The 5 Biggest Mistakes New Investors Are Making Here In The Forums

[Jonathan Greene]

These are here to help you make better connections in the forums. It's ok to be new, but if you consider these five tips, you will get much better responses to your questions.

1. Writing too little or too much in a post looking for answers. There is a happy medium out there. If you write a novel, most of us won't read it because it's just too much. If you write too little, we have nothing to go on. Ask one question and tell everyone what you have done up to this point to get the answers. Also, give relevant information on rates, prices, square footage, etc.

2. Asking for a mentor without having anything to give. This is running rampant. It's great to get in the forums and look to make connections, but when you only put your hand out and ask for help and have nothing to give back, you are only going to get people who are going to pitch you. A few locals may reach out (more likely local agents), but you will never hear back if you hop on that call and only want to take from them.

3. Being fragile when you don't get the responses you want. If someone doesn't give you the answer you want and you clap back, your time in the forums will be short. Not because you will get removed but because you aren't open to advice. Sometimes, you will ask one question, but pros will have other questions to see if you are even asking the right question. Open forums aren't the best option if you are prone to fragility.

4. Asking questions without researching how often the same question has been asked. See "Should I start an LLC?" as an example. If you want to get the best responses, don't ask a question that has been asked a million times. Do your due diligence in the forums, looking for other answers, and use those to frame a better question.

5. Posting the same question in multiple forums. This is a definite no-no. Please stop. Pick one forum where your question makes the most sense. If it's a good question, we will find it. If you post the same question in several forums, we all know it's spam. You know it's spam. Don't spam.

If you are an experienced commenter here, let everyone know what you think of these to help them even more. Add some of your own.

If you are new, please use these to help yourself get better answers here.

[Jonathan Greene]

Quote from @Bruce Woodruff:

Just to add on so - that new investors understand our frustration that @Jonathan Greene talks about...

Within the past few months, I have reached out via PM to at least 2 parties that were looking for a mentor. I chose them because it seemed that they appeared worthy of some assistance. Of course, I offered my help at no charge, as I usually do.

Do you think I ever heard back? No....... No "thanks, but I already found someone", or " thanks, I changed my  mind" or anything. Zero manners.

They are now knee-deep in a course or click-funnel when they could have a true mentor who actually cares.

[Bruce Woodruff]

Quote from @Jonathan Greene:

Quote from @Bruce Woodruff:

Just to add on so - that new investors understand our frustration that @Jonathan Greene talks about...

Within the past few months, I have reached out via PM to at least 2 parties that were looking for a mentor. I chose them because it seemed that they appeared worthy of some assistance. Of course, I offered my help at no charge, as I usually do.

Do you think I ever heard back? No....... No "thanks, but I already found someone", or " thanks, I changed my  mind" or anything. Zero manners.

They are now knee-deep in a course or click-funnel when they could have a true mentor who actually cares.

Yep....Oh well.....I tried. But I do get a few who are really go-getters and do the work and appreciate it. They will do just fine.

[Dekota Oechsle]

As someone getting started, what trade-offs are generally sought after for a seasoned investor to mentor someone? 

[Becca F.]

Quote from @Jonathan Greene:

Quote from @Bruce Woodruff:

Just to add on so - that new investors understand our frustration that @Jonathan Greene talks about...

Within the past few months, I have reached out via PM to at least 2 parties that were looking for a mentor. I chose them because it seemed that they appeared worthy of some assistance. Of course, I offered my help at no charge, as I usually do.

Do you think I ever heard back? No....... No "thanks, but I already found someone", or " thanks, I changed my  mind" or anything. Zero manners.

They are now knee-deep in a course or click-funnel when they could have a true mentor who actually cares.

 I also get a lot of DMs mostly from people in California. They're usually very grateful for my help. Sometimes I never hear back from them. 

It's typically someone who only has certain amount to invest in and wants to buy cheap properties in the Midwest (like the numerous posts on BP). Sometimes it's someone with a very high W2 income that wants to start in RE. One of them messaged me back and said they decided to pay for a program (who heavily advertises on social media) that costs $15,000 to do flipping in the Midwest with a net proceeds of $10,000 to $30,000 (more if it works out well). $10k  before capital gains tax sounds like a huge headache - HYSA or some index funds would get that with far less stress

 I warned them about buying cheap properties and trying to do a renovation from 2000 miles away with no experience. And to have lots of cash reserves, much more than $50k. Sometimes experience is the best teacher. 

[Jonathan Greene]

Quote from @Becca F.:

Quote from @Jonathan Greene:

Quote from @Bruce Woodruff:

Just to add on so - that new investors understand our frustration that @Jonathan Greene talks about...

Within the past few months, I have reached out via PM to at least 2 parties that were looking for a mentor. I chose them because it seemed that they appeared worthy of some assistance. Of course, I offered my help at no charge, as I usually do.

Do you think I ever heard back? No....... No "thanks, but I already found someone", or " thanks, I changed my  mind" or anything. Zero manners.

They are now knee-deep in a course or click-funnel when they could have a true mentor who actually cares.

 I also get a lot of DMs mostly from people in California. They're usually very grateful for my help. Sometimes I never hear back from them. 

