Editor's note: Dr. Steve Sjuggerud has bought many properties on the courthouse steps...

And through his years of experience, he learned a key secret to success in the space – you must be willing to roll up your sleeves and work for it. If an opportunity arises, don't delay.

But you need to be more than just hardworking if you want to reap the biggest rewards...

In today's Masters Series essay – adapted from a special report for Steve's brand-new True Wealth Real Estate advisory – he explains why it pays to have another critical trait. As you'll see, just shouting the phrase "location, location, location" doesn't make you an expert...

One of the Most Valuable Lessons From My Decades in Real Estate

By Dr. Steve Sjuggerud, editor, True Wealth Real Estate

"They'll have to have this," I told myself.

I was thinking about the piece of knowledge that pushed me into the deal I'll explain today. It's what led me to buy another crown jewel of my local property market.

You already know the phrase "location, location, location." But what does that really mean?

It's pretty simple... It means desirability.

In real estate, you want to buy the properties that other people are going to want... no matter what. Or even better, buy the properties that other people are going to need.

That's exactly what I did when I bought a mile-long strip along North Florida's Intracoastal Waterway. I bought what I knew others were going to need. Since then, I've held on to it – and waited.

There was a lot more to it than that, though...

You see, the property I bought was another relic of the housing bust. It was a large, high-dollar development that went bust. To fund a project this size, several banks had to co-write the loan.

Those same banks foreclosed on the property and took it over. So when I became aware of it, three separate banks owned it.

They had it listed at a ridiculous price. And I wanted to lowball them. But I knew that would be a problem. Getting three banks' boards to agree to a low sale price was going to be a lot of work.

I could have given up, knowing the difficulty I'd encounter. But I didn't... I'd learned by this point, from my years of real estate investing, that I was willing to be stubborn.

Believe it or not, stubbornness plays a large role in real estate investing. You have to be willing to see a deal that others won't... And then, you have to be stubborn enough to see it through.

When I was selling my first home, I didn't have that stubbornness ingrained in me. I wish I had... But it's a lesson I learned from selling that house for too little.

Now, more than 20 years later, I've learned to be plenty stubborn.

So, I went into this deal knowing it would be a chore... if I could get it done at all. Three banks owning one property would be complicated. But I also knew I would be stubborn enough to see it through...

I dug deeper into how the banks ended up owning the property. It turned out that one of the local banks was the leader in the development loan... And it had sold interests in the deal to the two other local banks to lower its risk.

Not long after that, the developer went bankrupt. And now three local banks were stuck owning a mile of some of North Florida's most beautiful real estate.

After reviewing the legal documents, I discovered that the lead bank was ultimately in control of it. It could call the shots, for the most part. So, I started by dealing with that bank directly.

It took a while – months and months – before we came to a deal. But the lead bank wanted out. It was willing to sell the entire property. But it wasn't going to be that easy...

One of the secondary banks wasn't on board. In fact, it hated the deal. So I ended up owning a majority stake from the other two banks, then going into business with the third... against its wishes.

That bank ended up suing the other banks – and me. It was a mess. But the folks at the hostile bank didn't have a case... They were just mad.

It took years to hash out the terms of an agreement. And as crazy as it sounds, I paid more for that bank's share than I paid for the other two-thirds.

It finally ended when the last bank made an offer it thought I wouldn't take. I took it.

The reason I did – and the reason I was stubborn enough to hold out through the whole experience – has everything to do with location... and desirability.

That area, which is just a few miles from the bridge that connects the island I live on to the rest of the world, is developing rapidly.

When I moved here two decades ago, there was just one road with a few traffic lights. The traffic lights were a few miles apart. Between them... next to nothing, just empty lots.

Today, you'll find all the big-box retail you'd expect in a developed community. And nestled off the main strip are thousands of new homes... with more going up every day.

The pace of development in the area is one of the fastest I've seen. It's staggering. And my property is along the edge of the water... right in the thick of that development.

Every year, the development gets closer and closer to my property. My strip of land is perfectly set up to be where the high-margin suburban mansions will go. Right on the water.

As a result, that little mile of waterfront property is rapidly appreciating. But I'm not selling now... I'm waiting till the developer is at my front door. Then, the desirability of the location will make it a must-have.

That's how I've personally approached location.

Obviously, this idea is important. But yelling "location, location, location" doesn't make you a real estate expert. There's a lot more to it, as I've shared today.

Once you find the right deal, be stubborn. Be willing to kick the tires, ask questions, and do what it takes to see it through.

Don't assume it's a lost cause... or that they'd never accept your offer. I could have given up on negotiating with those three banks. I knew it would be challenging. But I kept at it. And it paid off.

Will every deal work out the way you hope? No. But by following my simple ideas, you'll boost your chances of success. So when you find a great opportunity, investigate it. More often than you might expect, those opportunities will lead to incredible returns.

Good investing,

Dr. Steve Sjuggerud

Editor's note: In our 20-year history, we've never covered real estate in much depth at Stansberry Research... until now. Steve and his team believe they've finally found the best way to help subscribers spot and make investments in this multitrillion-dollar market.

During a special online broadcast last week, Steve discussed the many exciting investment opportunities in real estate... revealed his top way to invest in the space right now... and hosted a panel of experts – including Kendra Todd, the Season 3 winner of The Apprentice, and noted real estate investor Ronan McMahon – who shared their views on the industry.

If your only exposure to real estate is the home you live in, you must watch Steve's presentation. But don't delay... this FREE replay won't be around forever. Learn more here.