The single most important trait a real estate investor must have - Posted by Eduardo (OR)

Posted by Brandi_TX on April 28, 2000 at 11:28:10:

The word I use for that is “Stick-To-It-Ivness”. Right or wrong, I’s a Texan and can get away with it! hehehe

Brandi_TX

The single most important trait a real estate investor must have - Posted by Eduardo (OR)

Posted by Eduardo (OR) on April 27, 2000 at 21:49:18:

Tomorrow morning I’m making an offer on a co-op apartment. My ducks are in line for that so I have a few free moments to spare and I thought I’d make a suggestion on a topic I’ve been thinking about lately after reading the postings on this site for the last few days. What do you think is the single most important quality or trait a real estate investor must have to succeed?

I don’t think it is enthusiasm. You know statistically probably about 99% of all would be investors fail. I’ve seen this figure somewhere and it jives with my experience. Most people jump into the business after reading a course or two or after taking a workshop or seminar from a real estate guru. They have plenty of enthusiasm, but most of them end up failing.

Maybe the trait is patience. Maybe it’s the ability to defer gratification. I’m sure there are plenty of other candidates. I personally think the most important trait is “toughmindedness.” By this I mean the ability to focus on a goal, insist upon reaching it not settling for anything less. There is an old saying that goes something like this, “Those who settle for nothing but the best often get it.” The ability to decide, “I want this (specific item),” and not taking “no” for an answer. Corollary: The ability to push out of the way and out of mind those negative people who say it can’t be done or who distract one from the goal. Yes, I think one has to have the ability to say “no” when it’s needed and “nothing is going to stop me” when it’s not. No matter who you’re talking to, be it friend, foe or relative.

After “toughmindedness” (I’m going to get my way no matter what), I think I would put patience and pleasantness. You know, you can get a lot further with honey than with vinegar. I’ve seen beginners time after time try to negotiate by showing anger and impatience. Just the opposite that is called for by negotiation textbooks. Once I learned that you can get a lot more by smiling and nodding your head while at the same time insisting on your position than you can by showing negative emotions my success rate really increased. In fact, in my opinion, the most important books a beginning real estate investor can read are not on real estate , but books on negotiation techniques and salesmanship skills.

Just some thoughts. --Eduardo

Re: The single most important trait a real estate investor must have - Posted by Brian

Posted by Brian on April 28, 2000 at 10:48:30:

Isn’t “toughmindedness” the same thing as persistance?

Re: The single most important trait a real estate investor must have - Posted by Lew, CA

Posted by Lew, CA on April 28, 2000 at 08:35:31:

Real estate investing is no different thatn any other business. To be successful, one has to like people, or at least appear that way. It is a necessity to learn good people skills! Learn how to be a good listener.
A person will usually give you all kinds of info if you listen carefully. Someone gave us two ears and only one mouth, so maybe it was intended that we listen twice a much as we talk! Real estate is a “people business” and there are no short cuts around that I am afraid…

I agree with David and - Posted by TRandle

Posted by TRandle on April 28, 2000 at 08:08:24:

I want to add RESILIENCE and COMMITMENT. All 3 go hand-in-hand and fit well with many of the traits you mentioned. However, I think that if we’re looking for one single characteristic, then it has to be whatever term you choose for refusing to quit. If, as I believe, there are only two outcomes, and one of them is quitting, then describing the other is your trait.

Re:on another note… - Posted by Sheik

Posted by Sheik on April 28, 2000 at 07:55:13:

You mentioned you are going to make an offer on a co-op. I was under the impression that Co-ops are not good investments since they are not actually RE.

Could you give some info on what your plans are with this …

Thanks
Sheik

How about perserverance? NT - Posted by David Krulac

Posted by David Krulac on April 28, 2000 at 05:50:07:

.