Rules From Some of the World’s Greatest Investors
When you decided to become a real estate investor, your first thought was, of course, to make as much money as possible. The most successful investors accomplish this goal by having a strategy and a set of rules and sticking with them. While you may already have some ideas as to how you can be a successful real estate investor, it never hurts to seek out the advice of those who have proven themselves to be exceptional in their field. Following are a few words of wisdom from some of the world’s greatest investors that you can use to grow your own financial portfolio.
Dennis Gartman: Let Winners Run
A frequent guest on TV financial shows, investor Dennis Gartman has made a name for himself over the years by showing beginning investors how to make investments for the long-term, rather than do a quick dash for cash. According to Gartman, investors should never sell as soon as they start to see a profit. Instead, he recommends learning to be patient while investing, since it’s okay to lose a small bit of money now and then in the march toward long-term gains. Also, he likes to remind investors that they don’t have to be correct each and every time. In fact, he says you can make money by being right only 30% of the time. Therefore, if you’re like a baseball player and have a .300 batting average, chances are your portfolio is growing the way it should.
For turnkey rental investors, you can apply this strategy by buying and holding property so it has a chance to appreciate over time while bringing you passive income in the interim.
Warren Buffett: Do Your Research
One of the most successful investors in history, Warren Buffett is held in such high regard that when he speaks, world leaders listen. As for the secrets of his success, he credits doing exhaustive research with being a key component of building his wealth. If you want to be like Buffett, do as he says and ask plenty of questions prior to purchasing a piece of investment property or selecting a turnkey rental investment company. At MartelTurnkey, we always espouse doing your due diligence before making any investment. When you want details about any of our available turnkey rental properties, you can instantly view and download the financials so you know exactly what to expect. You can also always reach out to us and speak to a real, live member of our team who will take as long as necessary to answer all of your questions.
Bill Gross: Have Conviction
If there is one thing Bill Gross hates to see happen to investors; it is “analysis paralysis.” Since this is something most of us have experienced at one time or another when faced with an important decision, you know how this frame of mind can keep you from pulling the trigger on what may be an exceptional opportunity.
While he does believe in doing research for your investment portfolio, Gross believes you shouldn’t let this idea prevent you from moving on a particularly good investment. Once you have the facts in hand, and have made sure they align with your investment goals, have the courage of your own conviction to go ahead with your plan.
Prince Talal: Patience is the Key to Successful Investing
Even though you may have never heard of Prince Talal, those in the world of investments know all about him. Hailing from Saudi Arabia, Prince Talal is a textbook example of an investor who knows that patience is the key to success. Referring to himself as a “long-termer” rather than a seller, he held onto many of his investments during the Great Recession, even when most others chose to sell. Since it’s hard to argue with his success over the years, use his advice and don’t be hasty to buy or to sell. Rather than just buying the first property that presents itself, be patient and wait for a property that is in the right market, being offered at the right price, and will align with your goals while bringing you a nice ROI.
Carlos Slim: Always Look Ahead
The owner of hundreds of companies around the world, Carlos Slim is extremely successful and extremely rich. As to how he got there, his strategy has been to always be forward-thinking. Instead of focusing solely on one short-term gain after another, concentrate on building something for your family legacy through careful planning. In fact, he feels the smartest and most successful investors aren’t those who are studying what is happening now, but rather those who are looking at the trends of tomorrow. If you do the same and strive to find the next big winner, your portfolio will be filled with great properties that produce steady growth and income for both you and the next generations in your family.
Everyone has to walk their own path to financial wealth. But you can take a page from the most successful investors and adapt them to your own needs and financial plans. Once you take the advice of these incredible investors to heart, there will be no stopping you in the building of a profitable investment portfolio. From doing your due diligence, putting a stop to “analysis paralysis,” and looking toward the future, you’ll find yourself becoming more financially secure with each passing year. As always, feel free to contact us with any questions or comments you may have.