BiggerPockets

I am curious as to what you all think. I am assuming I am not the only newbie interested in hearing everyone's opinion on gaining credibility.

I am fairly new to investing, and I am 25yrs old. I spend a lot of time with many other investors on a regular basis, and I want to know what some of the best ways are to gain respect among seasoned investors.

I think having an understanding of investing is a good start - by reading biggerpockets and trying to learn as much as you can on your own, so that when you ask questions they are a little deeper and more thought out than, "how do I become rich" or "what is flipping" etc...

Also I think having a business plan and a goal in mind will help people see you actually put time into this and didn't just wake up one day and say I'm going to be an investor help me!

That is what I tried and try to do at least...

Exactly what the first 3 replies say

I'm a newbie too,so take what I say with a grain of salt but almost every successful investor I've met... says "Show me your Business Plan"
If you bring that to the table,it shows that you are doing more than just thinking about investing and it gives them an idea of where you are at in your thinking... Be Impeccable with your word...Do what you say you are going to do.. and RUN away from anyone that proposes anything unethical...Guilt by association can haunt you too.

I agree integrity is key! I truly believe in being upfront from the beggining.

My business plan as of now is, I currently own 3 rentals with tenants on land contracts, all set to close in the next 3mo. I'm expecting a 17-22% ROI. I will continue to invest those proceeds back into similar deals here in the midwest.

I have a strong interest in getting into multi-unit buildings, raising there value, then buying up through a 1031 exchange.

This is the cliff notes version. If anyone has any advice it would be greatly appreciated!

Originally posted by Matthew Paetz

I am curious as to what you all think. I am assuming I am not the only newbie interested in hearing everyone's opinion on gaining credibility.

I am fairly new to investing, and I am 25yrs old. I spend a lot of time with many other investors on a regular basis, and I want to know what some of the best ways are to gain respect among seasoned investors.

Real Estate is no different than any other buinsess. Say what you are going to do and do what you are going to say. Make sure you back up your words with actions. Doing the first deal is always the hardest but that is part of the learning process. In my way of thinking there are two parts of real estate one is the number crunching, legal, and knowing the particulars about what makes a good investment. The other part is the people side. How you manage your relationships with other investors, real estate agents, bankers, appraisers, contractors and other people you come into contact with is VITALY IMPORTANT. The caliber of those relationship is actually a form of advertising and whether you realize it or not is its own form of public relations.

Just treating people honestly and with courtesy, dignity and respect will open a lot of doors for you.

do what you say you will do...be willing and open to learning...you may not know everything ever..the books on investing may have been wrong...OTOH, let me add to this...do not be afraid to stand up for yourself.people will tryto take advantage of you in this business...i've had several contractors laugh in my face when i tell them what i'll pay or what my other quotes for that job are....don't take it personally.as long as you're not bluffing, you just learned a lesson on who to do business with!! One electrician tried to quote me more than double what another quoted (we're talking 10,000 vs 5,000--huge difference) when I told him, he said if he's only charging 5,000, he's probably only making 1,000 or so after materials and paying his guys....I said, "what the heck are you making off me then?!?!" As long as you're respectful and have a sense of humor, you can get your message across to people and stand up for yourself....this is your business....you're not a child so don't be a doormat..best of luck

Thanks a lot for that post Bryan. As a newbie myself, I think it's very important that I watch my back and don't get taken advantage of. This industry has a lot of ins and outs and somebody who hasn't been exposed to doing these kinds of deals can definitely be caught with their pants down. If you're doing business with someone who has mastered the game and they know you're still only trying to learn the rules, it can be very easy for them to try and manipulate you and increase their profits at your expense (as mentioned in the example about the electrician). That is a major reason why I have become a part of BP. You can receive honest help here on anything that you might be questioning. It's also important to always do your homework. Find a mentor, read books, and do due diligence. Get multiple quotes on any job and personally I wouldn't trust anybody until they've actually earned my trust. Once you know who's a friend and who's a foe, you will know who to seek help from and who you should be cautious about.

absolutely...contractors will respect you and your business more when you stand up to them---not confrontational, just asserting yourself...thsi helps when you call them for repeat business..it's all about the relationships

Originally posted by Bryan Alenky

absolutely...contractors will respect you and your business more when you stand up to them---not confrontational, just asserting yourself...thsi helps when you call them for repeat business..it's all about the relationships

Listen to what your investors tell you. Do not tell them what they should buy.

It sounds basic but I have wholesalers insisting that something is a deal - even when I know it is not.

Bring a deal - listen to feedback, learn, adapt, bring a better deal next time. If I do not buy a deal but someone else does - do not come back to me and tell me how I "missed out". If the deal is right for me it may be wrong for another person and vice versa. If you "pitch your deal" too hard then how can I know that I can trust you and that you are telling me just the facts and not "selling me" the deal.

Hard sell, not listening, being arrogant, trying to make yourself to look like you know what you do not, these are all things that lose credibility.

Most of all - I need to trust your word and I need to know that your property evaluation is true.