SHIP 30 FOR 30 SERIES
Experience earns it
The more I get into real estate investing, the more I am looked upon by others as some sort of expert.
I’m flattered, but I’m not an expert. In fact, the idea of people thinking that about me makes me feel a little uncomfortable. I just don’t feel like I have earned it.
This is known as “Imposter Syndrome.”
People often cite the Dunning-Kruger Effect and tell me because I have a sense of self-awareness, I’m probably doing better than I think I am.
Well, I’m not so sure. I think there needs to be more than just self-awareness. Doubting yourself is not automatic proof of competence.
You can’t gain this knowledge from a book. You can’t gain it from listening to podcasts. You can’t gain it from a seminar. You only gain it by going through it.
I finally figured it out after a fire at one of my properties. After months of dealing with the fire chief, the insurance company, and the restoration folks, I gained a tremendous amount of experience through this horrible ordeal.
For example, I can tell you exactly what to look for in your insurance policy. I’ll bet it doesn’t cover asbestos removal!
I know this now.
But it was my friend Alex Allman who brought it home for me.
“If I need advice on a real estate investment, if you know more than me, you can teach me. The imposter syndrome doesn’t go away because there is no “finish line” in the real world. I’d trust you sooner than any info product out there on the subject.”
He was right. I’m not going to pretend to know everything, but as I go through this, I collect useful knowledge I can teach somebody going through the same thing.
You can’t gain this knowledge from a book. You can’t gain it from listening to podcasts. You can’t gain it from a seminar.
You only gain it by going through it.
I am earning it.
This is an Atomic Essay from the Ship 30 for 30 daily writing challenge