Real Estate investors have faced one of the most challenging years in decades. Just when we thought we had mastered the rules for the game of real estate investing, we were faced with the reality that the rules had changed. As we reflect on the past months it is evident at the rules are still changing and even the most seasoned investors are having to reinvent themselves in order to survive and thrive during this recession and overcome the real estate recession blues.
I recently read this quote by Warren Buffet, ” When everyone is greedy be fearful. When everyone is fearful be greedy.”
We know from observing successful people like Warren Buffet, Donald Trump and others that money is made when real estate can be purchased at a bargain price. and when others are fearful about purchasing property.
In simple terms “buy low and sell high”. Real Estate opportunities are very plentiful throughout the country with the massive numbers of foreclosures on the market today.
As we move forward into a new year we can increase our odds for success by focusing on our own personal development . This is very important for all investors but even more so for new investors just starting on thier real estate Investing journey.
Here are four keys to overcoming the real estate recession blues.
1. You are in the Real Estate Investing business. Like all businesses, even home based businesses, we are faced with challenges. It is very easy to stay focused and committed when things are working well, but the true winners are the investors who dig in and stay the course through the tough times because they know they will reap the rewards just a little further down the road.
2. Examine your attitude. Ask yourself , “What am I focusing on every day? What can I do today to secure positive results in my real estate investing business?” It is so easy to be influenced by the constant negative information about the economy, recession and poor housing markets , but our survival will depend our ability to focus on activities that will create positive results .
3. Acquire more knowledge. Local Real Estate Investor Associations nationwide are providing educational opportunities in real time to inform and train their members with the latest information on real estate investing.
Many investors are returning to the basics, using creative financing and other options to purchase properties in a challenging environment. Investors accustomed to purchasing and reselling properties may now have to learn how to be landlords as they purchase and hold properties until the market is suitable to sell.
Investors should be talking advantage of the training , knowledge and support provided by the local REIA's.
4. Be flexible. With the ever changing Real Estate market investors have to be very flexible and willing to change. As in all occupations within our economy today, we have to be able to “reinvent” ourselves. As we do so, connect with others who have had past success as a landlord, wholesaler or rehabber. Learn from others about how they are financing and acquiring properties.
A few years from now, we will be remembering the challenges we all have faced as real estate investors during these challenging times, I am sure that we will discover that the knowledge and experience we have acquired have made us better investors and it will contribute to our success in the future.