Was Napoleon Hill a real estate investor…? I'm not sure, but I do know that we can use some of his “Think and Grow Rich” principles to insure our success. Let’s see what advice he offers.
1. “Have a definite purpose and back it with a burning desire for its fulfillment.”
As a new or seasoned investor we must determine exactly what is our purpose…or what is our “why”. Are we investing simply because the infomercial on late night TV made getting rich quick look easy? Or are we investing because we want to contribute to our retirement, create wealth over time, and provide our family the lifestyle we desire.
Our “why” or purpose has to be backed by a strong desire that keeps us focused on the result we want to accomplish while continuing to move forward even when things are not easy.
2. “Have a definite plan and express it with continuous actions.”
Every successful real estate investor will tell you that they have taken time to create a detailed written plan. They know the power of writing down their short and long term goals and determining a time frame for their achievement. Successful investing is not something we do occasionally…but a commitment of time and effort necessary to reach our goals every day.
Every plan must be followed by taking action. This means calling FSBO’s, mailing letters, putting up signs, going to auctions, working with realtors, looking at properties, talking with people…and making offers, offers and more offers.
3. “Close your mind tightly against all negative and discouraging influences. “
For new investors, one of the first encounters with “negative and discouraging influences” is from family and friends. They simply do not understand why we are willing to take the financial risk to make a profit on a property in the short term and they are certain we has “lost our minds” if we decide to become a landlord.
But in today’s wacky real estate market both new and seasoned investors are bombarded with negative influences 24 hours a day. Newspaper, TV and radio all are feeding us with doom and gloom about declining real estate values, increase in foreclosures, poor real estate sales, lack of available financing.
How do we overcome these influences? Join your local Real Estate Investor’s Association, become involved, participate in the training and education they offer and network with other investors. Keep in contact with real estate professionals and lenders. Seek advice and guidance from successful investors who are creating ways to win in a challenging market.
4. “Maintain a friendly alliance with those who will encourage you to follow through with your plan to achieve your purpose.”
Napoleon Hill talks about creating a “master mind alliance”. That is very good advice. Surround yourself with successful people who are like minded, are involved in similar interests and who consistently achieve their goals. These people are winners who will encourage, advise and challenge you as you follow you plan to real estate investing success.