Yesterday, we discussed about the errors you should avoid when investing in Edmonton real estate.
(You can read it again here: TOP 4 ERRORS TO AVOID WHEN INVESTING IN EDMONTON REAL ESTATE THIS 2016!)
Today, the team decided to follow it up with another topic about Edmonton real estate investment. Here are the top things successful Edmonton real estate investors do to stay and be profitable.
THEY MAKE PASSIVE INCOME THEIR PRIORITY
They tend to stop focusing on how to save chunks of cash and instead channel all their energy and resources in earning passive income.
If you keep your attention on simply saving money, then you’re not cut out to be a successful investor. That’s the cold, hard truth right there. There’s no sugar coating it. In order to get the money flowing, you must find ways to generate passive income-money that goes into your bank account without you doing anything.
Investing in rental properties is one of the best examples. You invest in an Edmonton condo, have it rented out for 1 year or more, and then wait for the money to come in for the next 12 months or so.
THEY ALWAYS PUT THEMSELVES IN FAVORABLE POSITIONS
They use leverage to do it.
Instead of doing the small, mediocre job themselves, they hire assistants to do it for them.
Hire an assistant to help you do online marketing, contact potential tenants or do basic admin work. Once you’re free, put your newly added time to making and closing real estate deals.
It’s like the famous saying: “make your money work for you.”
THEY DEVELOP CONNECTIONS
Knowing and being friends with the right person that has the right information or is working at the right firm will go a long way.
Encircle yourself with genuinely happy, smart and successful people. The relationship you develop with them will help you reach your goals.
THEY LIVE AND BREATHE THE INVESTOR LIFE
Everything starts in your head. What you think about, you bring about. That’s the law of attraction. It’s true. If you only think about sadness, death or envy, you will bring those things into your life sooner than you may want it.
Sure, sadness or death or envy is part of human life, but if you focus on saturating your mind of only positive things and you work tunnel vision towards achieving your real estate goal, you’ll be surprised that the universe will give you what you want.
One of the most common denominator when it comes to successful real estate investors is that when they want something, they’ll do everything necessary to get it.
THEY CONTINUE BEING A STUDENT
Successful real estate investors have an insatiable hunger for knowledge. You should have to. You should not be afraid to ask the tough questions or be lazy to learn new things.
Learning new stuff is what makes real estate investing an exciting venture!
For more from Team Leading Edge, follow the team on Twitter at @teamleadingedge. Make sure to subscribe to Team Leading Edge to get newsletters on the Edmonton Real Estate market.
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