Talking to other investors

17 Replies

If out "driving for dollar" or placing ads on craigslist i find myself calling and responding to other wholesalers or investors. What should I say to them? They are doing what Im doing so its confusing to me especially on craigslist.

Real Estate is a team sport!! It comes down to relationships!!  

When talking with other wholesalers and investors are perfect opportunities to find out what do they have and what are they looking for. Down the road when you have a property under contract you have potential buyers. Even better, possible joint ventures when it works out for everyone involved. 

Also, other investors are a great resource for you area similar to BP!! 

Walter thanks, I'm a newbee trying to generate leads for free at the moment. thanks

I have no experience in these matters but everything i read tell me that those investors you're calling and responding to are part of your network, thus possibly your next buyer/seller

any response is a good response -its how you work them. I agree with other commenters that you build your buyer and/or seller listings with these calls and network with them on this and other future deals.

I built my buyers list this way, and I also built a list of potential new home owners when I place any lease2own or straight for rent listing too-

Thanks to all for the advice.

Real estate, in all its forms, is a relationship business.  Whenever there is the opportunity to speak with a fellow investor, that is an opportunity to learn, share and connect on a business level. One never knows where there next buyer, seller or partner for a joint venture will come from.  

When responding to an ad on Craigslist or any other advertisement, the first thing you can sayis the reason you responded to the ad. 

What a wonderful question you asked in this post!

I agree with all of the above. One thing I recommend is honesty. Tell them you are new and getting your feet wet. Last thing you want is to be infront of someone who could jump start your career and blow it because you don't know things you should. I had a local wholesaler who blew it big with us.  He told us he had homes under contract where he didn't have anything. 

@ryan d. and @victoria ohh thanks for those comments that really helped, Ryan i was felling pressure to say i had homes when I don't, so thanks big time for that.

Totally agree with @Ryan D.  As the old saying goes the truth will set you free. Letting them know you are a newbie may pay bigger dividends than you think because they may be more willing to share with you than you expected. 

Hey if you don't know as much and are starting out what's the harm in them telling you all about the market and helping you learn. They are more established and have no reason to see you as competition. Like others said it comes down to a relationship. If you build that relationship and your network, they will eventually know the truth anyways. 

@Brandon Anthony  I completely understand that temptation. You want to be taken seriously. Close your first deal and earn that right. You'll believe in yourself so much more after that then "before". Honestly I have never been one for Self help books or motivational speakers. They always felt kind of con-men like to me. Like they were always trying to sell something to where I couldn't even focus on their words. However.... In Real Estate motivation is huge. This isn't an easy business but it can be extremely lucrative if you pay your dues and stick around here learning. Look for a local club to join. Find other members in your area. Offer to take them to lunch/coffee in exchange for chatting with you. Then take some action. There are thousands of guys on here who have read hundreds of books and done nothing with that knowledge. I read Rich Dad Poor Dad and jumped in. You will run into challenges along the way. Start threads and ask questions. Listen to the podcasts and search the forums. 

"Goals? Make them ridiculously ambitious. You only have one life to live"

-Bp Colleague 

@Brandon Anthony  

I'm with @Ryan Dossey there is absolutely nothing wrong with being a newbie. It's a wonderful/scary place to be, but when you're honest the right people will go out of their way to help you.  I started back in August and have been overwhelmed by how generous people are with their time, connections and even resources.

Keep at it Brandon, and feel free to reach out anytime.

"The truth will set you free" is such a powerful statement that practically everyone takes for granted. @Ryan Dossey   Thanks for reminding everyone Ryan!  I have always wondered why there seems to be so much fear surrounding admitting that one is new or starting something for the first time.  Doesn't everything that people do begin with the first step, including taking our first physical step?

There are many times when I actively seek to work with someone new to a business. It is easier to see their enthusiasm and joy for what they are doing.  They often appear uafraid to ask for help or patience while they get the help they need to be of immediate assistance. What serves to make people excellent and experienced at the things they do is actively learning and applying the knowledge. 

I suppose the phrase "knowledge is power" has misled many a person to stifle their actions because they believe this to be true.  I say that "knowledge has power".  Take action on the knowledge you have now and the experience will follow. 

@Pat Parrillo  In my previous post I meant to thank you for the reminder to everyone about the quotation, "the truth will set you free".  Most grateful for you mentioning that in your post. 

@Victoria Winters   I completely agree. I like working with new investors and helping anyway I can. That passion and drive is something you often see fade in veterans. The "tired" landlords weren't always grumpy old men. They lost along the way why they do what we do. To spend time with our families. To have bills paid so I don't have to worry about what would happen if I got hurt/sick. To travel. To bless others. To travel. I am proud of anyone who gives it a shot. My greatest fear was that I would look back on my life and regret the things that I never tried. 

@Ryan Dossey   I will keep at it and make my goals. I been wanting to be in real estate for years and now I'm doing it full out, all the way. Thanks

@Brandon Anthony  That is what I am here for. I made 10k on my first wholesale deal. While 30k may be a bit ambitious it is also not out of the realm of possibility. I can tell you my goal was to be full time Oct 14. I started in August of 14.... Definitely had to re-evaluate that one. Most of all just get out there and get started. 

@Brandon Anthony   No matter how many years we have been doing something, there's still more to learn! Not knowing something is nothing to be ashamed of. It's better to be upfront with people than to fake knowing something and then look like a fool. 

Many years ago we were building our first office building. We didn't know the market, but knew there was a demand. I called the biggest developer in our town that had built office buildings and told him who I was and what we were doing. I explained that we'd never built an office building before and asked if I could pick his brain. He happily complied. 

Sometimes when we are looking for land we will come across a fixer or something that doesn't work for our purposes. If I think it will work for someone else, I will tell them about it. 

I approach business as "what goes around comes around". Of course, if I had to go talk to the owner, set up the deal, write an offer etc. I'd expect compensation. However; if I just pass along information that I have, I wouldn't. I've never asked for money for anything thus far, just thought I'd add that just in case someday ... ;) 

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