Whether you’ve been a real estate investor for a lifetime or just a few months, it can be all too easy to put your head down, bulldoze ahead, and forget some key principles. There is nothing easy about real estate investing. It’s risky to put money into this business. And yet, the wealth-building potential is amazing.
I encourage you to keep pursuing real estate investing. However, please do so with caution. Please build your business on several foundational real estate principles. I’ve listed some of the key principles below.
3 Key Real Estate Principles You Might Have Forgotten
Look at the Accumulation of Wealth as a Virtue
If you are functioning with Money Mastery principles at the forefront, an accumulation process will begin to occur in your life. Simply said, if you are thinking properly, managing correctly, and stewarding honestly, you will naturally begin to accumulate wealth. It’s important to keep in mind that this is not the accumulation of wealth for wealth’s sake, but to partner with God for transformation in cities and nations.
Remember that it is God who gives us the power to gather wealth. He is our Master. We are here to serve Him, and in the process of serving God, we can and should become the master of our money.
We do not need to be afraid of building wealth when God is the one empowering us to do so.
What does this have to do with real estate investing? Pursue the building of your investment business. Make risky decisions with wisdom. Build wealth. But always keep in mind why you are doing any of these things anyway. For yourself? I hope not.
Download a FREE cheat sheet with my 7 steps to financial freedom at the end of this post. This sheet would be great to hang someplace visible and reference often as you build your business & accrue wealth!
Never Underestimate the Importance of Investing in Yourself
I am asked all the time, “How do I get started in the real estate business?” That answer is easy. You begin by investing in yourself. Spend a portion of your start-up money on obtaining knowledge you do not have.
Attend seminars. Or purchase audio or video programs on subjects related to building a real estate business. Also, find the right people with which to associate. Being around people who are further down the road than you are can broaden your knowledge and understanding of the business.
Remember this key principles: part of obtaining knowledge is becoming educated enough just so you know the right questions to ask. Think about it. If you attended a weekend seminar about real estate next week, would you know what to ask?
Begin your quest by obtaining knowledge and learn the method, processes, and systems of the business. Following this principle will pay for itself again and again. You can never invest in yourself too much, I believe.
Learn to Hate Consumer Debt
I hope you already hate consumer debt. But if you don’t – or if your actions don’t line up with your beliefs – it’s time to remember this principles and put it into practice.
Consumer debt is an impasse in your ability to increase your wealth and succeed as a real estate investor. Honestly, you’re only building someone else’s wealth when you’re paying interest on consumer debt.
Think on this principle and take action often. Fight to avoid any and all debt. This will keep you in a position to build wealth and succeed.
You know the basics of the real estate business. You may even know more than you think. But if you aren’t remembering foundational principles like the ones mentioned above, it’s time to hit pause and go back to the basics.
As you build your business, be wise. After all, building wealth is a virtue – not to be taken lightly!