It's typically someone who only has certain amount to invest in and wants to buy cheap properties in the Midwest (like the numerous posts on BP). Sometimes it's someone with a very high W2 income that wants to start in RE. One of them messaged me back and said they decided to pay for a program (who heavily advertises on social media) that costs $15,000 to do flipping in the Midwest with a net proceeds of $10,000 to $30,000 (more if it works out well). $10k  before capital gains tax sounds like a huge headache - HYSA or some index funds would get that with far less stress

 I warned them about buying cheap properties and trying to do a renovation from 2000 miles away with no experience. And to have lots of cash reserves, much more than $50k. Sometimes experience is the best teacher. 

It's because they are looking for get rich quick, not buy real estate and wait. Most of us know the drill, but they want to pay for hyperspeed, but also not do any of the work. I don't love the programs, but anyone who spends the money can succeed if the network and do all the course work, even the bad programs just have replicated material.

[Jim K.]

Quote from @Jonathan Greene:

It's because they are looking for get rich quick, not buy real estate and wait. Most of us know the drill, but they want to pay for hyperspeed, but also not do any of the work. I don't love the programs, but anyone who spends the money can succeed if the network and do all the course work, even the bad programs just have replicated material.

I think a really big part of why people go to the gurus for glorified spoonfeeding is "uncertainty avoidance." Since we're ten pages into this thread it may be safe to show a little book-learning and mention cross-cultural psychology and Geert Hofstede. Some people will simply do anything to avoid the feeling of uncertainty. Of all European cultures, the Greeks seem to have the most pronounced tendency for this, which is why I think I've spent so much of my life battling that feeling in myself.

[Bruce Woodruff]

Quote from @Dekota Oechsle:

As someone getting started, what trade-offs are generally sought after for a seasoned investor to mentor someone? 

As far as I'm concerned, you just have to be polite, not entitled, have good discipline, an open mind and just generally give a sh*t about doing the business correctly.

[Jonathan Greene]

Quote from @Dekota Oechsle:

As someone getting started, what trade-offs are generally sought after for a seasoned investor to mentor someone? 

Don't ask.

Show up prepared and be interested. Don't try to be interesting.

Have something to trade. Time, skill, hustle.

Become invaluable to the community around where you know the person.

[Maggie Swift]

@Jonathan Greene thanks for these tips. Concerning researching the same question, I cannot seem to find a way to search for keywords to look for same questions. Are you suggesting we weed through topic after topic? Or am I missing the search bar somewhere? 

[Jonathan Greene]

Quote from @Maggie Swift:

@Jonathan Greene thanks for these tips. Concerning researching the same question, I cannot seem to find a way to search for keywords to look for same questions. Are you suggesting we weed through topic after topic? Or am I missing the search bar somewhere? 

The search function is not great, but it works. It's the magnifying glass at the top of the page. It will spit out some random stuff, but I am sure putting Should I start an LLC into it will yield results. :)

[Andy Hawkins]

Quote from @Steve K.:

Seasoned and Newbie investors alike, Never EVER mention Ohio 3 times… Ohio, Ohio, Ohio…

 What’s wrong with Ohio

[Jonathan Greene]

Quote from @Andy Hawkins:

Quote from @Steve K.:

Seasoned and Newbie investors alike, Never EVER mention Ohio 3 times… Ohio, Ohio, Ohio…

 What’s wrong with Ohio

It's not lore that if you utter the word "Ohio" in the comments, the Columbus BP mafia will drop so many replies that you will consider quitting the site. :)

[Steve K.]

Quote from @Andy Hawkins:

Quote from @Steve K.:

Seasoned and Newbie investors alike, Never EVER mention Ohio 3 times… Ohio, Ohio, Ohio…

 What’s wrong with Ohio

Nothing, it’s just a joke. What Jonathan said: whenever Ohio is mentioned on here it triggers the Ohio agent’s word alert and 500 of them pop up praising Ohio and offering to help. Shoot, I just did it. 

[Jim K.]

@Steve K.

As a matter of fact, I recently discovered $2.2 million dollars, found it in stuffed into Ziploc bags under the attic floorboards of a tear-down I bought at the sheriff's sale. I wonder, should I invest it in Ohio? I really need help deciding.

[Jonathan Greene]

Quote from @Jim K.:

@Steve K.

As a matter of fact, I recently discovered $2.2 million dollars, found it in stuffed into Ziploc bags under the attic floorboards of a tear-down I bought at the sheriff's sale. I wonder, should I invest it in Ohio? I really need help deciding.

5, 4, 3, 2, 1...waiting on them.

[Becca F.]

Quote from @Jonathan Greene:

Quote from @Jim K.:

@Steve K.

As a matter of fact, I recently discovered $2.2 million dollars, found it in stuffed into Ziploc bags under the attic floorboards of a tear-down I bought at the sheriff's sale. I wonder, should I invest it in Ohio? I really need help deciding.

5, 4, 3, 2, 1...waiting on them.

 Go to my recent post in the Starting Out forum. I thought I was being very fair in my comments. I even offered my own analysis of a property I own in the Midwest.... waiting for an Ohio agent or investor's answer on this 1% cash flow.

[Rashad Shepperson]

My mother inherited property and she wants to pass it over to me.  I think this is awesome. She just does not want to be bothered.  It is just land not sure what can or cannot be developed on it ( just wooded land).   What are some things I need to do?  I was thinking mobile home park worst and best case scenario ??  

[Jim K.]

@Rashad Shepperson

"She just does not want to be bothered..."

Gee, the apple didn't fall far from that tree, did it?

Your best best is to find a local real estate lawyer to handle the legal transfer of the wooded land that your mother wants to give you. How to convert that land legally into a mobile home park is something you'll have to learn elsewhere.