Let’s face it, if you can afford to buy apartment buildings, you are wealthy. You’re probably wealthier than 97% of the US population.
People who know your financial capacity treat you well in most sales situations. If you shop at Nordstrom, they will provide a personal shopper. Investing in apartments is different. It’s more like the hurly-burly competition of NASCAR driving.
When you invest in apartments, you will deal with another affluent person who will probably never deal with you again. He or she does not care whether you like the purchase experience or whether you tell your friends about your impressions.
If you want a great deal, you can’t afford to be fragile or easily bruised. You are buying an income stream. NASCAR drivers aren’t genteel and polite on the track. They cut things close, and they may push another driver into the wall as they try to win. Other apartment investors act the same way. They push hard for the best outcome. They won’t make any effort to spare your feelings.
It’s different when you spend money on luxuries. When you give someone a load of money for a decreasing-value asset such as clothing or a new car, the retailer will suck up to you. What you think of them matters and they want you to come back and say good things to your wealthy friends. They have incentive to pamper you.
If you want to be pampered, get a massage. Outmaneuvering other smart, motivated investors to obtain a superior income stream for life can pay for years of massages.
Terry Moore, CCIM, is the author of Building Legacy Wealth: How to Build Wealth and Live a Life Worth Imitating. Read his “Welcome to My Blog.”