evaluate Load vs. No Load Mutual Funds
If you have been dealing with mutual funds for any length of time, you undoubtedly have faced the question of which is better: Load Funds or No Load Funds. If you are new to investing, "load" simply refers to the commission paid to the broker...
How To Start Investing For Financial Independence, Part 1.
Today, I am going to start a multi-part series about how to go from being a beginning investor to being “financially independent” in a steady and predictable way. At our website, we get tons of e-mails about how do I start, how do I start with...
Juggling It All
As we have mentioned in other articles, having a trigger to start your day is very important. One of the major problems with people running businesses from their home is starting the work day. For many of us seasoned home based business owners...
Online Investing - The road to a fortune or to ruin?
Online investing is becoming more and more popular with each
passing day, but is this really the way to make your fortune and
should you rush to join this online investing crowd?
Investing in individual company stocks and in...
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The Microwave Approach to Investing
We live in a society obsessed with a microwave approach to life.
We want what we want and we want it NOW! No doubt, we're
impatient. So how do you and I cope with our desire for instant
gratification?
Sure enough, we want it right now. Instant breakfast. Fast food
lunches. Three minute dinners. I'm even guilty of doing
something surely none of you has ever done. I've screamed at our
microwave because it's taken too long to warm up my cup of
coffee.
Some people, especially those new to real estate investing, have
not been spared by this infectious "I want it now" mentality.
Satellite dishes, cable, the Internet, pagers, cell phones, fax
machines and, of course, email. Is it any wonder they just
naturally expect to achieve instant results? It's become a way
of life.
Then they get involved in the wonderful wacky world of real
estate investing. Not surprisingly, they expect private lenders
to line up at their doorsteps. Realtors should immediately find
them the houses they're looking for. They want overnight
success. They expect to become wildly wealthy after purchasing
just a few houses. They want to become successful with no effort
and no risk.
Heck, why not? After all, everything must be done instantly -
now.
Well, not exactly. If you're just getting started as a real
estate investor, it's critical that you reject this notion of
"instant gratification." If you're searching for the "shortcut
to success", the "magic key to open the real estate treasure
chest", or the "instant wealth pill" to propel you over the top,
you're setting yourself up for a huge disappointment and
inevitable failure.
Realistically, can you have all the money you need to finance
your deals? Yes.
Can you have realtors referring to you the right properties at
the right price? Yes.
More importantly, can you become wealthy as a real estate
investor? Yes.
But let me share a little secret with you. There is a price to
be paid because there really are no shortcuts.
People who pursue success as real estate investors must have
passion, perseverance, persistence, and most importantly,
patience. It takes a lot of patience to really succeed as a real
estate investor. Just ask anyone who's made it.
Most of us know that patience is important in life and is a
respectable quality and virtue to possess, so why is it such a
rare virtue? Because we're afflicted with impatience and don't
want to wait for our desired outcome or result.
But those investors that are able to rehab their minds and
achieve patience can and do achieve success. Patience is a state
of mind. I can just hear you saying in a very lively way as you
read this, "But I don't have any patience." Well, patience can
be developed.
Here's some tips on how you can acquire a capacity for patience.
See the big picture.
Put things in perspective. I recently had a birthday and I had
to renew my driver's license. So there I was in this long line
at the department of motor vehicles waiting for over an hour to
get my drivers license renewed. I was getting very impatient.
But then I realized that renewing my license is something I need
to do just once every five years. Waiting one hour for the
privilege of being able to enjoy the freedom of driving for five
years is not a bad deal.
Think long term.
Impatience is usually the result of shortsightedness and
focusing only on the now. If I discipline myself to make four
phone calls a day or twenty a week, I will be able to find
motivated sellers. If I'm able to purchase just one house per
month from motivated sellers, I will purchase twelve in one
year. So what if you don't purchase a house in a couple of days?
But where will you be a year from now if you continue to make
the daily phone calls?
Focus your mind on the right things.
When you are impatient, you are only impatient because of what
you are focusing on or thinking about. Be a positive thinker. Do
not focus on the fact that you're having to make 20 phone calls
a week; rather focus on the positive result you want to achieve
- buying a house.
Waiting adds value to the reward.
My dad always knew I was cursed with impatience, so he always
reminded me of the old adage that says, "Good things come to
those who wait". Success itself is one of the greatest examples
of this. Real success takes time, and therefore takes patience.
Avoid comparison.
Impatience is usually the result of making faulty comparisons.
If another investor has reached a level of success that you
desire, realize that he or she has already paid a price.
Instead, you will probably compare your worst virtues to another
investor's best virtues. Really, don't go there. Instead, decide
to do what the other investor has done. Pay the price.
It is not easy to practice patience, but those investors that
are able to master patience are able to master the art of real
estate investing. Patience can be learned like any other skill.
The microwave approach to successful investing dies hard, but
lasting success requires that a real estate investor practice
patience.
About the author:
Lee Salinas is a full time real estate investor. After losing
his mid management job in June 2002, Lee decided to become a
real estate investor. In three years, he has purchased over 140
properties and authored a business plan for real estate
investors. The real estate business plan is available at his
website - http://www.realestatebizplan.com
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