Do I need to be "concerned" bout Big Pockets forum members?
Investor · Vancouver · Member since 2017 · 44 posts · 9 votes
Do I need to be "concerned" bout Big Pockets forum members?
Most Popular Reply
Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes@Jessey Kwong , in my real life, not one person cares about real estate at all.
But on BiggerPockets, everyone here is a real estate geek. I can talk about tenants, new landlord laws, AirBnB regulations, and the frustrations of finding a contractor with people who care, know about it, and can contribute to the conversation.
I love real estate. I love talking about real estate and nobody I know in real life wants to talk about it. (Except for all the lovely people I meet at the local meetups.)
While there are people here who are trying to build their business, there are also just tons of people who have finally "found their tribe." BiggerPockets is my tribe. (And I'm not just saying that because I work here. I work here because It's my tribe.)
82 Replies
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes9y
Originally posted by @Mindy Jensen:
@Jessey Kwong , in my real life, not one person cares about real estate at all.
But on BiggerPockets, everyone here is a real estate geek. I can talk about tenants, new landlord laws, AirBnB regulations, and the frustrations of finding a contractor with people who care, know about it, and can contribute to the conversation.
I love real estate. I love talking about real estate and nobody I know in real life wants to talk about it. (Except for all the lovely people I meet at the local meetups.)
While there are people here who are trying to build their business, there are also just tons of people who have finally "found their tribe." BiggerPockets is my tribe. (And I'm not just saying that because I work here. I work here because It's my tribe.)
I love it. This is a great post. I feel the same way. Except I don't work at BP. :) Well, maybe one day I will.
Skyline Properties - Investor · Kirkland, WA · Member since 2017 · 310 posts · 271 votes9y
It’s no different in any other area of life, give people a chance while you do due diligence. You don’t just do this once either, it’s a continuous process known as fraud risk assessment. If you find out later their advice isn’t worth the cost or the risk, if it turns into a sales pitch or doesn’t fit your investing style or personality, move on. Stay vigilant, trust but verify. Modern technology makes it easier than ever to check up on people.
I’m here to share what I know and help when I can and I also learn a lot from others I meet. Anyone who reads my posts and wants more details or has questions can contact me any time. I have gone on to do business with people I met here, I couldn’t be happier that BP was there to facilitate and these partners have exceeded my expectations.
Tyler Mullen, CFE
- Real Estate Investor · Williamson County, TX · Member since 2011 · 1k+ posts · 961 votes9yMike Wright Why so mean? I read Jeanette Adler to be merely saying she was trying to contribute to the site and was inundated with folks wanting money. A lot of us are here for entertainment... one of the biggest threads is about dumb things prospective tenants say. (And most people will help when they can.) Just like on a cruise ship... all are there to have fun but by the nature of the beast there will be predators, so keep your wits.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes9y
Originally posted by @Austin Fruechting:
You should always question where the source of your information comes from. ALWAYS! In general we’re all just here to learn from others and provide help/info where and when we can.
Things to be leery of here, and in order of the prevalence IMO:
1A) beginners that think they know a lot and talk authoritatively but have no idea how much they don’t know.
1B) people who know their market and investment strategy very well and assume that’s the best for every one in every market
5) people selling themselves, services, and partnershipsNotice I go from 1A & 1B to #5. That’s because I think #5 is much less likely. It does happen, and it’s usually pretty evident when that’s the motive. But 1A & 1B run rampant in nearly every thread. It’s hard to differentiate those people and advice from the experts. They think they’re experts and think they know all and come across as if they do (Dunning-Kruger effect). Those are the ones to really look out for. In general they are very well intentioned people and mean the best, but they may not actually be providing the best advice and information for YOU, your market, your goals, and your situation.
This I seriously agree with. You should ponder and question any advice you get on here, no matter who it is from. No one - I don't care if it's Warren Buffett or Grant Cardone or @Jay Hinrichs - can know every best course of action, for every person, in every situation, in every geographical area. It's not possible. It's one of the things that makes real estate fun, aggravating, risky and profitable all in the same breath. A Seattle strategy won't work in East Tennessee. Which doesn't work in Detroit.
After a while being here, you will start to notice people who you find to be kindred spirits, or their advice is often sage, and they kind of become your "friends". I see a bunch of mine in this thread already: @Linda S., @Russell Brazil, @Mindy Jensen, @John Thedford, @Dawn Brenengen, @Kristina Heimstaedt, and the aforementioned @Austin Fruechting.
