I'm very new to BP and real estate in general and I'm finding it very nice but odd to me that I'm getting contacted by so many nice people offering advice. I appreciate all of it knowing how valuable people's time is but at the same time there seems to always be an agenda. I have no problem with that but I'm leery.
Has anyone here ever bought from someone on BP? If this happens all the time I'm sure there are horror stories but is it generally a nice transaction with everybody staying friends?
What are peoples thoughts???
hey @Jeb Brilliant,
I've been lurking around the forums, I believe there are people in the BP that do solid deals and contract out work that work well. I've read some horror stories as well, but ultimately its up to you to do the analysis and due diligence (that is vague). As much as people want to help others there will always be a bias, and more often than not most times advice or "referrals" get them a nice "cut". If you know what I mean?
Love the BP community lots of great people who share their experience the good and bad.
@Jeb Brilliant , I have done business with several people who are on BP. I did not meet any of those people on BP. However, they are ethical, knowledgeable and I would be happy to do business with most of them again. I do know some people on BP who I would not do business with. Like any other media you must screen your results.
For instance: when I looked up your profile under "experience" you wrote "I have no real estate experience". Yet you label yourself as a "real estate investor" whose occupations are: SFR investor, residential landlord, landlord and real estate investor. I would be very leery of doing business with anyone if I found a similar mis match between their description of themselves and their actual experience.
I do believe this site was created for the purpose of sharing, teaching, learning and networking. It's like anything else out here. If it sounds to good to be true it probably is.
As @Aaron P. stated you have to do your due diligence as much as you can. Ask for referrals from trade references, agents, lawyers, accountants or other investors.
People are BP aren't special just because they are on this website. It's up to you to your due diligence.
You can get great free info on this site, meet great people and find deals. You could also get scammed....no different than meeting people in your local area. Use this resource as an advantage, but don't assume that resource is infallible.
REI 101: Always do your due diligence irrespective of whom you are dealing with; this way, you don't get hurt..
My 1 cent advice.....
Understand that BP cannot vet anyone. There is a risk taken with connecting with anyone on this site. Having said people take risks everyday driving a vehicle, etc. where any number of daily things can go wrong.
You try to reduce your risk as much as possible but anything can happen. People that get ahead take highly informed and calculated risks but there is still risk regardless.
Over the years and years I have been on here I have met some great people and then some not so great ones.
Some tips are:
1. How long have they been a member of the site??
2. How active are they ( number of posts )??
3. What is content quality and accuracy of information with the posts??
4. Do they have many colleagues or connections??
5. Can they provide references??
6. If someone tries to isolate you and pull you offsite that is an immediate red flag. The information shared here should be able to stand up to scrutiny if the numbers work.
7. People should generally have no problem with e-mails, phone calls, even Skype if you want to see them face to face.
Anybody can be anything on a website! That doesn't make what they post genuine or honest. Like anything else, you have to do your homework. I personally have talked to several BP members, met a couple, but never had any business interaction. Remember two key words in any business venture: due diligence. That goes for real estate and all other business dealings as well.
Thank you everybody for your input. I'm absolutely going to be cautious but what seems to good to be true in California might just be standard where I'm looking.
Thanks again for everybody's time helping me.
Everyone has an agenda...... A reason for being here on B.P.
It is a place that can help everyone's business grow or better yet explode!
We are here to build our business and help others build theirs as well. The key to in eating is building g strong relationships with others.......lenders, realtors, contractors, investors, tenants...... We all need each other to grow and learn.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing