An Unbiased Opinion For Newbies

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An Unbiased Opinion For Newbies

Account Closed
Registered Nurse (ICU) · San Jose, CA · Member since 2014 · 496 posts · 332 votes
As a beginner investor I was overwhelmed by all the help that was offered to me. However it eventually became apparent to me that most of the people I had been talking to were actually turnkey providers trying to sell me a house. I get that they have a buisness to run and this is all part of making a sale, but what concerns me is that newbie investors are getting a biased opinion because their is clearly a conflict of interest if the person giving you advice is also trying to sell you a house. So the question is, how do you get a unbiased opinion in this game?
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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
10y

I think the answer is get your information from a variety of sources.   Hang around here for a while and you start to learn the contributors. You get a feel pretty quickly who is credible and who is not. Some names of credible people. 

@Bill Gulley

@J Scott

@Jay Hinrichs

@Jon Holdman

@Joel Owens

@Wayne Brooks

There are LOTs of others some of which I can't seem to tag like K Marie Poe
@Joel Owens

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  • George P.
    Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    10y

    u read biggerpockets.com 

    6Reply
  • Jason Stoops
    Wholesaler · Batavia, IL · Member since 2015 · 21 posts · 7 votes
    10y
    Get an advisor or mentor who is looking to improve you. Not sell you a program or a project. Look for the person who only looks to improve others. Not just themselves. ASK!
    0Reply
  • Rob Hoffman
    Oakland, CA · Member since 2016 · 104 posts · 47 votes
    10y

    You are absolutely correct. I've found that a lot of info that's shared on here is biased. Most turnkey information that's givin either comes from turnkey providers or someone trying to collect on a referral. I don't mind someone getting paid for a referral but then you just can't trust the source.

    3Reply
  • Brad Saari
    Investor · Denver, CO · Member since 2016 · 55 posts · 28 votes
    10y

    yep, realize this is a one-stop shop for all things real estate investment across all experience levels. Advice you get here should only be supplementing your research and should you need a connection to sell you a turnkey property sounds like you have suitors :)

    2Reply
  • Wendy Black
    Investor · Phoenix, AZ · Member since 2014 · 230 posts · 122 votes
    10y

    Find a local real estate investment group.  You can find good opinions there, as well as making local contacts.  Good luck.

    2Reply
  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    10y

    I think the answer is get your information from a variety of sources.   Hang around here for a while and you start to learn the contributors. You get a feel pretty quickly who is credible and who is not. Some names of credible people. 

    @Bill Gulley

    @J Scott

    @Jay Hinrichs

    @Jon Holdman

    @Joel Owens

    @Wayne Brooks

    There are LOTs of others some of which I can't seem to tag like K Marie Poe
    @Joel Owens

    7Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Ned Carey  Thanks Ned.. to be fair I have derived substantial income through the years funding turn key providers.. although I try to deliver on what I know.. IE the importance of the team PM and buying in my mind the best you can buy.. as that will give you in my mind a more stable tenant.

    Most of the folks I deal with sell direct to the buyers  NO middle men .. and I see the huds so I know what they make and they make a fair mark up for the product delivered work involved etc.. well in line for what a fix and flipper who Is selling retail deals makes .. and actually probably less than most of those.. so on balance if one can get with the providers travel meet the team  look at the stock,, and make a calculated assessment they should have a pretty good experience.  Along with understanding that sky high returns in a turn key product need to be approached with a lot of due diligence... Risk = Reward

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    2Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    10y

    Must have mentioned 'out of state/area' somewhere early on. Don't blame ya! I couldn't afford your market, either. Some folks introduce themselves and seek lending /HML. Consider yourself lucky!

    All you key word trolls- save it. It's just me. Not good enough to make Ned's list lol, but salty enough to not want a PM.

    That's my idea, BTW. New folks- true, helpful contributors do not ask you to PM them! I laugh picturing Jay or Bill or Ned wanting to private msg a newbie.   If after their helpful advice someone  provide stoo much contact info, you bein' sold. Peace!

    4Reply
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    10y

    The fun part of this business is I talk to all types of investors from around the country at all experience levels.

    I learn and listen just as much as I talk.

    I think an investor talks to multiple types of investors in different asset classes and deal sizes to get an idea of what they want to do.

    Sometimes for my clients it might take us 3, 6 months to find what they want. I focus on my clients goals first. Some outfits out there whether TK companies or brokers/agents etc. just want sales and volume. Whether they sell a diamond or a dud they just want sales up over last month. They might be successful in the short term but over the long term leave heavy collateral damage of epic proportions.

    My clients typically are investing millions of dollars at a time for commercial properties so I take it very seriously.

