This Corporate Finance Institute Investing examines some of the factors involved in becoming a successful real estate investor. Some CFI students enjoy tremendous success and achieve all of their goals. Other students never seem to get their real estate investing careers off the ground. By identifying the factors that contribute to the success of students, CFI hopes to help new students avoid the pitfalls others have unfortunately experienced.
Why do you want to become a real estate investor? This is a very straightforward question that surprisingly many prospective real estate investors cannot passionately answer. It is not enough to simply answer the question by stating that you want more money or hate your current job. Numerous people are dissatisfied with their current job, and nearly everyone would become wealthy if there was a magic wand that could make it so. Generating income, the desire for a comfortable retirement, and replacing one’s current job are common answers. Two individuals can give the same answer, but what separates eventual success often hinges on the motivation the student has when they answer the question.
It is important that you know why you want to be a real estate investor and what your goals are in order to have any chance of success. The goals you passionately create can help fuel your fire as you launch your real estate investing career. Creating more income is a nice goal, but is it a strong enough motivation to help carry you to success? Perhaps it is, but the individual who truly yearns to become free by achieving financial freedom might have a substantial motivational edge. Better yet, the individual who knows what they want to do with that freedom will probably have the motivation necessary to achieve success once they receive the proper training.
Making Two Lists
As you contemplate starting a real estate investing career, make two lists. On the first list, include all of the objectives that you want to achieve. For example, items on this list might include:
- Generate immediate supplemental income
- Replace current income and quit my job
- Create enough passive income to escape the Rat Race
- I want to work for myself
- I want a comfortable retirement
- I want to prove to myself that I can do it
Make no mistake, for some people the items on this list will serve as ample motivation. Some individuals may truly be motivated to escape their current employment and that will provide all the motivation they need. For others, items on the second list will help carry them through whatever obstacles they come across.
On this second list, write down everything you want to do once you achieve your goals on the first list. What are the desires of your heart? What things have you always wanted to do if money and time were not a factor? For some, it will simply be the ability to spend more time with those they love. For others, these dreams might be extravagant, involving adventure and world travel. No one knows your dreams better than you do. Write them down, visualize them, and realize that with the proper education coupled with your hard work, they can become a reality.
Students that enter their real estate investing career with a vision of what they want to achieve have a much easier path than those who do not. When someone asks you why you want to become a real estate investor, you should be able to immediately identify your objectives and what you will do with your life once these objectives are met. Once you can do this simple task, you are one step closer to your eventual success.
- Jonas Taylor is a financial expert and experienced writer with a focus on finance news, accounting software, and related topics. He has a talent for explaining complex financial concepts in an accessible way and has published high-quality content in various publications. He is dedicated to delivering valuable information to readers, staying up-to-date with financial news and trends, and sharing his expertise with others.
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