What skills are considered RARE and VALUABLE in RE Investment?

[Kaydn Jensen]

Hey BP, 

[Disclaimer to the question I am about to ask is that I understand that at the end of the podcast they ask a similar question, however, the answer(s) I am searching for are slightly different]

I have one simple question. 

What skills do you consider to be RARE and VALUABLE within the world of real estate investment? 

An example of what I am looking for is something that can be developed through consistent deliberate practice. In other words, not so much a mindset like what is often mentioned on the podcast, rather a set of specific skills. 

I know the answer depends on the niche within real estate investment that one pursues. I hope to be involved in large buy and hold real estate investments/developments because I see great advantage in the economies of scale that can be achieved. That is my broad idea of what I hope to do for now. I appreciate any of you who can help me identify some things to begin developing now so that I can one day be as successful as a lot of you are!  

[Frank Wong]

Hi Kaydn,

For me, the most important skill to have is evaluating price.  You must be able to look at the deal and determine what its current value is and what the potential value will be.  This skill alone can make you a ton of money and also save you a lot.  

Example. A single-family home purchase. What is the value of the house in its current stage? How much rehab will it cost to make its new value? What is the final new value (The ARV)?

This skill can be learned and anyone can do it.  Its a combination of art and science. You need to look at the present, past, and pending sales.  That's the science part.  The art part is determining the value after you rehab it.