I suspect more than a few of us here have trouble finding anyone to talk real estate with. Most of the people I know are poor slobs whose financial talent consists of turning $10 into $1. A lot of the people that are in real estate I talk to locally are trying to sell me something or mine something out of me. In here, I'm kind of amongst my peeps. It's not a good analogy, but BP is the Facebook of real estate.
Skyline Properties - Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes9y
That is like a thousand percent true. My basic circle of friends, and even my wife are so sick about hearing real estate talk come out of my mouth. These forums do provide an outlet for my real estate addiction, in addition to it being a business tool.
District Invest Group545 Reviews - Real Estate Investor · Williamson County, TX · Member since 2011 · 1k+ posts · 961 votes9yWell I am sure either 1. Jennette understands where you are coming from as she voiced the feeling a lot of the podcasts and turnkey operators are completely self serving, or 2. she is doing a double reverse psyc and is really plugging her business by contrasting herself to the aforementioned. I believed her so call me Gomer. :-)
- Real Estate Investor · Tempe, AZ · Member since 2012 · 874 posts · 648 votes9y@Jessey Kwong great thread. The responses within - even the strangely combative ones - reveal the various types of people on BP and will hopefully help you develop your own personal filter.
- Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes9y
It's a break for me to relax in between running my commercial real estate business.
People read your body of work and contact you.
There are lots of private readers that Google something and a forum post pops up for a keyword search. They click to the BP website and start reading the forum.
In my case I have over 12,000 posts over many years on the site. They can read your body of knowledge and get comfortable with you versus seeing a picture or just a name and making a call. The private people tend to not post as much and come on here looking for someone to connect with.
I have connected with some ultra wealthy people on here that have become clients. Individuals with net worth in some cases around 9 figures. There are many more people on the site interested in SFR because of the low price point. Commercial it takes a bunch more capital so not as many people with 7,8 9 figure wealth on the site.
The art of selling is not to sell. You become an expert at something and constantly work to get better at it because you love it. People then tend to be drawn to the passion and skill level you have without selling them. People trying to be unauthentic the BS meter goes off pretty fast. Unfortunately just like any site there are some on here as well so just because someone is a BP member does not mean they are trustworthy or someone great to do business with.
You might want to video skype them, talk with them on the phone, e-mails, meet in person etc. before considering a business type relationship.
- Rental Property Investor · Scottsdale, AZ · Member since 2016 · 184 posts · 223 votes9y
The nice thing about most posts is that you can tell if someone has something to "sell" you from their signature. BP allows Pro members (i.e. paying members) to add a link in the footer of their posts. That gives you a pretty good clue about where they are coming from, so you can tell right off the bat if they have a vested interest in the topic. By no means should you automatically discard any advice you receive from a Pro member: most of the time they are the ones adding the most value to a given discussions because they are subject matter experts. But if you post a question like "Do I really need a Real Estate Broker?", and you get a response from a bunch of folks who are obviously brokers, then you obviously know their bias.
That all said, their are some people like myself who just truly enjoy learning and contributing to the subject matter. I don't need your money (yet!), and if you're new, I probably don't need your advice. But i like sharing what I've learned so far, and I want to see you succeed.
Fair enough?
James
- Rental Property Investor · Broken Arrow, OK · Member since 2016 · 1k+ posts · 1k+ votes9y
@Jessey Kwong Its all about paying it forward. When I was starting off, I had no clue what I was doing until I found BP and people like @Jay Hinrichs @John Thedford @Mindy Jensen giving advice to my questions helped me advance very fast. Now I'm to the point I don't really have to work anymore, but I enjoy the deals and always try to pay it forward to the next group of newbies.
- Discovery Bay, CA · Member since 2016 · 44 posts · 13 votes9y
I'd say use your street sense and trust your instincts. Talk to someone long enough and you'll figure out their intentions
- Vendor · Melbourne, Victoria · Member since 2016 · 56 posts · 19 votes9yI come to BC community for the same reason as Mandy and tons of others that in love with roofs in their mind , in love with properties and we can talk about it for as much as we like and we get heard all the time I am a professional accountant and tax agent too, but I have my own tax networking group and I don't see other professionals in either of two industries as competition. Quite contrary love interacting and learning every day. Because, when you come to the age when snow starts covering your hair, you realise how little you know. So, open your mind, listen, ask questions, there is always someone out there willing to share their knowledge and experience with no interest in gaining any benefits from it apart personal satisfaction, happiness and fullness.
