What Being a Medic Taught Me About Investing

My years out of high school were spent seeking an education and trying to figure out what I really wanted to do in life.  All I knew was that I did not want to be stuck in a cubicle for the remainder of my life.  I was intrigued by the fast-pace, high-adrenaline field of emergency services and eventually found myself volunteering for a local fire department.  As I continued my education, I eventually earned my Paramedic and began working for an ambulance service around Denver, Colorado. 

Becoming a medic took more than studying a book and passing tests.  The material taught to us by doctors and nurses was great background knowledge on disease and pharmacology, but it did not teach us how to actually function in the streets as a first responder.  This could only be taught through experience.

After passing the didactic portion, we were placed in the field under the supervision of experienced Paramedics.  The real estate investing world is no different.  Remember how many experts told you that you need to find a mentor to take you through your first couple deals?

These are the qualities I gained through my experience of becoming a medic and how they currently apply in making me a successful real estate investor:

1.  Being a Paramedic taught me how to communicate more efficiently with a variety of people.

On the streets, we encounter people of every race, gender, age, ethnicity, social class, or any other cool thing that distinguishes us as individuals.  As real estate investors, we also have to properly communicate with a wide variety of people.  From dealing with city officials, contractors, distressed homeowners, and potential buyers, we must have the ability to effectively communicate with pretty much anyone to be successful.  I came a long ways from asking if a patient's face was swollen and her responding to me, "No, honey, my face is always this fat."  People like doing business with others they like and feel that they can trust.  This all comes down to communication.

2.  Being a Paramedic taught me how to maintain control and manage my environment.

An emergency scene can be chaotic until it is effectively managed.  Our job as a medic is to not only attend to the patient but also control the scene.  If we do not have control of the situation, we can not effectively do our job.  I was not a born leader, but I quickly learned the tools I needed to possess to be in charge and run my calls efficiently.  As a real estate investor, I must maintain control of the projects and effectively manage contractors during the process.  Emergency scenes are ever changing and real estate projects are no different.  You must aim for completion of your ultimate goal and anticipate the steps necessary to reach that goal.  You must also anticipate any problems ahead and prepare for them before they present themselves.

3.  Being a Paramedic taught me how to rapidly assess for a problem.

We not only become trained in rapidly assessing for an injury or illness in sick people but we also assess for those who may be trying to mislead us.  Assessing for problems in any situation is key to real estate investing.  When I walk into a distressed owner's home, I begin by building rapport and giving them complements on their home.  At the same time, my eyes are scanning for potential issues which may cost me more money than I anticipated.  I also use my assessment skills when dealing with prospective renters.  In the field, we dealt with many individuals who would falsify injuries or illness in an attempt to obtain narcotic pain medication.  Seeing through their stories became simple because they all sounded the same.  The same is true when screening potential tenants.  Over the phone, I could gain a quick impression of the caller.  If they passed the initial screening, I would invite them to view the property where I could meet them in person.  I learned how to sort through all the BS and figure out what is actually happening as a medic.  This skill has helped me in selecting only quality tenants for my properties and managing the ones who occupy my rentals.  

4.  Being a Paramedic taught me how to run quick numbers through my head.

When a baby is having a seizure, is turning blue, and the family is frantic for you to do something about it, you have to effectively communicate with your team and the family members, control your scene, maintain your composure, and also run math calculations through your head.  Pediatric medication dosages are weight-based and require a calculation of milligrams per kilogram.  After you have come up with the correct dose for the patient, you have to calculate how many milligrams come in a certain amount of milliliters according to the medication vial.  While this is going on, the events of the scene are still happening.  Running numbers on potential deals has become easier because of this skill I was forced to acquire.  Being able to quickly run numbers on deals which cross your desk is essential to finding the good deals and not wasting your time on the not-so-good ones.  Making money on real estate is all about the numbers.  The quicker and more accurately you can run those numbers, the more successful you will be as an investor.

5.  Being a Paramedic taught me how to remain calm and continue thinking in a stressful situation.

We were carrying a sick woman out of her home.  Everyone concluded she had the flu and was dehydrated.  It felt like a normal call until she went unresponsive and lost pulses.  Suddenly, we found a major problem.  When I was newer, my mind used to go blank.  I would freeze up and did not know what to do.  With experience, I was able to effectively manage this call.  Being able to stay calm and think through a problem will bring more success to any investor.  Anticipate for the worst-case scenario and understand what actions you will have to take to overcome it.  I did not go into the call with the dehydrated woman not knowing what I would do if she crashed.  I also did not expect her to deteriorate so quickly.  Nevertheless, I was prepared.  Being prepared for problems in your real estate projects will keep you ahead of the game.

6.  Last, but not least, being a Paramedic taught me how to push past fear and take action.  

When I was new, and even at times currently, my nerves start to overcome me.  I feel scared, unsure of my abilities, and pessimistic of the future.  This is fear standing in front of me.  The mentality I developed on the ambulance was that I could never fail.  It didn't matter what the situation was, I was going to prosper at the end and do the best I could for my patient.  To be honest, I am still applying this mentality to my real estate investing.  I have, and continue to push past fear, but some insecurities still arise.  My confidence on the ambulance was built with thousands of patient contacts, so I can expect my confidence to build after I do more and more deals.  Even thought the fear is still there, I look back at my career in emergency medicine and remember the patient who was being dragged out by the fire department not breathing and everyone is looking at me to do something.  I pushed past the fear and in the end our team saved her life.  I remember the psych patient who attacked me while my partner was attending to his brother in the back of our ambulance.  My never-fail mentality kept me safe in restraining a man much bigger than myself.  I also remember when I was too scared to answer the phone from what was probably another pissed off yellow-letter caller.  I remember being too scared to pull the trigger on what was really a good deal.  I remember fear stopping me on many occasions in the past, but with experience I have been able to push past that fear and focus on my ultimate goal:  spending more time with my family and giving back to the community.

I could not have found success in investing if it wasn't for the hands-on training and real-life experience I obtained through my emergency services career.  I am a completely different person than I was back in high school, but I believe I have been shaped into a much better individual.  Everyone has the ability to learn the attributes required to be successful in this field.  Confidence in carrying out those attributes comes with experience.  You have to get started by taking action to make it.  You can not read yourself to success.  Obtain a foundation of knowledge, act on that education you obtained, and figure out what you don't know that you didn't know.  Keep educating yourself and critiquing yourself while you continue taking action.  Keep what works and discard what doesn't.  Always work toward your ultimate goals in life and hold the mentality that you can never fail.  Without failure, you can only have success.