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You are here: Home / Finance / Real Estate / Top Secrets of Wildly Successful Real Estate Investors
Top Secrets of Wildly Successful Real Estate Investors

Top Secrets of Wildly Successful Real Estate Investors

May 6, 2020 By Cade Hildreth Leave a Comment

In my opinion, there are six secrets that characterize wildly successful real estate investors. If you’re going to get into the real estate game, it’d be worth reviewing these critical traits.

It truly is the secret to success.

If you embody these critical traits, then by all means, dive into real estate investing headfirst.

The truth is, more millionaires will be created from the current recession than were created in the past DECADE—and maybe longer.

Traits of Successful Real Estate Investors

So, what do successful real estate investors tend to have in common? The answer is…

1. You have to commit

If you’re going to buy your first investment property, you have to love the idea of real estate. I mean, really LOVE it.

If you’re also interested in stocks, bonds and Bitcoin, I seriously doubt you’ll ever do much in real estate beyond own your primary residence.

That’s the tough truth.

2. You have to be willing to work

Real estate, especially when you’re first getting started, will take some tough work.

You’re going to have to submit a bunch of paperwork to lenders, go view properties with realtors, track properties using apps on your smartphone, and once you acquire a property, either hire a property management company or learn how to acquire a tenant.

If you decide to self-manage your property, it will involve online and offline advertising, property showings, pulling tenant screening reports and running background checks. Then, you’ll sign a lease with your new tenant and potentially put pen-to-paper on additional pet addendums and move-in/move-out inspections.

Of course, you’ll also be responsible for maintaining the property over time and solving problems when they arise—like leaks, fires and broken toilets, for example.

Ask yourself, are you willing to do the work?

3. You’ll do better with money

While there are lots of strategies for creative financing, you’ll ideally have some savings before you get into real estate.

The reason is, stressful and unexpected things happen when you’re dealing with real (“hard”) assets.

Having a solid amount of money in savings will let you be best positioned to get a loan, as well as fix unexpected problems quickly when they come up.

4. You have to be a problem solver

I’ve never seen anyone do well in real estate who didn’t have a resilient attitude.

The reason is that there’s frequently problems that need to be solved in real estate, such as an issue during the closing period that almost blows the deal, an expensive repair that you didn’t expect, or a tenant that doesn’t uphold their end of the lease.

If you know how to view problems as opportunities, then you’ll do extremely well in the real estate investment world.

5. You need to value people

People think real estate is about properties, but it is really about people.

Over time, you’ll want to develop relationships with realtors, lenders, title companies, sellers, repair technicians/contractors, and property management companies.

I have yet to see anyone do well in real estate who wasn’t willing to pick up the phone to make an uncomfortable phone call. I’ve also never seen someone do well in this area, who wasn’t honest and focused on building long-term relationships.

You don’t have to be an extrovert to buy your first investment property (I’m not), but you do have to be invested in fostering relationships with other people.

6. You Need to Understand Passive Income

Finally, if you’ve never been taught the basics of financial freedom, then you’re going to have to learn them fast.

Simply put, successful real estate investors know that the goal of acquiring physical properties is to convert active (earned) income into passive income.

 

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A post shared by Cade Hildreth | They/Them 🏳️‍🌈 (@cadehildreth) on Sep 11, 2019 at 2:10pm PDT

Passive income means that you get paid every month.

With real estate, you still put in some work, but the reason that the income these assets produce is called “passive” income is because you:

  • No longer have to pay high earned income tax rates
  • You get numerous tax advantages, like real estate depreciation and mortgage interest deductions
  • Your property has the potential to appreciate (go up) in value over time
  • You can sell your properties and buy new ones without paying a cent of tax using 1031 exchanges
  • Done right, you’ll get paid cash flow on a monthly basis

These perks are the reasons why passive income can rapidly facilitate financial freedom.

How to Become A Successful Real Estate Investor

When people learn I’m a real estate investor, how to buy their first investment property is one of the first questions they often ask.

Want to learn about this next? Check out this step-by-step plan on how to buy your first investment property.

Are we connected yet on Instagram? If not, let’s make it happen, because I share frequent real estate tips and tricks in my Stories and IGTV.

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“As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness fanatic, I’ll teach you what your parents and teachers should’ve taught you, but didn’t know themselves.” -Cade Hildreth

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Scroll … for an inside look…Hope you’re a Scroll … for an inside look…Hope you’re all living a life that is true to you 💛
I post these videos to help members of our communi I post these videos to help members of our community become financially free. 🏳️‍🌈🏳️‍⚧️🙏🏽I’m curious … growing up, did your family talk to you about money/investing? 🤔#lgbtqiaplus #nonbinary #financialfreedom #financialliteracy
💰Financial Lesson: You’ve got to earn your mo 💰Financial Lesson: You’ve got to earn your money TWICE … here’s why💰Are these brief financial lessons helpful?Please me know by leaving a 💯 if you find them valuable
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#lgbtqia #lgbtqcommunity #lgbtqsupport #lgbtfamilies #nonbinary #financialliteracy
My recent podcast guest @Taryn.Durant is a LGBTQIA My recent podcast guest @Taryn.Durant is a LGBTQIA+ fitness coach, health professional, and entrepreneur. What's more, she has gone through an incredible fitness transformation of her own and now teaches other people how to do it too.If you haven’t already met all of your fitness and professional goals, then you’re definitely going to want to listen to this episode, because we go deep into...- how to construct a physique of your own imagination
- how to eat for muscle gain or fat loss
- how to make fitness inclusive for all bodies and genders
- how to handle anxiety
- what your mind tries to limit you and what to do about it
- and so much moreYou can listen on iTunes or Spotify at the "What You Should've Been Taught" podcast or you can follow this link:https://podcasts.apple.com/us/podcast/guest-taryn-durant-on-inclusive-fitness-mindset-and/id1523094339
Swipe until you read the quote, please … ➡️ Swipe until you read the quote, please … ➡️It’s funny because we’re taught that “different is wrong” but everything wonderful that has happened in my life is BECAUSE of being different.Remember…Extraordinary = extra (or beyond) ordinaryRemarkable = Worthy of remarkOutstanding = To stand outExceptional = To be the exceptionSo I say, let’s embrace different … celebrate it … and pursue it.Also, Happy Easter Weekend if you celebrate … and happy Spring if you don’t! 🐣☀️🌿#lgbtqiacommunity #lgbtqiaplus #lgbtqia #nonbinary #genderfluid
Happy #TDOV y’all! 🏳️‍🌈🏳️‍⚧️Today, on Transgender Day of Visibility (TDOV) I’m grateful for…Trans people
Nonbinary people
Gender expansive people
Gender nonconforming people
And, perhaps most importantly right now, our ALLIESWith all of the anti-LGBTQIA and anti-trans bills being proposed, I particularly appreciate the allies who are stepping up to do the work.Hope you’ve got a good one in your court, like Erin (my wife), featured here! 💗
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#nonbinary #genderfluid #genderless
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