- Dallas, TX · Member since 2016 · 1k+ posts · 745 votes9yI think it's prudent to always trust but verify Having said that the culture on these forums is great, a lot of helpful folks all around. Also a lot of people get to know each other over time from their posts, and then end up doing deals. Also it seems to me the best thing about real estate is that there are hundreds of different strategies to make money, and it's very possible to make money as partners, buyers and sellers. Even if you have the same niche. Real estate is unique in that it's also possible to find a great deal that you can't take advantage of at the time, so you pass it on knowing full well that the opportunity may come back your way in the future. Maybe all business is about networking, but I kinda think that real estate may be more network oriented than any other, because you always need more deals, or capital or contractors etc
- 9yJohn CasmonPro MemberCincinnati, OH · Member since 2013 · 1k+ posts · 1k+ votesGreat topic. Agree with most of what has been said, especially as it relates to just talking to others about real estate. You shouldn't be scared of BP in general, but certainly watch out for "sharks" or poor info. You should absolutely vet any advice you receive from anyone on BP. As someone else mentioned, it doesn't matter who it comes from it may not work for your situation and/or specific market. However, from my experience, you should be cautious of the unsolicited private messages from people who don't post on the public message boards. Not saying they have ulterior motives, but if they don't post much in the public forum, just proceed with a bit more caution. The exception is those looking to invest their own dollars. Many don't post much, but prefer to read and get to know others that way and then will reach out if they have interest in working together in some capacity. You can understand why they may be a bit more guarded.
- Kingston, NY · Member since 2017 · 252 posts · 138 votes9yI would say advice is always helpful taken with a grain of salt. I have no doubt that there are salesmen and shills here as there are everywhere who would be more than willing to accept your money. I'm new here to but that's my two cents.
- Real Estate Agent · Wheaton, IL · Member since 2008 · 66 posts · 32 votes9y
Originally posted by @Jessey Kwong:
I am new to RE discussions nad the BP community. I just noticed people here are VERY open to helping and giving advice/guidance. For some reason... I feel these are red flags, but maybe am wrong. I come from the online digital marketing world and attitudes like this mean they are trying to solicit their services or products to you...
Though I am so new, and perhaps this is just the common BP community culture that people are being helpful.
Should I be concerned about these users and are there any warning signs I should take note of or be weery of - thank you for your replies.
It's easy to give advice. To follow the advice, is the difficult part.
- Rental Property Investor · Salem, NH · Member since 2016 · 460 posts · 276 votes9y
@Jessey Kwong Agreed with everything ^
I think if you take the time and effort to meet BP members in real life you will find that everyone has a very similar mindset and that they all have a common goal to some degree.
If you have established goals and some of these BP members are able to help you then it is a mutual benefit.
If a BP member is trying to sell you a SFH that doesn't align with your goals don't buy it. If a BP member is trying to sell you a MFH that does align with your goals be open to it.
Best of luck!
- Investor · Indianapolis, IN · Member since 2017 · 62 posts · 38 votes9yI would echo most of the comments so far. I personally have only been on the forum for about two months, but so far I have found it to be very much just a place of sharing information and a Community of people who all have a common interest. I'm sure like any place there are folks using it strictly as a lead generating process. But at the end of the day like any Community that you network within it typically lead to opportunities. So if you find a couple good partnerships through the process it wouldn't be the worst thing. Just my 2 cents. And Welcome to BP.
- Investor · Portland, OR · Member since 2017 · 29 posts · 12 votes9yTrust, but verify.
- Investor · West Los Angeles, CA · Member since 2014 · 230 posts · 239 votes9y
@Account Closed
Given your experience in real estate for 24 years you seem to have trouble comprehending the post. So I'll be as elementary as I possibly can so you can understand it. The question was: do people on BP give advice on this forum in order to generate business. The question was not do you make money from your business.
Furthermore given your decades of experience you obviously don't know what a private lender is. I only work with people I know period. No doc prep fees no administrative fees no BS. I'm not a HML using a private money lender as a marketing ploy. Im a private money lender period. I work a full time job and lend my money on the side to earn extra income. (Yes my business makes money). I don't lend $200k because I need to be in first position so my loans are near 7 figures. My funds come from my own pocket so no need to solicit additional funds from others. I only lend to one person and that person can always pick up the phone and count on me to come through. He has big projects, always treats me with respect and is a pleasure to do business with. Perhaps this contribution can enlighten you to what a true private money lender is and is not.
I've encountered a lot of pit falls, and as a woman real estate investor I bring a different perspective. I try to contribute to others trying to lend funds and avoid the mistakes I've made. I especially like connecting with other investors in Los Angeles and will occasionally visit their projects. I do not spend my time insulting people, but if you feel that's a good use of your time, you're entitled to your perspective.
- Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes9y
@Jessey Kwong always follow the money. Your insurance agent will tell you that you need life insurance. Your barber thinks you are due for a hair cut. Your banker thinks always carrying a mortgage is a good idea. Your realtor will encourage you to go through with the deal.
Many people on BP are here just to exchange ideas, gain support or for enjoyment. Others are here to network and grow their business. A small number of people are here to scam you.
Many people give advice without any qualifications to do so. Others are highly qualified.
This site is a great resource, but use common sense and don't blindly trust.
Keep in mind the best scammers build your trust and never ask for your money - they make you ask. They talk about all the great deals and wait for you to say, can I get in on that. They may even try to talk you out of it as a way to make you want it more.
- Rental Property Investor · Hamilton, Ontario · Member since 2016 · 285 posts · 181 votes9y
@Jessey Kwong People who invest in real estate generally are very passionate about it. If you've had success, you generally want to help others attain some of that as well.
Absolutely a lot of people on here work in industry, and are probably great resources, so of course they'd offer to provide assistance.
I think the view point of being worried is extremely skeptical lol - Are you a bit of a pessimist by chance?
- 9yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@JD Martin good post... one thing I think folks who come on this site need to understand is high post counts doe not automatically give someone a pass or irrational trust in that they are experts.
Its an amazing site... I now get noticed in public like a rock star or something.
I am in the bay area this week to attend J Martins cool event.. while sitting in the executive lounge at portland airport eating my yogurt and granola reading the paper.. a lady comes up to me and says.. I saw you check in . are you the Jay Hinrichs from bigger pockets... caught.. LOL.. then my pharmacist last week says the same thing and that her husband follows me.. he wants to have coffee.. I said well since your making my potions I better meet with him..
but back to the lady and the morning meeting in the executive lounge... She followed Wendell De Guzman and thought he was a great BP poster.. well you know the rest of the story.. invested.. Wendell has gone completely dark.. money loss around the corner.. and we talked about how just being on BP and sounding like you know what your doing simply does not give someone a pass.. you need to do due diligence.. If you simply treated those who want to do business with you that you don't know and met on BP like a potential tenant IE criminal and credit background check before you go forward this would save a bunch of folks the heartache I hear from those who invested with folks on this site..
I don't like getting these e mails HEY you know this guy I invested with him or her and it went bad.. use some common sense .. trust no one :)
I have met countless great folks on this site.. Its the most valuable site I think on the entire web. Of course its the only one i know how to use.. Linken I don't use.. I would never trust anyone on Facebook.. ( in a business sense)..
And TOTALLY agree with you real estate is regional.. what works in one market simply won't work in another.
I can waltz into a mid west market and buy 3 houses that have margin in less than a few hours. Or any trip to Charleston in a few days I have bought one or two lots that I can build new houses on. IN my market of Portland it takes me a year or more to find a few nuggets that really work..
its an amazing site were else can folks who literally have nothing to their name ( at the moment) have conversations with those that have done amazing things in real estate and are quite successful in their own right and the two can have a discourse on this site.. that in itself is amazing..
- Real Estate Investor · Tempe, AZ · Member since 2012 · 874 posts · 648 votes9yI'm gonna guess that Brandon and Josh are pretty darn proud of this thread. They should be. And to think just a few days ago there was some guy, admittedly on his third BP account and claiming to have access to $60B (though I don't think he had closed a single deal yet), ranting about this site sucked. He is now known as "Account Closed." No value added. The hive mind here outs a lot of the unsavory characters - a pompous Australian claiming to be from Beverly Hills but with a mostly-fabricated background is also in recent memory - but always.be.diligent.
- Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes9y
@Account Closed because they are just offering a financing option for people who can't get money from a bank. There are lots of reasons people would choose HML and they accept the higher rate.
Subject-to or wraps cannot be used on foreclosures or auctions. Or in other cases when sellers don't want to retain their mortgage. For example, an estate selling a property or home owner looking to get a new mortgage, would not want to retain their mortgage for your benefit.
In other words, your method is not the single best solution. It is hardly morally superior to hard money lending. Subject-to and wraps are often used to take advantage of sellers. I have personally seen this happen to someone I know. Most mortgage contracts prohibit these types of transactions through the "due on sale" clause. The seller is left holding the mortgage, which makes these types of deals risky for the seller. At least when a HML deal is done, the seller gets to walk away.
Talking about how hard money lending is a bad deal, then touting your high profit method of raking sellers over the coals is the ultimate irony. No reason to hate on others that have a different business model than you.
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