Adopt a spirit of giving even before you have achieved great wealth - in Joseph’s terms, “Give ‘til it hurts.” If you see charity as an essential part of your business efforts - as an actual part of your DNA - you’ll be surprised at how much it can help your business as well as your soul.
Make sure to be as lowly leveraged as possible. The less debt you take on, the more you’ll be able to manage through the inevitable down cycles in the real estate market. Don’t forget that when successful real estate investors suddenly fall apart, it’s most often because they’re over-leveraged.
Even when there is a down cycle, don’t necessarily assume that it’s the wrong time to invest. A down cycle has its dangers, but it also offers opportunities to take advantage of situations that only appear when times are tough. By surrounding yourself with people who are as smart or smarter than you, you can together discover what those situations are, and how you can jump in at the right time.
If you would like to become a real estate entrepreneur, start by taking a job with an existing company. That way, you can learn, see what works, and make your mistakes before you set off on your own. At the same time, make sure to read everything you can, go to meetings and seminars, and do everything possible to get a full real estate education. Then, when you’re ready to begin investing on your own, you’ll have the experience and the knowledge to be successful.
Don’t be fooled by the classic formula that the three rules of real estate are “location, location, location.” In fact, the three rules are knowledge, discipline, and location. This means, in part, to know what you know, and to avoid investing in locations where you lack the requisite experience and understanding. If you don’t have people in the area whom you trust, you should stay away or risk getting involved in a losing proposition.
