Ep 226 - What's Your Personality Type & Why Does It Matter in Real Estate Investing?

Hey, everybody. Flip and Danny here, founders of the Freedom Real Estate Group family of companies, and welcome to another episode of our.

Podcast, which is called Freedom through passive Income.

That's right. And this episode is entitled what's your personality type and why does it matter in real estate investing.

Yeah, I'm excited about this one. And as we were talking right before we started recording, I started thinking about different ideas. So for those of you, if you haven't realized, like, the last probably 10 or so episodes that we've done, I've literally written a title, and it's something that Flip and I have talked about, you know, before. And so we're just, like, winging it and having what I'm calling like a Fireside Chat conversation, because I didn't write a script and so we're not reading anything.

Yeah, that was just the title.

That was awesome. So I was thinking us something as we were talking about this. This. It also is related to the types of investing that you're doing, whether it's, you know, within real estate is what I mean, right?

Oh, absolutely.

Yeah. So before we started, we were talking about personality types and how we relate it to predictive index, because we read people's reports about their personality, and some people are like, really fear risk. Some people are very, very risky, and we'll just do the most to try and make the most amount of money. Some people are a little bit of a balance. So we'll start there, and then we'll talk about the real estate investing world in general and how personality types vary there based on risk. So go ahead. So you answer. What do you think your personality type and risk profile looks like?

Yeah, it's interesting because I'm not. And I remember telling people this about 10 years ago. Somebody said, do you have any rentals? And I'm like, oh, no, I don't want any rentals. I don't want to deal with tenants and toilets.

Right.

You know, and that's. That's my. That's my level. I like doing the. You know, when we first started, we were doing the. Well, not necessarily the short sales, but when we were doing the. The sub twos and the, you know, the assignments. You know, that type of thing. It was just in and out. Boom, I'm done, but I'm gone, you know, and I got really. Really got to enjoy that. And then. But then turnkey really. That really hit home with me because it's like, you know, it's all in one, and it's the same people coming back to me, you Know, to buy more. I love that. I love that. And, you know, and as we're talking about this, you know, I started thinking of all the different things that you can do in real estate investing and thinking of people who do that, and I'm like, oh, yeah, well, that makes sense.

Right?

But that's me. That's, you know, that's. That's where I'm at. I never wanted to do buy and hold or, you know, or whatever to have rental properties. But then as we got turnkey, then I saw it as a whole package, and I was just like, oh, I love that.

Yep, yep. Me too. So for me, I compare my personality type to very risky when it's me involved. When it's me and you involved. Yeah, right.

Take me along for those rides.

Yeah, yeah. So I'll go. I'll look at something and be like. They'll be like, well, if you did this and this and this, you can do it. And I was like, hey, hey. You just gave me the puzzle of how to do it, so I'm gonna go do it. And as long as it's you and I that I'm trusting, then I know it's gonna happen. We just won't give up. We'll figure out how to get it done. But if it's somebody else that I'm trusting, then I tend to be a lot more cautious and have to look at their experience and how much have they done, how many things have gone full cycle, and what's your worst deal? And I needed to answer all these questions, and then they. That's for things that I'm familiar with, so I know what to ask. Right. But now we're talking about, like, right before we started recording, I said, like, crypto. Like, I personally probably never would have invested in crypto, because I don't know it, I don't understand it, and I don't want to put my money into something I don't understand. The stock market is the same thing to me. I don't. I've never played in the stock market, and I just have never wanted to because I never studied it. And I am very comfortable taking huge amounts of risk if I know what I'm doing and I know I can depend on me or I can depend on the questions I ask the other person that I'm trusting because I know it.

Right?

So that's how I relate it. But then if we look at real estate in general, like, there's people doing, like, Tanya, friend of ours. I should have wore her shirt today. Because I'm talking about her now on a podcast. She does Airbnbs.

Yeah.

Right. Or short term rentals. STRs, as I call it. Right. We know real estate.

Yeah.

I don't want to get in the SDI business.

I was terrified of that business. And that's, that's what I was thinking about because I was thinking about the other people besides Tanya. And we know that, that, that's their thing.

Yes.

You know, that's their. They're like, they've got like 40 short term rentals.

Yep.

You know, and that was, that's your thing now. And I'm just like, you know, that's so their, their personality, you know?

Yeah. But I see it as big risk. There's two things that I don't like, and this has to do with my personality type. Number one, I see this big risk because we don't know what legislation will change that will cause suddenly these Airbnbs to not be allowed to be Airbnbs. And if you purchased it based on the cash flow of a short term rental, you're screwed. So that's a risk thing for me that I don't like. The other personality type issue that I have with it is I don't want to take care of people on their vacation. I don't want to be checking you in. I don't want to hear that you're upset that something's not done or you didn't get the right coffee or. I just don't. That is so not me. That we would. If I, if having to go to that level of investment, if I ever went there, I would be required because we were looking at doing hair on.

The back of my neck.

We were looking at doing a short term rental in Cincinnati. The only way we were going to do it was if we had hired.

Somebody else to take care of everything.

And that we underwrote it so that even if it didn't, if we couldn't do short term rental, the money was still good, the investment was still good. And there was one other thing. There was like three things that we were required for us to even look at it and agree to do it. But even now I'm just like, I probably would have just hated that investment, I think, because I just don't want, I don't want them. It's not my personality to want something like that. So I just think it's interesting to really see different personalities and see what they invest in and see what their risk profiles look like. And their risk profile has changed based on what they know versus don't know. And I think that this is important for everybody else to pay attention to because we're husband and wife, and we totally have different risk profiles and different comfort levels. And so we talk about what we're investing in and how much we're willing to invest. If I'm totally uncomfortable, it's not that you can't invest in it. We just talk about how much gets put in there, because to me, I'm going light it on fire, because I don't know what it is. So it's an interesting thing to talk about and to have conversations like this with your spouse or loved ones or whoever it is or with yourself, because sometimes you have to figure out your risk profile and what you're comfortable with yourself. Sometimes you don't even know.

Right.

So you have to hear somebody else talking about it. And you go and you say, I like that. I don't like that. I like that. And you start realizing what you like and you don't like. It's happened to me a million times.

Right. You know, and it's funny, too, because I'm talking about how what my. What my risk is with real estate. And then you talk about crypto and stock market, and I'm just like, wee, that's fun.

Yeah.

You know, the stock market, I've got. Well, one. One was a free stock that I got just for joining the or signing up on that app. But I got. I have two stocks, and I have those two stocks because I like those companies.

Yep.

Not because I like their colors or their names are cool.

Right.

You know, but I like their. I like those companies. And I felt that it was. That it was a good purchase. But I do want to let you know out there if anyone. If you have, like, if you have stock and something and you would like your stock to go down in value, just tell me what it. And I'll buy it. It's guaranteed to drop like that.

He literally said this to me at dinner last night.

I was. I'm like, you have got to be kidding me. Somebody said crypto and stocks go up. I've yet to see it. I'm just saying, I've yet to see it.

So I think we got into the wrong time. Let's just stick to real estate. Ready?

You said use the money. We can burn. I'm burning it.

Good stuff. Anyways, nice chat.

Thank you. Nice fireside chat while I'm burning my money. Anyway, well, we hope you enjoyed this episode. Make sure you're heading on over to our website freedomcapitalinvestments.com to join the investor club. And also we have the Swag store on there as well if you're interested. But we're also on all the social medias, Facebook, LinkedIn, YouTubers, TikTokers and all that fun stuff. And we were talking about MySpace at a party last week.

We seriously were. That's so weird.

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