Choosing to enter the world of real estate investing is an exciting decision, and the start of a big journey. As with any form of investing, real estate investing is unpredictable, and it takes time and effort to learn the skills necessary to succeed.
But even the most ambitious real estate investors run the risk of falling flat. So, why are some real estate investors more successful than others?
We wanted to run this question by seasoned real estate investor Winston Deloney. As an expert real estate investor, Deloney knows what it’s like to struggle in investing, and come out the other side.
Winston, tell us about yourself.
I’m an investor based in Chicago, and I really consider myself a serial entrepreneur. I’ve basically been through it all when it comes to real estate investing. Buying, selling, flipping properties, owning rental properties, and even wholesaling are all in my wheelhouse.
I love the world of real estate investing, and I’ve enjoyed massive success from it. But that being said, it wasn’t always that way, and being successful takes certain skills.
What are some of the challenges you faced in real estate investing?
When I was new there was definitely an intense learning curve, but I think everyone feels that. No amount of reading or studying can prepare you for the real world, when you’re actually making big decisions on the fly, trying to finance projects, and trying to make good money off of them.
It’s a very unpredictable world, and you don’t know how to handle issues until they come up for the first time. A perfect example is when I first acquired a rental property, I had to prepare myself so I won’t have to go through the most common mistakes a landlord can commit.
What are some traits of successful real estate investors?
You have to treat real estate investing like a full-time job. It’s not a hobby or a game, not if you want to really succeed in it.
You have to remember that the people who are killing it are pouring their blood, sweat, and tears into their investments. If you’re going up against that, you have to match that energy.
Aside from that, I would say it’s great to be patient, but also know when to jump. That can be a difficult balance to maintain. When it comes to patience, you don’t want to take a bad deal because you’re eager to get started or want the property off of your hands so you can work on the next one. That’s how you lose money, fast. But also, it’s important to know when to strike while the iron is hot.
Why are some real estate investors more successful than others?
Well firstly, you have to have passion for this field. If you don’t love it, you’re not going to be able to put in the work to succeed. Those other traits I mentioned definitely play a big role in success, like patience and treating it like a full-time job.
Here are some other pointers: if you’re not great at networking, it can be difficult to find good deals and flip properties, so take the time to create a network as you go. And successful investors are ones who know the industry inside and out. Take the time to educate yourself and invest in your own success.
How can people learn about you?
I’ve learned a lot over my years of investing, and now I’m really committed to sharing what I’ve learned. I love to help newer investors learn the ropes and avoid the same mistakes I made. I share everything on my website so be sure to check it at https://thewinstondeloney.wordpress.com/.