Going into the real estate business as an investor definitely is no piece of cake—it takes an immense amount of patience and hard work to find success. You need three important skills to win as a real estate investor: a business plan, a bold attitude, and a reliable source of information that the general public doesn’t know about happenings in the real estate market.

Business Plan

Before you make any move that requires a financial investment or contractual commitment on your part, draw up a business plan that outlines all of your intentions. Start with your goals—what do you wish to accomplish in the next three to five years? How do you plan to achieve those goals? What kind of budget do you have and how do you plan to raise the needed funds to buy properties? Get it all down on paper before you start making decisions and signing agreements.

A Bold Attitude

When working as a real estate investor, you are going to have to deal with a number of different parties including contractors, agents and potential renters or buyers. You definitely can’t be afraid to boldly request what you need and want from them if you are to do business.

If you plan to pursue a career in real estate investing, you can’t be a person who is afraid to say “no” or who cares too much about what people will think of you if you challenge them. What matters first and foremost is that you get things accomplished in the most economical and efficient manner possible so that it’s consistent with your business plan. Contractors and carpenters will try to put you on the backburner and charge you for unexpected extras. Agents will try to convince you to agree to terms that may not vibe with your business plan. Potential renters will try to get away with not paying you rent if you let them. Be bold and set your foot down early on to let these different parties know that you mean business. When you find service providers who are reliable and efficient, value them and treat them right.

Inside Information

Many people jump into real estate investing without doing any research. Before you buy your first property, pick up a library of books on the subject. This will teach you what other first-timers have learned so that you can avoid making the same mistakes that they did. Next, invest in journals and subscriptions that will update you on what’s going on in the real estate market in your area before the average man on the street. For instance, you should know in advance if a new major business is planning to build in an area that might attract higher rents or home values in the future.

Also, find a mentor if you can (you might be able to find one using the SBA’s database). Find someone who has experience in real estate investing so that he can provide you with insight into the business. However, be sure that you pick a mentor that is respectable and has good character.

If you want to win as a real estate investor, you have to be willing to invest time and planning as well as money into your venture. Stay positive and on top of new developments in the real estate market if you want to find success buying and selling or renting properties.