Using BiggerPockets to find Help or Partners

Using BiggerPockets to find Help or Partners

Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes

Hey everyone,

I have just spend the last 30 minutes or so getting caught up on the forums and something really caught my eye...the number of people who come seeking deals/partnerships/HMLs and do not follow basic etiquette or treat people with respect. For anyone using BP to make contacts or find partners I thought I would lay out a list of basic rules to follow (I apologize if this has been brought up lately).

1. Be honest. Not telling the whole truth about yourself, your company or the deal is the quickest way to ruin your reputation on BP. Remember, BP is full of experienced investors and business persons, who can very easily find the BS. If you cannot be honest, why would anyone risk getting involved in anything with you?

2. Expect a lot of questions and answer them openly and to the best of your ability. You are asking people to risk their hard earned money with you, they have a right to ask as many questions as they need to feel comfortable, and your job as someone seeking funds or a partnership is to answer the questions. When you invest in stocks or funds, you can read a prospectus to better understand the purpose/strategy/numbers and any good investor will seek those same answers in a any real estate deal. If you truly have a good deal you should be able to answer the questions and prove it.

3. Know what you are talking about. Make sure you have done all your homework on a deal before you present it to the BP community. People get offended when someone comes seeking money, yet they have only scratched the surface as far as research and due diligence is concerned. Know the deal, know the numbers, know the plan!

4. Do not be easily offended. You have to have thick skin sometimes, and retaliating to questions or accusations in a rude way is not going to help your cause. If someone accuses you of something you have not done, simply explain your case. This is a business, so treat it as so.

I know these are all very basic "rules" but I believe if people thought of these before they posted about deal making, they would see much better results and see that BP is one of the best resources for successful real estate investing.

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J ScottPro Member
Moderator
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
12y

Btw, just to give everyone an idea of the type of partners I've met on BP, here's a short list:

  • I've found a partner and now good friend who I've worked with on probably 25 deals in different capacities (partnering, lending, listing, buying, staging, etc)
  • I found a partner and now good friend that taught me how to build new construction and who I've started building spec homes with
  • I found an out-of-state partner that I've done nearly 20 deals with
  • I've purchased deals from 4 different BP members
  • I've sold deals to at least 3 different BP members
  • I've borrowed money from 3 BP members
  • I've loaned money to 2 BP members
  • I've found two people who I've mentored
  • I found a GC who has worked on about a dozen projects for me
  • I found a partner that I'm hoping to start building spec homes with in the near future
  • I've found a partner (@Joshua D. ) who has published two of my books

And that doesn't include the dozens of people I've met, keep in contact with, and will likely partner with in some capacity in the years to come (I hope!)...

If anyone has questions about the power of BiggerPockets, re-read my list above. It's probably safe to say that BP has been responsible for putting literally hundreds of thousands of dollars into my pockets.

See this reply in the discussion

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  • Real Estate Agent · Orem, UT · Member since 2012 · 164 posts · 49 votes
    12y

    Timely post - thank you!

  • Investor · Dillsburg, PA · Member since 2013 · 48 posts · 17 votes
    12y

    I appreciated the post, and much of the subsequent discussion. I'm fairly new to BP, trying to spend 1/2 hour or so on couple times a week. Better than college!

    I've partnered on many of the deals I've done, and it's been much more rewarding than those I've done on my own. Sounds like there is great networking happening here. Already learned a lot.

  • Real Estate Investor · Brooklyn, NY · Member since 2013 · 120 posts · 14 votes
    12y

    @Account Closed Read through this thread & see if it's helpful for you.

  • Atlanta, GA · Member since 2014 · 11 posts · 7 votes
    12y

    Thanks! @J. Lancaster I will.

  • Real Estate Investor · Brooklyn, NY · Member since 2013 · 120 posts · 14 votes
    12y

    @Account Closed Ok wish you the best.

  • Real Estate Investor · Mays Landing, NJ · Member since 2013 · 32 posts · 6 votes
    12y
    Great post.I haven't found a partner on BP yet but thanks to all this information that is available I closed a few deals and I'm growing my business........
  • Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    I've used BP to have "co-opetition" deals. Just this week through BP, I was able to get a duplex and a 20-unit building. What is "co-opetition"? Here:

    http://www.biggerpockets.com/renewsblog/2014/04/10/bp-podcast-065-creative-investing-wendell-de-guzman/

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    12y

    Hey @Wendell De Guzman - That's awesome . . . can you elaborate in the Success Stories forum? I can't wait to read about it!

  • Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Joshua D. , I will post it in my "Real Life of a Real Estate Investor" forum thread:

    http://www.biggerpockets.com/forums/223/topics/121707-real-life-of-a-real-estate-investor

  • Karen MargraveBusiness Member
    Moderator
    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
    12y
  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    12y
    Originally posted by @Karen Margrave:

    Can we take that to a new thread, guys? Lets keep this one on point please.

