Anybody with the money can purchase a property, but being an investor requires a whole lot more than just the capability to buy properties.
Being an investor is not the same as being a landlord
Investor vs landlord – they require two very different mindsets that you need to fully immerse yourself into.
Having a landlord mindset practically means you personally attend to everything your property needs, from screening the tenants to maintaining the property itself. If your goal is to manage as many properties as you can, then you need to have an investor mindset.
Having an investor mindset means that you are using your properties as a tool to make returns. It means having a team that works around you that delivers the best results. By thinking like an investor, you know that personally running to Home Depot is just not the best way to spend your time. Working with a team means you will be able to manage more properties that will provide you with more income.
In terms of real estate, the best advice I’ve ever gotten and I would love to pass along is to learn to value your free time. Fire yourself as quick as you possibly can from the job that you’re doing. You’re gonna have to do some of the jobs in the beginning; you’re probably gonna have to do all the jobs in the beginning, and it’s important for you to do those jobs, because as much as you’re able to do — I mean, there’s some people that just should not do accounting and they should not do the other stuff, but whatever it is, if you’re gonna do the work yourself, learn to value your free time and fire yourself as quick as possible. Once I did that, it really opened up a world to me, and it really opened up my business, as well.”
Mark Dolfini on Joe Fairless’ podcast
Having a business plan and a goal is the key to become a successful investor.
If you need guidance on how to properly create a business plan or if you need help identifying your goals, please give us a call at 214-499-9813 and we will give you a free one-on-one discussion.
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