HomeNewsTHE THREE KEYS TO RENTAL PROPERTY SUCCESS

THE THREE KEYS TO RENTAL PROPERTY SUCCESS

Thomas Edison’s teachers said he was too stupid to learn anything. Beethoven handled the violin awkwardly, and his instructor once called him “hopeless as a composer.” Babe Ruth led the American League in strikeouts for five different seasons and was known as the “strikeout king.” Despite their past, these three would go down in the history books as incredibly successful individuals. They didn’t let their past determine their future. They rose up and conquered their industry, leaving a mark that no one could ever erase.

1. Think the Right Thoughts

The first and perhaps most important step in becoming a successful rental property investor is thinking the right thoughts. In other words, it’s not an external action you need to take, but an internal mindset you need to create. This mindset begins by flipping a switch in your head so that you say to yourself, “I am doing this,” rather than, “I want to do this.” You tell yourself, “I will do this,” rather than, “I can do this.” Your mind says, “I won’t give up,” rather than, “I hope I won’t give up.”

2. Study the Right Source

Once you’ve “flipped the switch” in your head and are fully committed to a future that involves building wealth through real estate, it’s time to take action. Before you make your first purchase, however, you need to gain some education. Therefore, the second key to success in rental property investing is to study the right source.

3. Picking the Right Plan

Although an official business plan might come in handy for you some day, I am talking about writing down your strategy for achieving financial freedom through rental properties. Yes, it should be written down, but no, you don’t need to make it anything fancy. Your banker is not going to see this plan. I’m not going to see it. Your ninth grade English teacher will not see it

Conclusion

All the steps up to this point are for nothing if you can’t manage the asset(s) you have purchased. Rental properties are different from most other asset classes because they must be continually maintained and managed. Unlike stocks, for which you can simply write a check and then ignore them for years, rental properties require continual oversight

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