All Forum Posts by: Account Closed

@James Shin a common misconception is that you need your own money to invest. One of my students was a college student that now owns 9 properties using ZERO of his own dollars. It is possible.

Many things go into a deal, time, knowledge, connections, cash and credit are all things. You don't have to have all, if you have the connections, etc.

Before I go on rambling, let me just say there is no cost for your first meeting. ANd nothing will be sold to you. I would say leave your wallet at home, but if you drive you need your ID!

Today I started writing in my blog on here again. This post I think is fitting for you: A Dozen Things Investors Should Stop Doing

@Mark Updegraff I just want people to realize that there are dishonest people so you have to proceed with caution. I trusted this individual, as did many others at the networking groups I attended with him. He stated emphatically he didn't want to invest in those areas. Come to find out today, he was lying the entire time. Taking the advice myself and others gave (I spoke to more about this just this evening), and using it to compete against us. I had already heard of him not repaying a private loan. I can't verify that, just heard of it.

So, I am floored by this. Personally I am hurt and will be gun shy about giving out details. I am not in a hurry to share contacts, names, addresses, how I work and why with people that are my competition.

I just happened across the thread with photos today and saw a photo of a property and lost it.

They bid on the same property I bid on after I taught them for free what to do. I even called in a favor for them 4 years ago when the closing on his very own home hit a snag and looked as if it wasn't going to happen. This is the thanks I get.

Remember, may not hurt me financially initially, but how about my realtor, contractors, etc.. taking money and food from them. Because you took my free advice and use it against me? Don't crap where you eat my friend.

Just so you know, he failed to properly report the properties as rentals. Where the properties are at, real estate taxes double and there are fines for mis-reporting. Also landlords are required to register their rentals. He didn't do that. More fines. Guess he should have thought about that before LYING to me about not wanting to invest where I did. Come to find out he started it right after he talked to me.

So If you LIE, you will get caught. Now, the local authorities know about your rentals good sir. The local building departments know you rehabbed and didn't pull permits correctly.

I helped him, and he LIED to me, to my face, and not just to me, but other people that work with me. Sad.

Your word is your bond in this business.

So be cautious of how much knowledge you share with people, as it may hurt, not just you, but those that count on you to pay their salaries.

I wanted to add, that this person's actions now will make me gun shy to help a new person. It isn't the fault of the new person, but they will go without the help, because of one dishonest person.

@James Shin didn't even see you were in Mount Prospect. Welcome to Bigger Pockets!! That is awesome.

If your focus to be a realtor or an investor?

In 2006, the average American moved once every 7 years. That has gotten longer since the downturn, but not sure the exact number and didn't want to mis-speak. Even if the lamest investor buys just one property every 2 years. An investor buys 3 times the number of properties. That is if you find an "investor" and not a "Talker".

If you want to be a realtor, may want to think about that. Also know, if you go the non-investor route, you need REFERRALS like crazy. Because 1 every 7, isn't going to pay the bills.

Are you coming out to the event tomorrow night in Elmhurst?

Wow.. that is scary. But why would you want them to close the thread?

This is yet another post of mine that makes me think I should start blogging.

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." - Warren Buffett

--

I have been personally investing for two decades now. I do this full time and it is a true passion of mine. I love helping people, and I starting a networking group to do just that. Many people that know me personally will tell you I truly care for people that want to do better for themselves, in an ethical and moral way.

This post is necessary for everyone to read, but also a warning for those of us in the game a while as this unfortunately happened to me recently here in Chicago, Illinois.

I love seeing when people first start and have this "deer in the head lights" look. Shy, overwhelmed, lost, scared, etc. You name it. You can read it in their faces and their body language. Fast forward a few months of them learning, listening, and networking. Now they have gained knowledge, researched, etc. So now they have a confidence in them, and it shows. They go from hiding at meetings to sort of leading the conversation in the circles of people that inevitably form at networking meetings. That makes me feel awesome, so I help by sharing the knowledge that I have gained through trial & error, sweat, blood, tears, financial hardships, etc. TO A CERTAIN EXTENT THAT IS!

When people extend a helping hand, remember to Pay it Forward and Back. Thank those and give back to those that helped you, as well as help others the way you were helped. Whatever you do, DO NOT SCREW the people that have helped you for your own gain. That will only lead to a quick demise.

Donald Trump is famous for saying in his speeches, if someone screws you; screw them back 10 times harder. Many might think this sounds like petty revenge, but it isn't. If you have been around the block in business you know why this is true. In fact, think about the move A Christmas Story. Ralphie and friends always being picked on by Scott Farkus, until Ralphie kicks his butt. Then nobody messed with Ralphie. It isn't about getting back at Scott, it is about proving to everyone else, that can't screw you or mess with you either.

So, work with people, build a reputation to be trustworthy. Build a reputation that is your brand. That you do THIS, and THIS is what you do. If you give you word, you live up to it. If you say you will do XYZ, you do XYZ.

Fast forward to today. This afternoon, I was enjoying this snow day in Chicago by reading over the Bigger Pockets Forums. Something I have been enjoying more of lately. I was FLOORED.. and not in a good way, to see a photo posted of a property I had made an offer on. It was stated by the poster they had it under contract.

Why was I floored? Because I helped this person personally. I met them in late 2009. I gave them rides to networking meetings and events because they didn't want to leave their wife without a car, etc. I never asked for gas money, etc. I shared my story, and he asked tons of questions. I was happy to help.

