Why I will no longer answer questions from the unknowledgeable
Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votesWhy I will no longer answer questions from the unknowledgeable
Most Popular Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votesThe problem as I see it, is we live in an age of information, and instant gratification,...with a lot of impatience added leading to the use of shortcuts.
All of this leads to a complete lack of understanding what the difference is between information and actual knowledge. The internet is full of information, and knowledge. Both are valuable, but they are not the same. Knowledge will give you complete pictures, systems, creativity, etc... and is contiguous. Information fills in where there might be gaps in the knowledge, or connects one set of knowledge to others.
Too often, due to my first paragraph, we find too many thinking that if they collect enough "quick" info, by shear volume, they have gained knowledge. They haven't. All they've done is create more gaps.
113 Replies
- Member since 2024 · 14 posts · 18 votes2y
Although im a newbie myself i definitely understand your sentiment. People who do that are looking to “get rich quick”, they'd better off going to a casino and putting everything on red. Although I’ve been into real estate for about 4 months now I can say that the basic education of real estate is easy if you just put in the effort.
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes2y
Quote from @Don Konipol:
For the last 15 years I have been answering questions from unknowledgeable wanna be investors who watched a guru on YouTube and now wants to know where to get the earnest money to tie up multi million dollar properties before he can flip them for $200,000 profits. After I provide a true, unbiased reasonable response more likely than not I’m “attacked” for (1) being a “hater”. (2) having “it in” for wholesalers or subject to buyers or lease option advocates or land flippers, or….. (3) not “understanding” the strategy or tactic in question (4) being out of touch with the way real estate works today. So, to separate the rare newbie who is willing to do the real work at educating himself on what really is necessary for success from the people who want to take what they perceive is the guru/mentor shortcut (or the “cheap” version in which instead of buying the program you hang around the edges seeking “free” information from those who have paid for those program) I will not answer specifically as to why the program they’re suggesting won’t work or is too risky or borders on illegal. Instead I will offer a simple suggestion. Read and study
Principles of Real Estate Practice: 6th Editionby Stephen Mettling (Author), David Cusic (Author
Or a similar text. IF you do I will be happy to answer any or all questions you may have. But if the newbie won’t put the effort in to learn (1) the principles of real estate (2) real estate law and basic real estate finance I won’t make the effort to share the benefit of my knowledge and experience.
I recommend we invest in tissues. Because in 3-4 years when all of the idiots who bought properties financed at 100-110% of value with no money of their own in the deal and cannot afford to put gas in their car finalize realize they have no way out and will lose it all they will then talk about oh me and its not my fault... No pity coming from me.
7e investments53 Reviews - 2yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
The problem as I see it, is we live in an age of information, and instant gratification,...with a lot of impatience added leading to the use of shortcuts.
All of this leads to a complete lack of understanding what the difference is between information and actual knowledge. The internet is full of information, and knowledge. Both are valuable, but they are not the same. Knowledge will give you complete pictures, systems, creativity, etc... and is contiguous. Information fills in where there might be gaps in the knowledge, or connects one set of knowledge to others.
Too often, due to my first paragraph, we find too many thinking that if they collect enough "quick" info, by shear volume, they have gained knowledge. They haven't. All they've done is create more gaps.
- 2yBjorn AhlbladPro MemberInvestor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
Too much "fake it till you make it" going on. People think they can succeed without even realizing you need a proper foundation to build anything worthwhile.
- MD · Member since 2024 · 15 posts · 31 votes2y
Heh, I love it, I'm 16, so I would actually say it's easier for me to avoid things like that. I can't do anything serious for a year and a half, and that gives me a year and a half (at the minimum) to learn, get a foundation, and find people in my area who have done what I aim to do. I know it's not easy. I know I won't get rich overnight, but when I turn 30, I want to be able to spend time with my kids. A lot of families run on two incomes, but I don't want daycare workers raising my children. I want to be able to retire my wife.
I have goals in mind. I have plenty of time to achieve those goals. Maybe people can get rich quickly for some obscure reason, but I want to be able to buy assets and keep them. Someone correct me if I'm wrong, but I believe it's a very achievable goal. I know I can be "the Millionaire Next Door." Just your average guy who worked hard and built up his portfolio.
@Don Konipol I'm not sure what sort of questions you've been getting, but why recommend this book? What do you like about it? - Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes2y
Well Don, I understand your frustration.
Common culture today seems to have the fantasy that zero money down, owner will carry, borrowed everything will produce a stable income producing asset for the buyer.
