Vegas, Pai Gow, and Real Estate Investing

You can learn quite a bit about what type of Real Estate Investor you are--or want to be--by going to Vegas and deciding what type of gambler you are. If you love playing:

1. ROULETTE. You might be a speculator. When I play Roulette, I have a difficult time stopping. I know my favorite number (23) absolutely HAS TO be landing on the next spin. I can't stop now and miss out on the big winning! I know that the game is luck, that I have no control over the outcome, that I'm completely passive in determining the outcome. I still get jazzed up watching the ball spin...knowing it has to land on 23 this time!

2. BLACKJACK. You love math. You love analyzing the situation. You know when to split, when to double down. You don't care if the player next to you misplays their hand. You have a specific betting system that you religiously employ. You are methodical. If this describes you, then you are the type of person who loves to analyze the deal, plug numbers into spreadsheets...When I play BlackJack, I go from being completely analytical to being generally analytical--but "know" that if I tip the dealer well, and spread good vibes among my fellow players, I'm likely to win more!!! 

3. CRAPS. You love fast-paced excitement. You want to do deals, you want things to happen now. You love the rush of the negotiation, the chance to make it big (or go home with nothing). So, do you bet the No Pass which has slightly better odds than the Pass--but draws the ire of the person standing next to you who thinks you bring negative vibes to the table? Or, do you not care about what others think? 

4. POKER. You have the patience of Job. You can sit for hours, folding almost every hand because you want to wait for the high-likelihood winner. Or, you might be the player who loves to play hands because you like the bluffing and the action. Either way, you get energized by the interaction and challenge to see if you can outwit the others at the table. You might love attending foreclosure auctions, or might enjoy making lots and lots of offers to sellers knowing that very few will be accepted.

5. PAI GOW. This one will take a little more explaining because many don't know how Pai Gow is played. It's a poker game where players play against the dealer. Everyone (including the dealer) gets 7 cards and needs to make their best 5 card poker hand and best 2 card poker hand (there are some details to building your hands, but they aren't important). If both of your hands beat both of the dealers' corresponding 5 and 2 card hands, then you win. If both lose, you lose. If there's a split, then it's a push. Because it's a push roughly half of the time, this is a game you can play for a long time without winning or losing very much at all. There's a very slight level of skill in setting up hands--but not much else. If you like Pai Gow, you might enjoy being the passive investor. You want something to do, you don't want your money just sitting idly, and you look for help in deciding on your investments (in Pai Gow, you can just show your 7 cards to the dealer and the dealer will set them up for you if you want--makes for a great game if you've had a few too many...). 

Side Note: I showed my buddy how to play Pai Gow when we were at the casino last month. On his very first hand, the dealer flipped his cards over and yelled, PAI GOW! My friend was so excited that he jumped up and started screaming. He thought he'd won big. He didn't know that when the dealer shouts PAI GOW, that's code for "Your hand sucks--you don't even have a pair"!! Everyone at the table had a good laugh.

So, if you aren't sure what type of real estate investor you might be, just go to Vegas and see which games suit you! I hope you enjoyed this light-hearted post. Feel free to add your thoughts onto this theme.