The Real Estate Philosopher's® Guide by Bruce M. Stachenfeld

Author:Bruce M. Stachenfeld [Bruce M. Stachenfeld]
Language: eng
Format: epub
Publisher: Morgan James Publishing
Published: 2022-09-15T00:00:00+00:00

Be ‘different,’ as stated above. You simply cannot do what everyone else is doing. And boy is this scary.

Avoid the four classic food groups of real estate, those are almost by definition destined to be average. Unless you have a special angle (i.e., you are ‘different’ within the four food groups) you will end up average on a long-term basis. Perhaps if you really do this type of investing ‘better’ you might move the needle a little bit in the outperformance direction but I suspect not that much.

Don’t try to time the market. Sooner or later you will get nailed. This is just long-term gambling.

Build a Power Niche. I won’t get into it here, since I have spoken about it so much in prior articles, but the essence of a Power Niche is creating something ‘different’ and ‘owning’ it. It is the only thing I have really seen that is likely to drive outperformance on a long-term basis. Strangely, most people just won’t listen to me here or if they do, they just cannot understand what a Power Niche is. Or even if they do, they won’t spend the time to build it. And the irony is that it is so easy to do. If you want to talk about this in depth, feel free to give me a call.

Cultivate a way of thinking that when ‘everyone’ tells you that you are wrong or stupid or worse that this means there is a decent chance you are really onto something. I have done this myself. It is almost like a bell-weather for me. When everyone gangs up on me, saying ‘Bruce you have lost your marbles!’ that is a sign that I either have a brilliant idea or a really stupid one. At that point, I dig deeper to hopefully keep the brilliant ideas and dump the dumb ones. I mean who would build a law firm based on a hedgehog that stands for love? Somehow, I didn’t do too badly with that idea—an idea that everyone told me was ‘insane’ at the time I came up with it.

Finally, I am putting below my list of “don’ts” in driving long-term performance that I put in my previous article. I think most of those ideas are useful to the goal of outperformance so it is good to have them all in one place.

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