An Unbiased Opinion For Newbies

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

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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.

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

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Scott TrenchPro Member
Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
10y
Yep - Just because BP is a place chock full of experts and knowledgeable investors doesn't mean that folks don't have an agenda.
But on the other hand, just because someone has an agenda, doesn't mean that they are wrong and/or less than useful.
The key, as Matt pointed out, is to understand, and take the time to understand what incentivizes folks, why they are posting, why they give you advice, and to decide for yourself who to listen to.
The grumpy old curmudgeon that tells newbies they aren't ready might just be that newbies best friend. While the guy with the friendly face and the optimism might be taking his sales commission and laughing all the way to the bank.
On the flip side, the guy looking to get into real estate might be best served by the ambitious young new real estate agent willing to go the extra mile - that salesman can and should be connecting with any and all potential clients. There's real value there. It just comes down to understanding people's motivations, and gathering numerous opinions before taking action.
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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
10y
Outside of the fact that everyone has their own internal biases that are impossible to be completely free from, one way in which you can determine the value of advice is to determine what the motive is of the one offering advice, i.e. "what's in it for them?"
If someone stands to gain financially from action you may take based on their advice, I wouldn't consider that person a good source of unbiased information. That doesn't mean the advice is bad or the information is wrong, only that it would be difficult to determine the motivation. Biased information should always be confirmed by unbiased sources. If someone stands to gain accolades or prestige from action you may take based on their advice, it is likely that the person offering the advice believes it to be true. They may still have an ulterior motive, but the external confirmation process acts as a check on their advice. You should still seek independent confirmation of that advice.
Advice is generally not useful unless considered within the context of the person who offers it, and the less you know of that person and their motives, the more important it becomes to independently confirm the advice. If someone on BP tells you to buy only 4-plex units in Houston, they may know something coming down the pike, or they may be trying to unload a 4-plex in Houston. If you don't know that person, and their character, you should seek a lot of independent corroboration.
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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
10y
Originally posted by @Account Closed:

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.
I'm not so sure the best "opinion" is one's own. I may have an opinion on something, find information contrary to that opinion, and go "Boy, am I glad I didn't listen to my opinion!" Be confident in your decisions, believe that the best decision is the one you make with as much pertinent information available as possible, but keep the doors open for new information to flood the room. Don't let opinions foolishly coerce you into action - let ration and facts be your guide.
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Matt R.
Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
10y
@Scott Trench Understood. I am not sure you are totally understanding what I am speaking of. I am talking about the systematic fleecing of newbies on BP. It is not as innocent as you are portraying. The powers that be I doubt are aware by your response. Maybe some OG moderators can explain better.
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Ned CareyPro Member
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Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
10y
@Matt R.
I am a moderator. Those are strong words. If you are aware of a specific situation please report it. Under the three green dots at the top right of every post is a report abuse button. On everyone's profile there is a report user link in the lower right. I believe PM messages also have a report button/link.
We can't monitor every post and we are not able to see PM messages. Most moderation is done because someone reports it. Everyone please help us keep Bigger Pockets free of spam and abuse.
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Matt R.
Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
10y
@Ned Carey Right on Ned. I am not the BP police but I do give honest input. If BP wants to moderate this more that's great. I am not sure this is doable for moderators if they don't see it as obvious as I can. Most newbies won't know their being preyed upon is part of it. Que sera sera.
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