| In the 1980s, if you were going to go on a diet, | | | | For instance, McElroy says, if you have found a |
| magazines would tell you to "think thin." They | | | | good deal, you can get funding for it because |
| never actually explained what that meant, but | | | | other people will want a piece of the action. It isn't |
| everyone knew they were supposed to do it. | | | | about negotiation skills necessarily, he said. Of |
| Adopt the psychology of the thin person, | | | | course, those skills can get you an even better |
| whatever that was. It follows that, in order to | | | | deal at times, but you shouldn't fret over whether |
| become rich, you should be able to accomplish | | | | you are good at the negotiation table. Just look |
| that by adopting the psychology of the rich, right? | | | | for good deals. |
| Actually, it does. Specifically, you should adopt the | | | | Although they are always evaluating risk, always |
| mindset of the successful real estate investor. | | | | aware of it, successful investors are not |
| Successful real estate investors are opportunists. | | | | frightened away by it. They determine whether |
| They always have their antennae up and ready. | | | | the risk seems reasonable. If the numbers add up, |
| They put themselves in the way of information. | | | | McElroy says, then it is a good deal. If it is a good |
| They "live the life" of the real estate investor, so | | | | deal, the savvy investor goes for it. |
| to speak. And because of all this, they notice | | | | Simple. |
| things. | | | | People who don't know how to properly evaluate |
| Ken McElroy, author of "The ABCs of Real Estate | | | | risk may think everything is too risky. They |
| Investing," which is part of the Rich Dad series, | | | | assume, for instance, that a larger deal may be |
| says it's all about patterns. If you look at enough | | | | too risky for a beginner to deal with. They |
| properties, study enough areas, talk to enough | | | | assume that because they think the investor is |
| people, he said, you will start to see these | | | | sinking a lot of personal cash into it when, in truth, |
| patterns. Then things will start to happen. You | | | | a larger deal stands to make a larger sum for the |
| may start to seem lucky. And, McElroy says, it | | | | participants. Therefore you may be able to get |
| may be luck, but it is a sort of luck, that comes | | | | more backers for a deal like that. In the end, you |
| from being prepared. | | | | may put up less personal money than you would |
| Remember: "Fortune favors the prepared mind." | | | | have on a smaller deal. |
| Opportunity is all around us, but if we are blind to | | | | Real estate investment is just like anything else |
| it, it will be as though it doesn't exist. The | | | | you want to learn how to do. Well, for one thing, |
| prepared mind recognizes opportunity. | | | | you have to learn how to do it. And you learn by |
| McElroy emphasizes over and over again that | | | | doing. Get out there and look at properties. Visit |
| being successful in real estate is a process. It isn't | | | | cities as though you were intending to buy. Go |
| just something that happens one day, as in one | | | | online and read about areas. See what other |
| day we're suddenly successful. It is something | | | | people have to say about the real estate in a |
| that you do every day. Eventually things begin to | | | | particular area. Get to know people. Before long, |
| happen for you. | | | | you will know enough to begin thinking about |
| Someone who is successful focuses on doing a | | | | actually making a move. You don't have to have |
| little at a time, on learning this or that thing, or | | | | a wad of cash in hand before you start playing |
| making this particular deal. It's a "walk before you | | | | the game. Just get out there and enjoy yourself. |
| can crawl" proposition. | | | | The rest will come. |