    You need people to tell you like it is. If your expectations are pie in the sky then someone has to bring you back down to earth. I believe we all have so many seconds,minutes, hours, days, etc. on this planet so no sense in beating around the bush.   

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  • Andrew Ware
    Gardiner, ME · Member since 2015 · 190 posts · 177 votes
    10y

    I don't think it's possible to get an unbiased opinion... ever.  And honestly you don't really want it to happen.  We all have our knowledge base and our own world view.  Even our friends and family have agendas.  How many people have heard don't go into real estate, get a solid respectable job, throw the extra money in a 401k, and retire at 65 in front of the tv.  Free "unmotivated" advice is not necessarily good advice.  Who ever thought they truly ought to get free advice from their doctor, lawyer, or cpa?

    My point is listen to people's opinions and try to understand their motivations.  I'm certain there are absolutely wonderful turnkey operators for the right people in the right situations.  If you want really great advice find or create a situation where the more you win, the more they win.  This includes, by the way, things that we think of as one way.  Mentorship is a prime example.  You have a veteran who is not getting nothing/little financial in return.  So why are they doing it?  Good feelings, stories to tell their buddies, they were helped when they were getting started?  It is really important to understand why so you can nurture that relationship.  After all, the more they win, the more you win.

    4Reply
  • Gloria Mirza
    Real Estate Agent · San Jose, CA · Member since 2015 · 172 posts · 66 votes
    10y

    Some good sources of advice are to find a local real estate group, biggerpockets.com ofcourse, general internet searches, and believe it or not there are some honest Real Estate Agents (hint hint :-)

    1Reply
  • Brian Moseley
    Investor · Bradenton, FL · Member since 2016 · 26 posts · 8 votes
    10y

    One effective tool I have found to connect and network with local real estate investors in both areas we operate in is meetup.com.

    1Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    10y

    An unbiased opinion is a hard thing to get from people trying to sell you something.  I would suggest developing relationships with people that have no vested interest in your business.  I would also learn to trust only your own opinion when it comes down to it.

    2Reply
  • Bryan O.
    Specialist · Lakewood, CO · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    What you find everywhere in life is the philosophy of "a time and a place." For some, turnkey is the answer, for others it is the Devil. The problem is that wonderful philosophy above changes to "when you only have a hammer, everything looks like a nail." This applies to all of the people with something to sell, not just turnkey providers.

    Everyone can recommend their favorite tool, but it's on you to figure out if it is the tool for your particular project.

    There are tons of awesome folks on here, but you certainly need to check everything you read.

    0Reply
  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    10y

    @Steve Vaughan I mentioned you when I said 

    Who else other than you, could I have been thinking of?

    2Reply
  • Leland Barrow
    Investor · San Marcos, TX · Member since 2015 · 272 posts · 360 votes
    10y
    The key to unbiased advice is the search button. The kind of info that most investors need does not age and has been discussed many times. Assume that 40% of the people on here are inexperienced, need help, or misrepresent themselves. Assume 40% are looking for leads to sell you something. The remaining 20% are people that want to help and can help based on their experience in REI, Finance, or general business experience. It is easy to research people on here, LinkedIn, Facebook etc. I ditched LinkedIn because of sales people wanting a lead, it happens with all social media. Your best bet is to get to know specific people. Look at the people that you want to emulate and reach out to them. If they give you the time of day then try to develop a relationship. Their are two categories of people when you network those that add value and those that suck value from you. An eager and intelligent protege is a great person to add to a network because you never know what horse in a stable will become a champion. An old grey beard that has seen it and done it is a great person to learn from. Successful peers are great network adds. Sales people and wannabes suck value (time) from you.
    2Reply
  • Scott TrenchPro Member
    Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
    10y

    I could be wrong, but I don't think that "unbiased opinions" exist. Everybody has a strategy that they prefer, a niche they seek to master, and yes, many folks have an agenda they are pursuing or a sale to make. 

    That doesn't mean that any of those opinions are not worth hearing. Turnkey providers are providing and excellent service occasionally that can help investors achieve their goal of passive cash flow. Likewise, the "Investor" that is actually an agent that is hoping to sell you your next investment property might actually be able to bring you great deals. 

    That said, you are wise to recognize and look for the agenda behind everyone's posts at all times. That will help you better understand their intentions and to keep their advice and position in mind for the future.

    I think all this comes down to knowing your strategy and knowing your goals before you get going. If you have no idea what you want to pursue in real estate, a good salesman is going to have you pursuing the goal that earns him the highest commission. That's probably true in any industry, and not exclusive to real estate. Knowing what you want will help you weed through the bias, and get the information you need from the highest quality sources.