  • Contractor · Cherry Hill, NJ · Member since 2014 · 12 posts · 2 votes
    12y

    So when making a Mentor/Partner request wheres the proper place to post it?

    I've only been a member here for a little while and don't completely know the in's & outs of the site. I've been exploring it more & more over the last few weeks and have listened to the podcast since #32 or so. I am looking for a mentor/partner and created a post the other day about this on the "Starting Out" board. I wasn't sure if that was the right place or not so I was just taking a chance. So far there has been no response. So was that the wrong board to post on?

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    12y

    @Robert Kramer - The place to solicit a mentor you'd need to post in the Marketplace. That said, BiggerPockets is like the largest group of mentors there is, so why not start by asking any questions you've got here on the forums and as you can see, you'll probably get pretty good answers quickly.

    I expect that is why you're seeking out a mentor . . . might be worth a try.

  • Real Estate Investor · Indianapolis, IN · Member since 2013 · 12 posts · 3 votes
    12y

    @James Wise - I don't use my full name because I may need to ask a sensitive question about a tenant or my partnership or one of my contractors or a deal. In fact - I've NOT asked a few questions because of my concern over who might read it and "connect the dots". I've written to the site administrators about this very issue,

    I'm proud of the 4 properties I've financed and my partner and I have refurbished and sold in less than a year and the three we're working on now. We don't do shady work and we don't like the connotations the term 'flip' conjures up - probably like many on here.

    I can appreciate your concern for some of us not using full names – but it may be for reasons other than suspected. Not using a full name in and of itself does not make a shady player.

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    12y

    @Dave D. - That's the beauty of having a PRO account here on the site . . .

    PRO Members have a private forum that isn't viewable to the public OR even by other non-pro members (plus users can't access it either). So, if you've got things you want to talk about, but don't want folks to find on Google or otherwise, the PRO Forum is there to ask it.

  • Real Estate Investor · Indianapolis, IN · Member since 2013 · 12 posts · 3 votes
    12y

    @Joshua D. Great to know! Thanks :)

  • Contractor · Cherry Hill, NJ · Member since 2014 · 12 posts · 2 votes
    12y

    @Joshua D. - Thanks for the input Josh.

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    12y

    @Dave D. & @Robert Kramer - I'm happy to help, guys.

  • Real Estate Investor · Bedford, TX · Member since 2014 · 83 posts · 31 votes
    12y

    @James Vermillion Great post man! and I strong agree with all of your four points that you have mentioned. Especially stressing upon #3, know your deal and numbers inside and out and ready to prove it! I would go a little bit step further and say if you are a beginner, work really hard on your first deal with sincerity, maintain good relationship with your contractors, pay attention to every single little thing on your rehab and keep your investor updated with good and/or bad news. End of the day your private lender will see that you can delivery! Be honest. I have started with 1 private lender on my first deal with only $50K and now I have raised over $300k in private money! I still consider myself a newbie and this is what I tell my partners as well :-) - There's a tons of learning and ways to go about in real estate business.

    @J Scott Since I'm still new to BP community - Thank you so much for the list, and I have yet to do partnership with members of BP but there seems to be lots of opportunity to grow in every aspect of real estate business. I'm glad I'm here!

    Cheers!

  • Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    12y

    YES!!!!!

  • Real Estate Investor · Brooklyn, NY · Member since 2014 · 53 posts · 41 votes
    12y

    @James Vermillion

    Thanks so much for this post!

    For a new investor its extremely important to remember to be gracious and honest about your motives for contacting other investors about partnering/mentoring/advice etc. It's dangerously easy to sugar coat or hold back all the details with the protection of a computer screen. Honesty is and always will be the best policy.

    All in all, thanks to @Joshua D. and @Brandon Turner BP has a plethora of knowledgable and professional people!

  • Chicago, IL · Member since 2015 · 4 posts · 1 vote
    11y

    I am glad that I read @J Scott post. I had know idea on how to network on BP. I tried messaging a few people I thought could be  potential partners in the future and letting them know that I am interested in whole selling. Unfortunately, some one didnt like my message and reported it as spam. I wont be messaging anyone else. I will wait until BP members show interest in posts and activities and if we live near each other and have similar interests then I will reach out and try to build relationships.

  • Real Estate Investor · San Diego. CA · Member since 2014 · 21 posts · 9 votes
    11y

    I think it's good that you said something @James Vermillion

  • Stockbridge, GA · Member since 2015 · 159 posts · 33 votes
    11y

    In my opinion, Biggerpockets is essential to most of our real estate activities. I will like to the parties who developed the platform for all of us in the industry.

  • Podunk, WA · Member since 2015 · 109 posts · 30 votes
    11y

    Thanks 

    James Vermillion for your post. Being upfront and transparent are key in any business dealings. I have been "burned" by a financial advisor who overpromise when he managed my account and now I am very cautious in any transaction that I am dealing.

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