It seems like these anomalies pop up from time to time, but they are more likely to be workable by someone who has a larger position in cash, a larger net worth, and experience in that asset type and asset class.
People believe what they want to believe and disregard the rest. Although in this instance I think it's more out of what could be termed ignorance versus having their heads buried in the sand.
In a nutshell to me it seems like a lot of these people you're referring to do not have access to a workable business plan, because this is a business as well as an investment, and they are simply like fish with shiney lures that others are throwing out there to make money off of them.
Making money with no money of your own in the deal, to me, is a long shot. By money I mean 30 to 40% of the purchase price. As well as a workable business plan, and the desire to work this as a business versus believe it's a hands off deal that will simply build you a enormous wealth.
Just my 2 cents.
- 2yV.G JasonPro MemberInvestor · Member since 2022 · 3k+ posts · 3k+ votesInstant gratification is absolutely the crux of (Western) society. Fast solutions have slow problems.
Quote from @Joe Villeneuve:
The problem as I see it, is we live in an age of information, and instant gratification,...with a lot of impatience added leading to the use of shortcuts.
All of this leads to a complete lack of understanding what the difference is between information and actual knowledge. The internet is full of information, and knowledge. Both are valuable, but they are not the same. Knowledge will give you complete pictures, systems, creativity, etc... and is contiguous. Information fills in where there might be gaps in the knowledge, or connects one set of knowledge to others.
Too often, due to my first paragraph, we find too many thinking that if they collect enough "quick" info, by shear volume, they have gained knowledge. They haven't. All they've done is create more gaps.
Delayed gratification needs to be something instilled in the younger generation early on. - Developer · Los Angeles · Member since 2022 · 45 posts · 16 votes2y
Quote from @Don Konipol:
For the last 15 years I have been answering questions from unknowledgeable wanna be investors who watched a guru on YouTube and now wants to know where to get the earnest money to tie up multi million dollar properties before he can flip them for $200,000 profits. After I provide a true, unbiased reasonable response more likely than not I’m “attacked” for (1) being a “hater”. (2) having “it in” for wholesalers or subject to buyers or lease option advocates or land flippers, or….. (3) not “understanding” the strategy or tactic in question (4) being out of touch with the way real estate works today. So, to separate the rare newbie who is willing to do the real work at educating himself on what really is necessary for success from the people who want to take what they perceive is the guru/mentor shortcut (or the “cheap” version in which instead of buying the program you hang around the edges seeking “free” information from those who have paid for those program) I will not answer specifically as to why the program they’re suggesting won’t work or is too risky or borders on illegal. Instead I will offer a simple suggestion. Read and study
Principles of Real Estate Practice: 6th Editionby Stephen Mettling (Author), David Cusic (Author
Or a similar text. IF you do I will be happy to answer any or all questions you may have. But if the newbie won’t put the effort in to learn (1) the principles of real estate (2) real estate law and basic real estate finance I won’t make the effort to share the benefit of my knowledge and experience.
Are there any other books you recommend? I abhor the guru/get rich quick books but that's what a lot of the literature on the topic seems to be. I'm just finishing up my second new build and will have a lot of time on my hands. I'm new to investing but not construction. Thought about the UCLA Extension School, but I'm not sure it's worth the time investment/relevant to my short term goals(BRRRR, Flip, etc.). Or are there courses that aren't snake oil? Any advice is welcome, thank you!
- Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes2y
I skimmed the book that Don recommended.
It looks like about a 4th year college level textbook on the subject of real estate in general- I would highly recommend it to anyone that wants to get a full understanding of real estate.
Ultimately investing is an entrepreneurial activity. Where the investor believes he or she can make a profit in some way.
This book looks like a good foundation even for some experienced people.
The book is not cheap, and it may be beyond the reading capabilities of some people- in length and writing.
There are previews of it online, and if it seems to be your thing and you're seeking more knowledge about the business in general this book seems like a good- investment.
Good Luck!
- 2yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes...and that foundation has been, and always will be, Geometry and Algebra.
Quote from @Bjorn Ahlblad:
Too much "fake it till you make it" going on. People think they can succeed without even realizing you need a proper foundation to build anything worthwhile.
- MD · Member since 2024 · 15 posts · 31 votes2y
Quote from @Scott Mac:
I skimmed the book that Don recommended.
It looks like about a 4th year college level textbook on the subject of real estate in general- I would highly recommend it to anyone that wants to get a full understanding of real estate.