The individual asked where I invested. I shared. He said, well I am not interested in investing there, only here in Chicago itself. He asked about how I got started investing, and how I became a part time "coach". I shared that people asked me to teach, that I had never wanted to "coach/mentor". I shared my story, that I am a full time investor and will always be that first an foremost. The person came to a few more meetings and events, but then disappeared. I had heard stories of deals etc, but didn't really care until TODAY!

This person that I offered help to, that I extended my knowledge to, is now competing directly with me, using the knowledge I gave to them. Needless to say this angered me. It didn't take 5 minutes to ruin his reputation with me, it took that one photo.

I then searched his company name and found out his website says he only invests in the areas I invest, you know the ones he said he would never do. I called some contacts. Turns out as soon as he left coming to the events, he started investing on "my turf" if you will. While it is a free country, I don't see McDonald's sharing its plans with Burger King or Subway. In fact, McDonald's changed their Ketchup supplier recently because the ketchup company hired a new CEO that has ties to their competitors.

So while I wish everyone well, I get angry when I give info to someone and rather than thanking me, they compete with me. Personally one or two deals may no impact me, but it might my contractors, their sub-contractors, my property managers, realtors, etc.. They all lose those deals.

So I guess you didn't want to help me, or pay for my coaching, fine. But don't poke the lion.

If you want to have a long lasting career that is one of respect, don't do stuff like this. Please note, I am not going to publicly say a name here. I won't do that, however, I can tell you the person responsible is reading this and I hope GUILT comes over them.

I met you, and records of the networking group prove, back in 2009 and through 2010 when you stopped coming.

I can tell you for a fact that you don't yet know everything you need to know about investing in those areas. From taxes, permit requirements, rental registration and fines if you fail to do all of that correctly. Would be a darn shame if someone found out.

Others that know you from the networking group, remember the same statements you made about where you invest. They now have seen your actions. Is it worth a deal if you ruin your reputation? NO!

I would rather lose a deal, than lose my reputation.

So to newbies, beginners, those starting again remember who assisted you. To those that are experienced, careful of those wanting your help.

BUILD trust, build a reputation, and be MORAL!

@James Shin great thread. Many realtor websites grant people access to the MLS. So you have people just wanting to see that access. So fake e-mails go in. I am guilty, although mine aren't fake, but we all have an account set up we give out to just collect the spam when we sign up for stuff right?

You are right, the vast majority of those leads are crap. You might even have floor time at your brokerage, where you are the one that handles the e-mails and phone calls that come in to the office during that time. You can sit there for hours and get nothing.

Your sphere of influence is without a doubt the best source if you want to do traditional realtor stuff. Here is a question? Ask people if they hire a realtor because of the brokerage they are with or because they personally have a connection to the realtor? Yep, most could care less what brokerage you are with.

So you need to send out an announcement e-mail to everyone you know. Yes EVERYONE! Let them know how excited you are to have your license and look forward to helping people with their housing needs. You have a passion for it and want to see them get the home of their dreams! etc, blah blah.

I have seen new agents get some solid leads by offering to sit in open houses for agents that have a ton of listings. The person that just pops in off the street is less likely to give fake info to your face. So while some still will, you can get more leads for buyers that way. Getting listings to sell will usually be from friends at first, buyers can be found that way.

Now, another thing you can do is go to a local library. They will usually let you rent a meeting room for free if it is open to the public. Team up with a mortgage person and have a home buyer seminar. Advertise all over. Flyers, Craigslist, Facebook, etc..

It will be a rough go at first, but starting anything new always is. Those that stick with it will be rewarded.

I second what @Dev Horn says that most are full of complete crap about what they are doing. Sometimes because they are just full of crap, other times it is because if you share to much REAL INFO, people back stab you. I am about to post something about a person on here that backstabbed me and lied to me. I helped them and now they are competing with me. I won't name names, but the person will know.

With that being said. Actually stay the course. It will be tough. But as a realtor, you have to make a name for yourself. The only way to do that is to pound it into people's heads. Budweiser is the #1 seller of beer, but they had the most commercials during the Super Bowl when it is the most expensive to have an ad. Why? they know they must keep the brand out there. Do the same!

Sorry thought of a couple more I remember hearing:

Q: How many lawyers does it take to change a light bulb?
A: Fifty four. Eight to argue, one to get a continuance, one to object, one to demur, two to research precedents, one to dictate a letter, one to stipulate, five to turn in their time cards, one to depose, one to write interrogatories, two to settle, one to order a secretary to change the bulb, and twenty-eight to bill for professional services.

Q: Where can you find a good lawyer?
A: In the cemetery.

Q: When attorneys die, why do they bury them 600 feet underground?
A: Because deep down, they're really nice guys.

Q: What do lawyers use for birth control?
A: Their personalities.

Q: What's the definition of mixed emotions?
A: Watching your attorney drive over a cliff in your new Ferrari.

This isn't a fair contest. I am married to an attorney!

Q:When do you know an attorney is telling you the truth? A: Their lips are shut

Q: What do you call an attorney that doesn't know the law well? A: A judge

Q: Why won't sharks attack lawyers?

A: Professional courtesy.

Q: What do you have when a lawyer is buried up to his neck in sand?
A: Not enough sand.

Q: What’s the difference between a lawyer and a herd of buffalo?
A: The lawyer charges more.

Q: How can you tell if a lawyer is well hung?
A: You can't get a finger between the rope and his neck!

Q: If you are stranded on a desert island with Adolph Hitler, Atilla the Hun, and a lawyer, and you have a gun with only two bullets, what do you do?
A: Shoot the lawyer twice.