#007 - Inspect

Continuing my thoughts from yesterday about asking questions, it is equally important to inspect for yourself. Asking questions is important but so is verifying for yourself. As Ronald Reagan said, "trust, but verify." I may not be negotiating nuclear disarmaments, but what I want to achieve is a close second.

I recently went through a home inspection on an investment property. Asking questions is crucial to know what you are getting yourself into. Inspecting with your own eyes is equally if not more important. Especially in real estate, it is an extremely hands-on business. Everything is manual. From redoing bathrooms and kitchens to paperwork and taxes. The less you don't know about things the better.

A previous job taught be a few things about knowns and unknowns. They fall into three categories, known knowns, known unknowns, and unknown unknowns. Known knowns are what we know. Known unknowns are what we know that we don't know yet. Unknown unknowns are what we don't known what we don't know. Each are good and bad in their own respects, but perhaps unknown unknowns are the scariest. They are the snakes in the grass. It is where anxiety creeps its ugly head as you put your head on the pillow.

To inspect and to ask questions and then to inspect again is the way to lessen the percentage chance that you encounter unknown unknowns. Tread carefully. Leave no stone unturned.