Ultimately investing is an entrepreneurial activity. Where the investor believes he or she can make a profit in some way.
This book looks like a good foundation so we're even some experienced people.
The book is not cheap, and it may be beyond the reading capabilities of some people- in length And writing.
There are previews of it online, and if it seems to be your thing and you're seeking more knowledge about the business in general this book seems like a good- investment.
Good Luck!
Thanks! I'm dual enrolled, so I've had my share of college-level textbooks. I'm interested in reading it, obviously, but are there cheaper alternatives that have the same content? I know Don mentioned, "Or a similar text"? If it would genuinely help, then I'll go with it, but sometimes textbooks are over-saturated, I read it but don't get anything out of it. I was reading a book about corporations and the difference between LLCs and C corporations(for example). The best part was that they included real-world stories of people who had used the different options, and it was easier to envision the downsides of each corporation. Sure, they can tell me information, but information without a story/real-world example to back it up isn't very helpful to me. I miss things like in what context I should use certain knowledge. I don't know if that makes sense, but again if people like the book and learned a good bit from It, I'm assuming I'd get something out of it too.
~Gabe Randall
*EDIT
I see where I can get the book for $20, not bad! I'll check the library first though. Who knows, they might have it. - Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes2y
Hi @Don Konipol, I've dialed back on answering questions myself. I feel the same frustration. There are gurus all over the place with absolutely zero resume/background that are charging $10K/pop for info...which many are willing to pay. Meanwhile, I am sure you get the same calls I do where people want me to send them our proprietary modeling for free. Our time has value...so does the knowledge we've amassed. It's like the story of the huge ship with the frozen propellor. They called the repair man who took out a little hammer and tapped it on the hull. The propeller sprung to life. When they got the bill, they screamed "$1000! For striking the hull with a little hammer! That's outrageous." The repair man then updated his bill to say "$5 for hitting the hull with a hammer. $995 for knowing where to hit." I can't speak for others, but I have 33 years experience and a formal credit background from 3 of the largest banks in the world. I've been a well-regarded industry conference speaker for the past 15 years. I know my stuff, but for some reason some guru with no background has more value than me? I don't mind engaging in discussion either, but like you...I'm done "helping" takers that have no intention of giving in return. I'm with you.
- Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes2y
Quote from @Joe Villeneuve:
The problem as I see it, is we live in an age of information, and instant gratification,...with a lot of impatience added leading to the use of shortcuts.
All of this leads to a complete lack of understanding what the difference is between information and actual knowledge. The internet is full of information, and knowledge. Both are valuable, but they are not the same. Knowledge will give you complete pictures, systems, creativity, etc... and is contiguous. Information fills in where there might be gaps in the knowledge, or connects one set of knowledge to others.
Too often, due to my first paragraph, we find too many thinking that if they collect enough "quick" info, by shear volume, they have gained knowledge. They haven't. All they've done is create more gaps.
Yup Joe, that’s an excellent analysis of the situation” described. Just like the “network” marketing junkies looking for next next Amway.
- Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes2y
I have not given up on answering questions in here but scaled back some on the private phone calls or meet ups. I made a post on this maybe a year ago. People are just not serious. As many stated, its the get rich quick mentality with people who move from one scheme to the next. I´ve had people on calls tell me they want a class A- 20 unit in six months, no money down, no experience with enough cash flow to fire their boss. I´ve had people who hounded me for weeks to do a conference call with them, then they dont show up. Ive had people request that I walk them through getting 40 single family doors through Brrrrrrr; then ask what does Brrrrrrrr and ARV mean. I have even met up with people where 99.9 percent of them have wasted my time. Many pop into BP asking stuff they can easily research, then eventually vanish never to be heard from again after dozens wasted time giving them expert guidance. . The un-seriousness of this business I love with so much passion is so frustrating. In addition to the get rich quick element its an MLM mindset they feel is easy, where they can pick it up and put it down whenever (i.e Amway, 5lynx, bitcoin mentoring) Even the young ones who invest in my projects have the opportunity to earn and learn, looking over my shoulder. When they see the work involved they vanish or want the investment back. I still do what I can here and there but its so difficult at times.
- Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes2y1. The book teaches solid “principles” of real estate, finance and law, not a strategy that either doesn’t work now or won’t work well in the future
@Don Konipol I'm not sure what sort of questions you've been getting, but why recommend this book? What do you like about it?
2. It lays the foundation for the student to develop an understanding of real estate, the industry, and the theory of private property. So it’s not like a book on how to be a day trader (buy a stock when it hits 2% below it’s moving 7 day average).
