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Updated almost 6 years ago on . Most recent reply
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What skills are considered RARE and VALUABLE in RE Investment?
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 skills to begin developing now so that I can one day be as successful as a lot of you are!
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for me its being able to look at a deal on the back of a napkin and see if it merits more work .. like in 60 to 120 seconds.
you get a feel for the macro stuff.. you should learn that skill so you can wade through the morass ..
I like @Bill F. comments punctuality is really important in the real estate game.. and great communication skills.
no one likes dealing with someone that takes 3 days to get back to them or wont answer their phone and hides behind text messaging..
we are in the communication age ( instant) learn that.
One last pearl one of my business partners was quite accomplished ( president of Stauffer foods) president of Beringer wines in Napa.. ( that's were we met member of the same country club.. )
But as we did business together over the years.. I would constantly ask him how he handle this or that.
so when he ran Stauffer he said every message that came in was returned same day.. to the extent possible.. with rare exceptions.. then at the end of the day he would take 2 or 3 complaints that came in on their mac and cheese and he would call betty in Des Moines and introduce himself as the president of Stuffer and what can I do to make the mac and cheese better LOL.. that really stuck with me.. he could operate at the highest corporate level but also with the common man.. get to know who his customer was/is.
- Jay Hinrichs
- Podcast Guest on Show #222
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