Passive real estate investors can fall into this temptation to keep their investments at arm’s length. After all, they’re not really responsible for the outcome, right? They’re just putting the money in. Someone else is really handling it. If things go south, it’s not your fault. You keep a loose grip on things just in case you have to pull your ripcord and stop your freefall because the ground feels like it’s just getting a little too close.
These sorts of real estate investors rarely find real success. They aren’t the kind of investors that build million-dollar portfolios or see their efforts flourish into the financial future they’ve always hoped for.
No, if you want to see real success in real estate investment, you have to own it.
4 Ways to Own Your Real Estate Investment Career
If you hope to find lasting success as a passive real estate investor, you have to start owning it. Ownership can be a scary thing. It means accountability and responsibility even when things get tough. It means being in it for the long haul. But most of all, it means embracing your role as an investor, the good and bad.
But what does that look like on a practical level, and how does it actually help you foster long-term success?
Owning your mistakes.
Perhaps that hardest thing to own up to in anything is our mistakes. It’s so much easier for us to believe that someone else dropped the ball, that some other factor was the cause of our misfortune. The truth is usually more complex than that, and we usually share some of the blame. Ultimately, what matters isn’t why the mistake happened, but what you can take from it.
If we waste all of our time trying to place and deflect blame, it’s not going to help us grow or learn anything. Instead, own the mistake. Even if at the end of the day it wasn’t really on you, you can still learn from what happened and do your best to be diligent in ensuring that it doesn’t repeat itself in the future. This is a crucial part of investing in real estate. We must be able to learn and grow from our experiences and especially from our mistakes.
Owning your potential.
You have within you the enormous potential for success in real estate investment. It isn’t a path reserved for those who already have the connections or the resources or the education to make it happen. What you have to do is believe that you are capable of making it happen and own it. You have the potential and you can realize it.
The key, of course, is not wasting that potential. It starts with knowing that success is possible for you and then building the path for yourself, little by little. It starts by partnering with the right people, like Memphis Invest. You want to team up with companies and individuals who want to invest in your future and in your success. People who see your potential for greatness.
If you yourself don’t believe in your own ability, how can you make it happen?
Owning your purpose.
At Memphis Invest, one of the questions we ask people who want to invest is why they want to buy investment properties. We want to get to know their motivations. Part of this is to discover whether or not passive real estate investment is the right fit for their ambitions. But ultimately, you have to ask yourself whether or not you’re passionate not about investing in real estate, but why you’re investing in real estate. What is motivating you?
Is what motivates you strong enough to weather the storms, trials, and tough times that may be ahead? Your purpose ultimately will help guide how you construct and grow your portfolio. It will determine your response to crises. It will help you persevere and plan.
Ultimately, you have to own it.
Owning your expertise.
Lastly, you have to own what you know. As you grow as an investor, you will learn. You’ll gain experience. There will always be voices of doubt in your head that will make you worry and fear your next steps. You will have times where you don’t feel like you know what you’re doing. But if you hope to succeed in this business, you have to have faith in what you know. Trust the experience you’ve gained.
Own your role and the fact that you know what you’re doing! You can scale your portfolio with confidence. You are capable and you can be confident as you work with your turnkey provider.