Poker and Real Estate

A couple weeks ago I went to the starlight and played some poker, I ended up winning just over $100.00 in around 2 and a half hours.

I was just thinking that the reason that I won that money was very simple, over the last year I have learned the rules of playing poker, and I was playing with people who had less skill than I do at playing poker, and many of them were there for a different reason than I was.

This got me thinking that the reason I have made money buy and selling houses is very similar, it’s because I have learned the rules and I deal with people who have less knowledge or skill than I do and usually they have a different motivation.

Playing poker it was obvious, there were some people who where there to have a good time, they got their paycheck and they were planning on spending that money at the poker table.  I was there for only one reason to make some money. So I was nice to the other players who where there to have a good time.  They got what they wanted, to have a good time and spend some money, I got what I wanted to make some money.

With houses, it is very much the same. When I am buying a house I am looking for someone who wants something other than the money,

- they want to save their credit.
- they don’t want to deal with fixing up their house.
- they don’t want to work to put it on the market to sell.
- they want to sell their house very fast.

If I am getting paid for doing these things then I don’t mind doing the work, or making sure to keep the foreclosure off their credit.  That is something that I can easily give them in exchange for the equity in their house.

When I go to sell that house,  I find buyers who are looking to spend some money and just want a nice place to live.  I am happy to exchange the house for their money.

So like poker buying houses is a matter of taking the time to learn the rules, and then looking for places where you can apply what you know to make money.