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  • Gino BarbaroPro Member
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    10y

    @Account Closed

    Hi Joey

    You first have to figure out what type of strategy ( niche) you want to employ, buy and hold, fix and flip, etc.  Then you need to choose a market to invest in.

    Continue to listen to podcasts and find blogs that speak to your niche.  If you are serious in investing, spending money on your education is not a bad idea.  Look to coaching as a way to create a business plan and your course of action.  Tony Robbins says that if you want to be successful, find people out there who are successful and follow what they are doing.

    Good Luck

    Gino 

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    0Reply
  • Hugh Ayles
    Cedar Park, TX · Member since 2015 · 377 posts · 200 votes
    10y

    @Account Closed

    If you ask for opinions here you may get some you don't like because they are not saying what you want to hear.  Take time to review those posts the most as they may very well have some good info.

    0Reply
  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    10y

    Well, I think I give unbiased opinions so long as we are being ethical and conducting business legally. I give away more than I ever sell anything so that's not the motivation, public service is more honorable I believe. The military certainly teaches how to give unbiased commands, suggestions and opinions, treating all grades appropriately for the good of the unit, so even if it hurts me, the calling of the deal has the higher priority. Without integrity you will fail. 

    So, as to turn key deals and PMs, I'm sure there are some good ones, problem is how long are they willing to be good if they are and there are too many poor ones or devise ones with so many angles to get to you and your money, which is why I don't suggest long distance landlording. Now, if you have family that can keep an eye on something or friends that can help out, that might be different, I do that. 

    You can never really get even money with someone unless you're related to them, LOL, and that can be even harder to do.   

    And, thank you Ned for the compliment. :) 

    1Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    10y
    Originally posted by @Ian Walsh:

    An unbiased opinion is a hard thing to get from people trying to sell you something.  I would suggest developing relationships with people that have no vested interest in your business.  I would also learn to trust only your own opinion when it comes down to it.

    I had to quote this from Ian because he hit the nail on the head. You really have to consider the source. The sales person trying to sell you something may tell you they act in your best interest, but ultimately they are looking to close a deal. Try to connect with other investors that are going down the same path you think will work for you. Get tips from them on what works.

    1Reply
  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    10y

    @Bill Gulley

    You are welcome Bill.  Bill and the others I mentioned (along  with many I missed) are part of the 20% that @Leland Barrow mentioned. 

    I think most people realize that everyone has biases. I suspect what @Account Closed  wants is opinions that are not biased towards someone own personal gain.

    Bill Gulley and @J Scott both have strong biases (opinions) on certain subjects. But those biases are not for their person gain but simply part of their well thought out belief systems.

    2Reply
  • David Nolan
    Professional Property Investor · Brisbane, Queensland · Member since 2015 · 165 posts · 160 votes
    10y

    @Account Closed Your question has a lot of merit and I would suggest that one way to look at advice is to measure its value to you. If someone gives you advice, no matter what their personal motivation is, the more important questions to consider are; is the advice being given of REAL value to you? Are any actions to be taken on that advice legal? Is the advice ethical? Is the advice validated by others on BP with more knowledge and experience? Does the advice make sense to you? If you take the advice will you be in some way improved or enhanced? Answering these questions will give you more confidence in acting on advice given and the motivation of the provider becomes irrelevant.

    My own personal reasons for trying to offer advice here on BP are simple. I am a foreign investor with lots of experience in property investing in Australia, and investing in general, but I am a novice in the market in America. BP has been of great value to me in my learning and I simply want to repay the community that has given me so much value. Providing help to me as a stranger without expectation of reward is amazing, so thank you to all those who contribute to these discussions. 

    I have nothing to sell here on BP, but lots to gain and this community is benefited by those who give more than they take. I hope one day to make Ned's list and be recognised as a valuable contributor to this great community.

    I hope this helps you on your journey!

    2Reply
  • Account Closed
    OP
    Registered Nurse (ICU) · San Jose, CA · Member since 2014 · 496 posts · 332 votes
    10y

    Thanks everyone for your responses.  As I predicted it seems like the best opinion is your own.  But get educated before you make that opinion.  I made this post for the newbies (I guess I'm no longer a newbie now...woo hoo)  as when I started over a year ago I was ready to trust and listen to the first guy I met with no due diligence what so ever.  After hearing different options from every investor I started to think I better take a step back and decide what information to follow and which to set aside.  It was very eye opening in the beginning.

    4Reply
  • Matt R.
    Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
    10y

    @Account Closed perhaps could do newbies a service by assisting to call out the faux help.

    Until then...consider the source!

    1Reply
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