3. It’s not a program, method, strategy, etc. created as a marketing program to sell a continually increasing priced programs leading up to the $40k mentorship
4. It is very inexpensive compared to what gurus charge and provides a lot more usable information.
5. The reader who masters the material content will draw on this knowledge for a lifetime of analyzing, financing, and investing in real estate deals and real estate related deals - Member since 2022 · 9 posts · 12 votes2y
I've never purchased an investment property. I've listened to many ways to structure deals and done my own math and (so far) have not been able to make something pencil out in the RE space that was in my comfort zone of risk. All my money is still in equities.
I'm sure by now at lot of people in my position would have already reached out, but I'm not going to waste someones time until I'm fairly sure I have a path forward.
I'm a mentor of sorts in the tech space and have learned I can't wish/donate/coach/bribe people into having drive. Not greed, but drive and a willingness to put in the time to work and learn on your own with a little direction. It's in every industry.
Requiring people to read a list of books first is an idea I might borrow. - Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes2y
“It seems like these anomalies pop up from time to time, but they are more likely to be workable by someone who has a larger position in cash, a larger net worth, and experience in that asset type and asset class.”
EXACTLY! I’ve done some highly profitable “one off” deals in my 40+ years (and a few that turned out losers!) but they weren’t a result of (1) A great “landing “ page (2) a genius (expensive) marketing plan, or a memorized “script” that wowed sellers, although those things as well as some others would properly enhance deal flow. They were the result of the years of networking, building a reputation, having access to capital, and developing a great reputation/track record of honesty, fair play and success that brought me the deal flow those deals were part of. Of course knowledge and experience needed to RECOGNIZE a great deal from the 100 others disguised as great deals but aren’t. I told a newbie just this thing, with no experience, no study, no knowledge how would you recognize a great deal? She told me in no uncertain terms that my “negativity” wasn’t appreciated. It’s just amazing to me that people ask a question on a public forum, then get hostile and insulting when they don’t like the answer! - Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes2yI like the old standbys
Quote from @Account Closed:
Quote from @Don Konipol:
For the last 15 years I have been answering questions from unknowledgeable wanna be investors who watched a guru on YouTube and now wants to know where to get the earnest money to tie up multi million dollar properties before he can flip them for $200,000 profits. After I provide a true, unbiased reasonable response more likely than not I’m “attacked” for (1) being a “hater”. (2) having “it in” for wholesalers or subject to buyers or lease option advocates or land flippers, or….. (3) not “understanding” the strategy or tactic in question (4) being out of touch with the way real estate works today. So, to separate the rare newbie who is willing to do the real work at educating himself on what really is necessary for success from the people who want to take what they perceive is the guru/mentor shortcut (or the “cheap” version in which instead of buying the program you hang around the edges seeking “free” information from those who have paid for those program) I will not answer specifically as to why the program they’re suggesting won’t work or is too risky or borders on illegal. Instead I will offer a simple suggestion. Read and study
Principles of Real Estate Practice: 6th Editionby Stephen Mettling (Author), David Cusic (Author
Or a similar text. IF you do I will be happy to answer any or all questions you may have. But if the newbie won’t put the effort in to learn (1) the principles of real estate (2) real estate law and basic real estate finance I won’t make the effort to share the benefit of my knowledge and experience.
Are there any other books you recommend? I abhor the guru/get rich quick books but that's what a lot of the literature on the topic seems to be. I'm just finishing up my second new build and will have a lot of time on my hands. I'm new to investing but not construction. Thought about the UCLA Extension School, but I'm not sure it's worth the time investment/relevant to my short term goals(BRRRR, Flip, etc.). Or are there courses that aren't snake oil? Any advice is welcome, thank you!
1. How I turned $5,000 into $3 million in real estate in my spare time by Bill Nickerson
2. Invest in Debt by Jimmy Napier
disclosure - Jimmy Napier was a good friend of mine and we partnered on a number of deals. - Member since 2022 · 17 posts · 18 votes2y
I know this may leave a bitter taste, but I have found a lot of fast, concise, well put together answers to most of my questions on Chat GPT/Open AI. No $10K program for me! Not to say an experts advice isn't solid - just saying the culmination of information across all experts and all spans of time in one place is pretty helpful.
