Being a profitable Investor doesn’t happen overnight, nor does it happen simply by being passive with your investments. If you are unhappy and want to see change with your portfolio – here are 5 helpful habits found in the book Rental Property Success written by our good friends and owners of RPM Express, Josh and Derek Kattenberg.
Profitable investors take total responsibility for their investments. Unprofitable investors blame everything and everyone else: the property manager, Wall Street, the government, etc. Build a relentless attitude, and nothing can stop you. It’s your money, your risk, your work…and your success!
Know Your Numbers. If your accounting is off or not up-to-date, you will make decisions based on emotions and not on numbers which will hurt you in the long run. Data and numbers help you learn, adapt, and plan for long-term success.
Regular assessments are essential to maintaining and protecting your investment. Visit your rental unit once per quarter, but you must do this in a way that doesn’t unsettle your tenant while also creating some accountability. Do not limit assessments to the property. You must assess your accountant, tax advisor, property manager, forms, systems, and more. Professionals spend time assessing their entire investment system, not just the buildings in the portfolio.
Habitual personal growth is what separates the rock stars from the backup singers. On a personal note, I have noticed that I am the number one hurdle that separates me from the growth of my company. Do I have the vision for my company to be a multi-million dollar entity? Absolutely, but I may not yet have the skill set to manage that kind of capital. My ability to grow, learn and adapt will be the difference between million-dollar growth or staying where I am today. None of us lack the opportunity for greatness, we only lack the personal preparation necessary to seize the day and make it happen.
Read something new every day. Successful people read constantly, find mentors to learn from, and value new information that can help propel them forward. Regardless the industry, you must learn before you earn. Learn your product, customers and competition. And then keep learning.
While this absolutely applies to property investors, this applies to every entrepreneur out there, every small business owner, and every manager. Get involved, be actively engaged in your career, and your business, and your investments.
You can find a copy of the book in the amazon store or by clicking the link below. Find the book here!