These are the words inscribed above the greek temple of Apollo at Delphi and is a maxim attributed to the greeks and even the ancient Egyptians, who inscribed this saying in the Luxor temple “Man, Know Thyself, and you are going to know the gods.”*
Is this ancient proverb really the number one hidden secret to Real Estate Success? It very well may be, as this trait is the one common trait I see among the “Super Successful” real estate investors across the board. While many uber smart and successful investment property investors have varying strategies and techniques to become successful, “knowing thyself” is the one common trait they all have.
In my sport psychology consulting days, helping an athlete complete self-assessment was ALWAYS the first step prior to any intervention. If the assessment was accurate, the athlete had a much higher probability of the intervention being successful.
How does “knowing ones self” relate to investing? When a potential client first contacts me about buying investment properties, the first questions I ask in order to help them are about who they are and what they want and are almost always the same questions. The “usual suspects” are:
-What kind of property are you looking to buy?
-How much capital do you want to place as the down payment?
-What are your financial requirements when buying?
-Where do you want to buy?
-What is your timeframe for buying? (are you in a 1031 exchange?)
Most investors know the answers to these questions, and many times knowing the answers to these questions is “good enough”. However, many of the Super Successful investors I see delve deeper into their motivations, and strive to outline for themselves what they want in an investment property.
In my Apartment Investor Series’ seminars, I often discuss (preach?) how important it is to “know who you are and what you want”. That seems like an obviously simple question to ask, but it often turns out to be a very difficult question to answer!
Part II of this article is coming this week, stay tuned.