3 Things Everyone (Especially REIs) Can Learn From American Pickers

For anyone who doesn't know about the TV show, the American Pickers are Mike and Frank, two guys who own their own antiquing business in Iowa, who drive around the country looking for good items to buy and sell at a profit. I don't watch very much television nowadays. I don't have a cable TV package although I do get my share of entertainment from Netflix. Every once in awhile my full time job sends me to places like Indiana and Illinois, where I tend to watch some television when I'm bored in my hotel room after work. As I was flipping through the channels I saw that the American Pickers were on and decided to watch what ended up being a marathon all the way until I fell asleep for the night. While I was watching, I realized that there are a few lessons that we can learn from Mike and Frank that would be beneficial to any real estate investor. 

1.) They Love what they do

This one is pretty obvious to anyone watching the show that both Mike and Frank have an astounding passion for picking for "buried treasure". They drive around for hours on end searching for a place that just might possibly have something that they could buy for a good price and make them some money. That alone takes dedication, but you can see the passion in the way they act, especially when they "break the ice" and make that first deal with someone. Loving what you do is a huge part of being successful and happy, not only in real estate investing, but other parts of your life as well.

2.) They know their business inside and out

Most people (including myself) would look at the bike that's pictured above and see a piece of junk or at the least a very old rusted bicycle. What makes Mike and Frank good at what they do is their knowledge of antiques and specifically their knowledge of what kind of market there is for those antiques. They could possibly see that bike as a $200 repair job that would sell for $500. The point is they are very good at spotting these deals and knowing what they can buy items for to make a profit. This is a VERY important skill set to have as a real estate investor. You need to know your market, the rents, the cap rates and much more. If you don't, the unskilled investor might look at something and see that $300 bike profit, but in reality, it could be a very old rusty bicycle. You don't know if it's a good deal unless you know your business.

3.) They tell people exactly what they're looking for and what they do.

Most of this section is cut from the final television show, but when they first meet a potential seller they get straight to the point. When a person answers the door they explain that they are antique buyers driving around looking for things to buy while handing them a flier that has written on it exactly the kind of things that they are looking for. I've heard this advice multiple times from the podcast and other people on BP. Simply tell people that you buy houses. "I'm a house flipper", "I buy apartment buildings", "I am a wholesaler". When you tell people these things it can lead to connections and opportunities that you would not have had otherwise. Brandon Turner got his first 24-unit apartment building by telling an elderly couple that he was a real estate investor. It worked for him and many others, it can and will work for you too.