Become a Successful Costa Rica Real Estate Investor
Become a Successful Costa Rica Real Estate Investor: With any endeavor in life, one must put in the hours, effort and dedication to achieve greatness and success. Investing in real estate is no different, as it takes time to develop a special skill set to build your business identity and portfolio. Over the years, I have met with many successful real estate investors. These are five traits I believe most of them have in common, which may be helpful to you.
Saying “no” is
key in this business.
Be economically savvy
Interest rates, government policy, tax policy and demographics are the four key macro-factors that drive real estate markets up or down. A successful investor constantly monitors them and tries to anticipate what changes in these drivers will mean for portfolio returns. Costa Rica is going through a lot of reforms in these areas. One new reform being discussed now would have a direct impact on the economy and real estate markets later.
Be good at saying “no”
Having a detailed, well-thought-out investment plan makes it easier to see the big picture. It’s then when you can realize most of the opportunities presented by people or institutions aren’t a good fit for your portfolio. It’s easier to say “no” to them, and actually take time to analyze and work on the opportunities that are a better fit for what you have previously laid as the backbone of your portfolio. Saying “no” is key in this business.
Surround yourself with only the best
This is what separates the good from the great. By putting together a team of knowledgeable, trustworthy professionals who share your passion and are willing to work with you on every deal, you are halfway there. There are hundreds of lawyers, realtors, architects and business professionals, but it’s your job to identify those who will make you better.
Read, read, read!
Great investors devour books all year long. The more you learn, the easier decision-making becomes; it’s as simple as that. Look introspectively and be aware of areas you need to improve on as an investor, then read books that will make you stronger. For instance, if you have a solid financial background, read more about human behavior and body language. This will make you better at the important negotiations.
Don’t be greedy
In this game, greed can be a capital sin. I’ve seen lots of investors burn all their wealth through a couple of unstudied, greedy decisions. Great investors know that money is only an instrument in the investing world. However, it is not the ultimate goal. They know that positive returns aren’t only measured in dollars but in overall happiness and satisfaction.
In this bull real estate market we’re experiencing, play your chips smartly in hopes of setting yourself in a powerful cash positive position. That will enable you to sail through the bear markets once they arrive.
Always ask yourself: What can I be learning today that will make me a better investor tomorrow?
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