What does it take?
What does it take to be truly successful in building lasting wealth from real estate investing? Is it finding great deals? What about having great partners? Is it access to capital? All of these are critical assets and resources, but even deeper is something more foundational, and the good news is anyone can have this key personal asset.
The Key Asset
This asset is patience. As with most things in life, if something is going to be done right and well, it takes time. As the saying goes, Rome was not built overnight. Neither was Amazon or Google. SpaceX did not put a rocket in the sky on day one and the IPhone was not invented in a few hours. Just as with these examples, creating true wealth from real estate takes time. Before there is a highway of traffic, the road must be paved.
Of course, you cannot build without a great plan and the resources described above, but if you are truly devoted to education, networking and doing what it takes, the key ingredient to success is patience. In my personal life and business life, I have seen many people fail simply because they did not have patience. They may have been on the right path, but they gave up or pivoted to soon. Others rushed to make something happen and did not truly plan for execution. It is unfortunate, but there is good news.
Patience is a Simple Concept
If you plan your work and work your plan, the last ingredient is patience. Let the system work itself out. Patience allows for deal finders to find the best deals, capital raisers to find the highest quality investors and passive investors to find the best syndicators of fit. I had to be patient in arranging my personal life and finances in a way for me to get started in real estate with my first investment. Patience is what allowed Buffet to score once in a lifetime investment opportunities such as his purchases of extremely discounted stocks during the Great Recession, allowing for the methodical purchase of undervalued assets while others panicked and liquidated.
Patience allowed true builders to build their enterprises, legacies and wealth portfolio and it will do the same for you. Determine your financial goals, outline your criteria, choose great partners and maintain patience. You too, will see the fruits of your efforts if you stick to the correct models for buying multifamily real estate.
Patience allows both passive and active investors to wait for the opportunities stick to their criteria versus hope during the hype. The good news: anyone can develop this skill.
As your next step, If you have not already downloaded the Passive Investor Startup Guide, you can download it for free here!
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– How To Use Your 401k To Invest In Real Estate
