Guideline #8: Survive your first investment.
The trick to being a long term investor in real estate, a true path to financial independence, is to survive that first investment. Pay attention to both your comfort and your competency zones
Unless you have invested in a partnership sort of venture where someone else has accepted the management responsibilities, directly owning investment real estate is not without hassles. Maintenance issues and tenant issues can be wearing.
Most successful investors are in for the long haul. Getting rich quickly might be accomplished by selling videos via late night TV on how to get rich quickly in real estate, but, from my observation and experience, a solid foundation of wealth from investing comes slowly but steadily.
Accept that it will take time. Be patient. Be prudent. Stay with it. Make the second (and third, and fourth, etc) investments.
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