- 2yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votesYup
Quote from @Account Closed:
Your comment: "but I have found a lot of fast, concise, well put together answers to most of my questions on Chat GPT/Open AI."Quote from @April VanCleve:
I know this may leave a bitter taste, but I have found a lot of fast, concise, well put together answers to most of my questions on Chat GPT/Open AI. No $10K program for me! Not to say an experts advice isn't solid - just saying the culmination of information across all experts and all spans of time in one place is pretty helpful.
But, How would you know if it's good advice? - Member since 2024 · 6 posts · 13 votes2y
All ChatGPT answers are backed up (at least on my version) by reliable sources (or what I would consider reliable: Forbes, Investopedia, FINRA, etc.).
I did the same and was able to jump in pretty quick with zero knowledge and a displayed aversion to finance and real estate, to "I understand what people are talking about" (which is pretty impressive knowing myself). This triggered more research as it should, and I am now part of this community.
I am persuaded that I need to have strong foundations before doing anything.
Now, I can be wrong and I am completely fine with making mistakes.
- 2ySam YinPro MemberLos Angeles, CA · Member since 2021 · 583 posts · 738 votes
Quote from @Don Konipol:
For the last 15 years I have been answering questions from unknowledgeable wanna be investors who watched a guru on YouTube and now wants to know where to get the earnest money to tie up multi million dollar properties before he can flip them for $200,000 profits. After I provide a true, unbiased reasonable response more likely than not I’m “attacked” for (1) being a “hater”. (2) having “it in” for wholesalers or subject to buyers or lease option advocates or land flippers, or….. (3) not “understanding” the strategy or tactic in question (4) being out of touch with the way real estate works today.
@Don Konipol I would like to comment and hope that this comes across without any negative misinterpretations.
Your post is timely, for me. Although I have not been in the REI business for very long, I have been sharing my experiences with folks going through similar journeys when I can. I have found great value in reading through posts that are related to some of the happenings in my journey. This one is no exception.
Don, I have read some of your posts in the past few years and I have found them to be honest, thorough, and well-intentioned. I understand that this public forum is a collection of many personalities. Some react quickly/unreasonably to what they read, rather than sleeping on the information they just received. As such, responses can sometimes be snide, even spiral into personal attacks. However, I keep on holding on to the notion that the original intent of BP was to share experiences and help everyone in the community with like minds to prosper and avoid pitfalls if possible.With my limited experience, I have had a chance to meet a few people on this forum in person to connect and grow. Many more have called and I have spent countless hours answering questions and assisting where I could, but most have faded away and some have been just a waste of my time. It gets old and I have cut back quite a bit. On the opposite end, I have reached out to a few to connect. Most have been busy as well or felt what you have been feeling. Everyone has a different set of experiences and are on a different part of the journey. I will agree that there appear to be a lot more people on the forum just lurking or fantasizing about REI with unrealistic expectations and ZERO notions of what hard work and grind really mean.
I am about to spend half a day taking some people, that I met on this forum, on a tour my some of my apartments and showing them my setup. They requested it and I figured it a way of paying it forward. Will it be just a waste of my day? maybe, maybe not. Maybe I will run into them in my journey since they are younger and likely have more energy to grow way beyond me. Maybe I will be asking them for a tour in the future.
There are still a large number of serious newbies, like myself, that take heed of what you have to offer to weigh out options. It is still a great place to research, ask, learn, and absorb wisdom.
- Lender · Nationwide · Member since 2024 · 12 posts · 5 votes2y
I had a lengthy post ready to go but it's 1st vs. 12th grade, algebra vs calculus.
You all make very valid points. Sometimes it's not even worth the conversation but I love reading what everybody wrote about. Unfortunately very true. I hope your post never comes down and these REIs who think they are REIs read this
- Lender · Nationwide · Member since 2024 · 12 posts · 5 votes2y
I had a lengthy post ready to go but it's 1st vs. 12th grade, algebra vs calculus.
You all make very valid points. Sometimes it's not even worth the conversation but I love reading what everybody wrote about. Unfortunately very true. I hope your post never comes down and these REIs who think they are REIs read this
- 2yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
don for me .. if they are nice and polite I normally will give basic answer that only takes a few minutes.. those that just assume being on BP we owe them our time.. Nope not interested.
Once you spend a few minutes answering a question and the cant even rely with a thank you
one does get jaded..
I dont ever go into the Tulles of deal structures as I feel most of the rental real estate is so vanilla that if the person cant grasp the concepts just reading a little on BP I am not going to help them.
If they ask about something I might have specific unique knowledge of Like Timber and Timber rights and Timber deeds I might go off on those. And sometimes development questions but for me it really depends on how they ask.
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