Rich Habits of Real Estate
Whether you are investing in multi family properties or you are building your individual real estate portfolio one house at a time, there are certain habits you should have for building wealth.
One study of self-made millionaires by Thomas Corley, author of “Rich Habits: The Daily Success Habits if Wealthy Individuals,” indicates that it takes seven years of daily growth to build wealth. They did this through reading and taking CONSISTENT actions.
Live Within Your Means: Rule of thumb is to save 20% of your income and only spend 25% of your income on the mortgage. But investing in real estate brings flexibility to this model. For instance, consider spending that 25% on two lower income rental properties (they appreciate faster anyway), paying them down for 15 years, then selling one to pay off the other. All of a sudden you have a fully paid house in 15 years with a greater appreciation and equity.
Set goals, not wishes: wealthy people don’t play the lottery because they create their own luck. So write out your long term real estate investment plan and then stick with it.
Read everyday to improve yourself - Read, listen to audiobooks, surf the Internet, or subscribe to magazines to become a self-made real estate expert. I’ll post my favorite books on my website next week so look out for it.
Network regularly - You don’t have to leave the house to network (although you should.) Join Facebook groups and engage in forums. Surround yourself with experts
Create and accomplish daily to do lists - Don’t procrastinate. If you are ready to build your investment plan and don’t know where to start, give me a call. Get consistent on your daily rich habits NOW, not tomorrow:
Take care of your health - Wealthy individuals say that exercise and nutrition help them accomplish twice as much. Consider taking a walk while you listen to your real estate investment audiobook. Or better yet! Listen to my podcast here.