Getting Real Expertise


Manage episode 200480538 series 2124446
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When it comes to getting real expertise for real estate and/or note investors, most investors strike out. You want a pitcher, not a thrower.

Transcript: Today, we’re going to talk about real expertise. In baseball, we call pitchers either real pitchers or throwers. As an example, let me explain what pitchers really try to do. It’s very simple. Real pitchers break up the timing of hitters. That’s what pitching is all about. Hitting is all about timing. If you could break up their timing, you don’t have to throw 100 miles an hour. You don’t have to have the best curveball since Sandy Koufax. You don’t have to have any of that stuff. If you have control, and you can keep your ball from landing across the middle of the plate belt high, and throw hard, and throw soft, and have movement on your ball different each time, so they’re at the very least guessing, you’re probably more likely to be successful each time out than not.The same goes for real estate brokers when investing in real estate. There’s a lot of people I know, they tell me this exact same story in one form or another. They wanted to get started in investment real estate. They didn’t know how. By hook or by crook, they found a broker in their area and they told the guy or the gal what they wanted to do. The agent then went to the inventory, found the property described by the “investor” who is not an investor at all. You’re not an investor until you’ve invested. Many people who have invested in many properties just haven’t found out that they’re not investors. They just bought a lot of property. They’re property buyers. What really happens is this. They’ve entered into a situation where they’ve hired a broker to advise them who is not advising them. Somehow, they’re convinced that this guy throws a 98-mile-an-hour fastball. The problem is, as most young pitchers who never get out of the minor leagues, their 98-mile-an-hour fastball means nothing if they don’t know where it’s going, or if that’s all they have. What you find out in baseball at the major league level is that a major league hitter, if he sees a 100-mile-an-hour fastball enough times can time it. You can shoot a baseball out of a cannon. If they see it enough times, they can time it, and the ball generally comes back off the bat faster than the 100 miles an hour at which it came in. Here’s my point. Real expertise means that the investor is not telling the broker what to do. That means the investor, either in reality or only in their mind knows as much or more than their broker. That’s not a healthy position. You want your broker to, at very worst know a lot more than you about investing. It’s not just how to buy a property, write a loan to get this, that and the other. It’s about using strategies, and using a lot of times more than one strategy synergistically. They need to understand that, because otherwise they’re just like the pitcher that can throw 100 miles an hour and never got out of the minor leagues. When you’re looking to invest, and frankly, what’s worth more to you, what has more value to you, outside of your health and your family’s health than your ultimate retirement income? That dictates not only how you spend your life after work, but it also dictates that you can stop working. People make that assumption, but if you’re literally giving marching orders to your “investment broker”, you’re dealing with a thrower not a pitcher. You need real expertise.

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