Number 1: The number one thing that you can do is work on patience. Wealth in Real Estate is not built overnight. You have to continuously think about the long game, continuously look at the future, and stay focused. True wealth isn't built in a couple months. It isn't built in a year. It takes time. It takes continuous focus over the long haul to get to where you want to be in Real Estate. So, that's number one. Staying patient, staying focused, looking at the long game.
Number 2: Probably the most important is good credit. Good credit if you don't have it, work on it, improve it. Good credit is imperative to success in Real Estate and long-term wealth building. And the reason being, a lot of deals, people look at real estate as, "Well, I can't succeed in real estate, or I can't buy real estate because I don't have enough of a down payment, or I don't have ... Even if I get the first one, how do I get the second one?" Good credit is often a bypass through a lot of the hurdles. Good credibility. If you have credibility within a market, you can solve a lot of financial problems using leverage. So, making sure that you understand what your credit score is, how credit is affected, and paying attention to your credit score over the long term can really help you build wealth through Real Estate.
Number 3: Continuously searching for opportunities. Telling everyone you know what you do. You're a Real Estate Investor. You buy real estate. You're looking for opportunities. So, always, whether it be at a Super Bowl party, a baby shower, whatever events you go to, working with your local Real Estate agent, finding a good Real Estate agent, and letting that Real Estate agent know this is exactly what I'm looking for. I'm an investor. I'm constantly searching for opportunities. Again, even if you don't have the money at the moment, people say, "Well, I don't have the money, so I don't want to go out and search for opportunities." Things will work themselves out if you are continuously being presented. You don't have to take every opportunity, but if you're continuously being presented with good opportunities from your network, this is one of the keys to building wealth long term.
Number 4: Continuously educating yourself. There is so much to learn in Real Estate, and what separates a lot of successful people from the people that don't quite make it is their continuous hunger for education, a continuous hunger for knowledge. So, I'll give you an example. It's not just about reading Real Estate books all the time, but within Real Estate, you're reading sales books on negotiating techniques. When you're buying, and you're selling, you want to be very versed in the sales field. You want to read some legal. You don't have to become an attorney, but especially if you're buying rental properties, you should know the basics of landlord-tenant law. So, you want to spend some of your time reading a little bit and staying up a little bit about legal matters that have to do with Real Estate.
Financing. The more you understand about financing, and financing is big. It presents a lot of opportunities to you when you understand different types of mortgage from FHA to commercial mortgages to interest-only to balloon payments. Knowing and understanding what all of these things are allows you to create different opportunities for yourself and allows you to understand how you could finance opportunities that are being presented to you.
You should also be educating yourself a little bit about the construction process, the renovation and rehab process, and then marketing as well. If you are continuously networking and putting yourself out there, finding a good Real Estate agent that you can work with, that's great. But you can also do some marketing yourself and go out there and find deals directly, too. If you're a buyer, potentially people that want to sell, and if you're a seller, potentially people that want to buy.
Number 5: Again, one of the big ones is taking action. If you're doing the first floor, you're staying patient, you are working on your credit, you're continuously educating yourself and searching for opportunities, then it just comes down to taking action. When an opportunity is presented to you, and you've done your research, you've educated yourself, and it's now time to pull the trigger. It's now time to stop overthinking it and listen to your gut at some point.
So, those are the five things that you can do to continuously build wealth in Real Estate. Again, it's being patient, working on your credit, always be searching for opportunities, continuous learning, and then finally, last but not least, taking action.