Winning Real Estate Investors!

-Characteristics that can put you in the winner’s circle, whether it’s Real Estate or rodeo!

By Markie Ingram
Real Estate Entrepreneur

I have noticed from my experiences in affordable housing that to be successful in this industry is very much the same as when I was showing and selling horses. Certain characteristics apply regardless if you are trying to make money with houses or horses. Here’s a look at some characteristics that can put you in the winner’s circle, whether it’s Real Estate or rodeo:

Mental Toughness - Real Estate is not easy or everyone would do it. There are going to be times when certain situations are completely frustrating, extremely challenging or just plain exhausting. Finding deals can be an impossible feat or selling can almost make you suicidal. Not to mention the thousand and one things that can go wrong in between…break-ins, theft, contracts falling through, bad contractors, the list is endless. This is where mental toughness is absolutely mandatory! You must face each difficult situation with the determination to resolve the problem to the best of your ability and then move on. In the rodeo world the term “Cowboy Up” means to overcome the odds and conquer whatever is in your path to victory. The same attitude applies in the game of Real Estate and it all starts with staying tough mentally!

Perseverance - you’ve heard the old saying “When a rider gets bucked off, he has to get up and get right back on that horse.” Why? To conquer the fear, to overcome the bad experience and to learn to take control again. It’s the same in Real Estate. Sure, it’s easy to say, “I’m giving up, I lost so much money on that house”. Ask any investor and see if they lost money in a deal. I promise you it goes with the territory, but it takes heart and discipline to keep pursuing your goals and overcoming the setbacks. Get up off the ground, dust yourself off and climb back on that ride called Real Estate investing. All winners in life have perseverance!

Being Realistic - that old saying “Pride of Ownership” can be tough to swallow! We would all like to think that “our” house will bring more than any other investor’s …sorry, it just doesn’t work that way. Try to remember not to get involved with the property emotionally. Being realistic is about knowing and following the numbers. It doesn’t matter that you put in hardwood floors or that you built custom counter tops. The property will only bring what the comps say it will. Being realistic is really just applying good old fashion “horse sense” to the Real Estate market.

Do What Is Right - why wouldn’t everyone do right? Well, the answer is that shortcuts to greed can get in the way. Don’t let it! When you rehab a house, fix it the correct way so you know that you have put a good product on the market. Also, your contractors will respect you as well as your fellow investors. I have seen horse trainers “quick-fix” horses and it may work once but those trainers never last in the business. It’s the same in the Real Estate business. Don’t cheat, you will be found out and you will have a hard time selling to investors, using good contractors or dealing with banks and lenders. Do what is right and you’ll go to the pay window over and over.

Act Like A Winner - Everyone likes to associate with winners and do business with winners. Have a positive attitude; be proud of yourself and what you do. Be kind, optimistic and smile! Winners attract winners. Don’t be afraid, we all started with a “first” deal at some point in our life and more often than not, investors are happy to share their knowledge with you. Remember, horses know if you are afraid or timid and they will take advantage of your apprehension. The same is true in Real Estate. Make your moves with a positive approach and you’ll get along much better.

All winners in life share these five common characteristics. I am sure there are many more but these have been an important combination for me to achieve the success I have had in both the horse world and the Real Estate world. Apply these characteristics to your everyday life and they can work for you as well. I look forward to seeing you in the winner’s circle!