Working with others: Be open, or play things close to the chest?

Question

So I'm a budding investor, looking for the first property.   When I contact others in the real estate industry (bankers, brokers, realtors, agents, etc)  how forthcoming should I bring up that I'm new to this?

Are people generally helpful for new investors or do you think they would take advantage of someone who may not know all the ins and outs?

Jonna Weber · Answer

Hi @Travis Benham - I am all for honesty, especially with those that you are relying on as part of your team, such as lenders and Realtors.  They are here to help you.  That said, this is one it is critical to pick the right team.  Use local referrals on Bigger Pockets, ask fellow investors, etc..  On a side note,  it is up to you to do initial investing research so that you have an idea of what you want your deal to look like.  If you give a Realtor a wide open door to whatever looks good to him/her,  you my wind up with a propertly that isn't just the right property for you.

Travis Benham · Answer

I just wanted to clarify that I had no intention of lying to anyone.  But I didn't know if I should automatically introduce myself as a new investor or if I should just ask more straight forward questions without elaborating on my experience if it wasn't asked.

Charlie Fitzgerald · Answer

Be the person you will want someone to be with you 5 years from now when the roles are reversed. Transparenc, honezty and ethics are the foundation of REI (and life in genetal) in my opinion.  To be anything less is cheating yourself out of benefits and blessings that can only come to you when you adhere to these principles.

Edward B. · Answer

I agree with @Jonna Weber. Be who you are. Most people with any experience will see through your facade if you try to portray yourself as experienced when you are not.You are more likely to get taken advantage of then because you will not be able to ask appropriate questions without blowing your cover.

Find people you can trust. Vet them. Trust but verify. Etc, etc. But don't try to be something you aren't.

Working with others: Be open, or play things close to the chest?

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