I want to have a little fun with this post...what are some of the signs you see when dealing with investors that tip you off they are wasting your time?
I'm sure this will get pretty humorous! :mrgreen:
They ask you to sign a NCND as the first order of business so that they can put you in touch with their big investor guy.
When they say there is this class, seminar, or bootcamp I simply must attend.
When they repeated ask me to "trust them" or, and this was said in another post, they say there is "no downside risk". Both claims make me run in the other direction.
Yes when they say "trust me" all the time. It goes back to my bellhoppong days. The people who kept saying, "Don't worry, I'll take care of you, were the worst tippers.
"Trust me" is a classic one.
One of my personal favorites is someone who self-proclaims to be a "expert."
If you are an expert you don't need to tell others, they can make their own judgement.
TIME WASTERS are What My GRANNY Call (Fo-Nos) BEFORE You Say Something They Already KNOW.... People That Know EVERYTHING...
A lot of really good responses.
When they tell me they started investing for 2yrs ago and haven't done a deal yet.
Thats about the time I turn them into bird dogs. If they're too scared to do deals, they can just bring them to me :)
^ knowing this is in fact the case when dealing with someone who's too scared to make investments, and you want them to bring you deals, whats the return you're looking for?
what is something that you're willing to invest in? average you're piece of the pie you would want?
Every time I talk to them, they have a completely different business model. One day they are wholesalers, next condo investors, next looking to rehab some houses.
Nice conversion method of turning them into bird dogs! LOL
Yes there is a difference between when they are trying everything to get something to work and actually someone that has built a multi-layered niche system that brings them in multiple levels of income.
For me right now I am not doing much investing as I am busy with clients on buying and selling their commercial properties.
I do however have my eye on a few properties I am watching that I might go after.
I always ferret out whole the real investors are from the players.My sellers don't want to talk to these clowns.
They want to lock the property up for 50 bucks for a month and then try to assign or create a way to make a few and you have 2 other people in the line trying to collect a fee as well before getting to the end buyer.
Then when the buyer tries to cut them out of a fee they try to lien the property.We have the buyer sign a disclosure that covers all of this and waives any lien rights etc. to try and collect a fee.
If the end buyer will screw the investor then they need to take it up with the buyer after closing.
In Texas they say,"Big Hat-No Cows." LOL
thats a good quote, right there. im not trying to waste anyones time and i was hoping that someone would be interested to get a deal going.
The worst ones are the ones that want all of my financial statements that could ever exist.
Sometimes, it's an investor that wants to see the five year pro forma for a property I have an offer on. Then, they want the "best" and "worst" case scenarios for the pro forma. Then, they want ten-year documents. They want all the other pro formas for my other properties, the rent rolls, what my projected and actual rents are/were, twenty comparable properties in the area, a detailed description of every tenant in the property, the possible effects of the place being a rooming house versus an apartment versus an owner-occupied versus an airplane or whatever else they can think of.
Then, there are sellers that apparently can't take me seriously. I like to move fast with my deals. If it's logical, I do my best to pay cash for a property. I don't put contingencies in my deals. I've worked with inspectors before, and I know that they are worthless enough that I can look at basement walls and see the roof on my own when I drive past the place, I don't need to spend a few hundred dollars and lose a property because I wanted to waste my time with some "inspector" who has a flashlight and a checklist. I have your rent roll, your expenses, and I've been through all of the units. That is plenty to make a decision.
Typically, it isn't even time wasters that they won't ever work with me, it's that they aren't the trouble. I won't put weeks into scouting and negotiating one property, I could do several deals in that time. People need to understand that investment isn't like choosing the house that they want to live in, there's less time to act.
When someone asks for funding and it HAS to happened in the next two days.
I know I have found a time waster when they are talking amount no money down deals and asking newbie questions like what is a good deal and where can I find them.
My father taught me that when I talk to them "they are like nailing jello to a fence."
So far it has been 100% correct for me.
When they needed an approval or proof of funds letter yesterday but refuse to fax you a contract or escrow info...
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