Why Boring is Better: Avoid Chasing Excitement in Real Estate Investing (and What to Do Instead)
In the realm of real estate investing, excitement and thrill can be tempting. However, Don R. Campbell's insight from his book, Real Estate Investing in Canada, offers a wise perspective: treat real estate investing not as a source of adrenaline but as a disciplined, systematic process. The key to long-term success lies in making your investment approach predictable and methodical—boring, even—so you can seek excitement in other areas of your life.
Originally, diving into real estate investing may have felt exhilarating and energizing. Yet, Campbell’s advice resonates deeply: investing should be a means to build your ideal life, not a continuous source of excitement. While flashy schemes may promise quick financial gain, true success is grounded in meticulous planning and consistent execution.
In Chapter 4 of Campbell's book, he identifies three critical components for sustainable real estate investing. These elements underpin stable growth and long-term success, even if they lack the initial thrill:
Systems
Campbell emphasizes the importance of a solid, proven system as the bedrock of your wealth-building strategy. At Cornerstone Multifamily, we’ve refined our processes to be both reliable and straightforward. Our team is designed to function seamlessly, investing in locations where we’ve done extensive due diligence and in projects we thoroughly understand. Our focus is on stability rather than flashiness, ensuring we maintain control and leverage while managing the various factors that contribute to successful real estate investing.
Relationships
Building strong, reliable relationships is crucial. At Cornerstone Multifamily, we surround ourselves with industry experts—realtors, bankers, mortgage brokers, contractors, and real estate lawyers—who contribute to our success. These relationships are built on trust and mutual benefit, helping us execute deals effectively and create a system that fosters long-term growth.
Follow-Through
This may be the most straightforward yet challenging aspect. Having an excellent system and strong relationships means little without consistent action. Regular meetings, check-ins, and goal-setting are essential to maintain accountability and ensure we are on track to meet our objectives and deliver value to our investors.
Ultimately, real estate investing shouldn't be about excitement or drama. The goal is to make the process as routine and stable as possible, allowing us to build a solid foundation for long-term success.
