BP profile information - full disclosure = competition?

Question

Anyone else a little paranoid about giving away too much information on the physical areas they've become experts in?

I love helping people out, and also seeking advice on this forum.  I'm just a little concerned that posting all the logistics about where we're doing deals may bring some unwanted competition.

kinda like being a free bird dog for the well capitalized & tech savvy investors...

Any thoughts?

Peter Giardini · Answer

Mark... I guess it would all depend on whether one views life through the lens of scarcity or abundance.

I my case I choose abundance!

Best of luck1

Priscilla Z. · Answer

I disagree with you Mark, and considering I've only been in this real estate game for a year and a half I take offense to your comment of "who wants a bunch of new investors mixing into their area?"

I give BiggerPockets a lot of credit for my success.  I joined it during the beginning of my real estate journey.  I have learned a lot from people here, for FREE.  That's why I have chosen to give back my experiences and what I have learned.

I also networked with investors in my area.  When I first began I put an ad on craigslist stating I was looking for a real estate mentor and that I was willing to share 50% of my profit with him if he helped me close a deal.  I found one, and guess what, I never closed a deal with him but he still answers my calls, emails me, and has taken the time to teach me what he knows.

I was once told that FREE advice is the best advice out there.  The man who gave me this advice was a very successful man with a lot of money.  I have no fear of competition, this market is very rewarding and that is why a lot of us choose to give right back.

What I sense from you is fear that your market is small and that there won't be enough deals for everyone.  Well, in that case, expand your market, think outside the box.  If you search through BiggerPockets you will see the numerous ways there are to be successful.

You said that "I guess as things progress for me personally and deals are more frequent and involve more money I may change my attitude"........so you might be willing to share when you have more? Hmmm...... :roll:

Mark Yuschak · Answer

I'm open about my business and helping out newbies.

I view every person I interact with as an opportunity.  Think of it as building your network or team.  You would never believe the amount of information I gain from people who you would view as a threat.  I learn of people who are distressed and need to sell, or of a contractor who specializes in XYZ that I never heard of before, or even learn about hard money lenders in the area.

When talking to the newbies (especially), they often have cold feet about jumping in.  More than once, I've gotten a deal from a newbie and paid he/she a referral fee.  They're happy that they exposed themselves to zero risk, and I'm happy because I've got another deal in the hopper.

I see more benefit than threat from talking with people.

Matt Mathews · Answer

Personally, I don't mind helping, advising, mentoring etc.  However, as a Professional Investment Advisor and Broker,with 30yrs of experience- I have had it happen more than once, that, when I give free leads, info, education etc to Investors they (not all), want to cut me out of the transaction as their Buyer Agent by going directly to the listing agent. I won't stop helping out and giving away free advice, but, it sure would be nice to get something back in return.

David Breitzmann · Answer

What a wonderful note by Priscilla and others.  If experts weren't giving us all free information on this site - we'd have little knowledge on which to find anything to begin with.

We all gain because others are willing to teach us these lessons.

Peter,  I share the view that there are a wide abundance of opportunities.

Furthermore, my own view tends to be those requiring en masse transactions have the power to change their budgets so they can become more secure.  Whether or not they choose to is their own decision.

Priscilla Z. · Answer

Well Mark (Claire) I won't be the one spending my time convincing you of anything.

If you have your properties under contract and have control over them I don't see what the big deal is if you post the address on here, who knows, you might not get competition, you might find a.....BUYER!

Well anyways, good luck to you.

Mark Updegraff · Answer

Hey Priscilla, Thanks.  When I'm looking for buyers I will certainly disclose the location ;-)  I wasn't sure how people would respond when starting this thread.  Maybe I'm being foolish, naive or whatever.  Maybe my exit strategy is what is causing these feelings, I'm not sure... I spend a lot of time and effort locating & researching areas to invest in.  The areas are most often VERY small segments (a couple street blocks) I then buy as many cheap & charming properties as possible in that very small area, rehab them and rent them.  I make sure the CF is correct etc, but I also pride myself in my ability to foresee upcoming trends in residential markets.  Not only am I stoaked to be getting great CF every month, I'm also experiencing explosive growth in the market values.

I bought my first SFR 2 years ago.  I paid 52K, I could sell it today for over 100.

Of course in a couple years the taxes will go through the roof, but we'll save that thought for another day...

Respectfully,
Mark

Mark Updegraff · Answer

agreed - but that isn't my concern.

Specifically: Filling out my BP profile with location information and then talking about all the Fab deals I'm doing with little / no competition.  What is to stop some well funded people to check up on it, and start snapping up the meaty deals?

that's my only concern... I'll talk with people.  If they're local, then I'm not going to stop them anyway, and yes I've gotten lots of good info like you mentioned this way.  But on a public global forum like BP it is possible that putting it out there is going to draw money into my market that otherwise would have been none the wiser... money that will be bidding against me and snapping up listings etc.

again, just a thought from an relatively inexperienced RE entrepreneur.

Cheers,
Mark

Mark Updegraff · Answer

OK OK - I understand you guys and gals
          
          world of abundance, think outside the box.
          
          Yes, yes, yes, I plan to expand outside of the market that I'm currently active in.  In fact, I'm actively looking in two other areas. Namely, New Orleans, and Tucson Az.  That said I STILL feel uncomfortable putting the street names and or address of the properties.  When I find an "area" that works I don't want anyone else in on it.  It will only drive up the prices faster, which will give me less time to capitalize on my due diligence.
          
          I guess my main gripe is this.  Mentoring is awesome, this forum is awesome, etc etc, but DISCLOSING SPECIFIC information on RE investments (ie location) just isn't a smart business practice.  I still stick by my original sentiment unless someone can convince me otherwise ;-)  
          
          Share advice & mentorship = YES!
          Share specific location information about my investing = NEVER

Mark Updegraff · Answer

good point Peter, but abundance or not, who wants a bunch of new investors mixing into their area?  I guess as things progress for me personally and deals are more frequent and involve more money I may change my attitude as others could be mentors, or possible partners etc.

But let me take a second to clarify a bit:
 We agree that RE is a very local thing.  Becoming an "expert" in an "area" could be interpreted as a County, a city, a neighborhood, or a street.  I personally feel that my limited experience has given me great insight into a pretty specific area (ie streets & neighborhoods).  The smaller the area the more influence an influx of investment will make.  Now all of a sudden I'm no expert because the landscape has changed and I need to move on to another area, and with that comes lots of due diligence which is more time, which of course is more money.

I see this as a world of abundance, and I'm an optimist, however, I still feel obligated to protect my little neck of the woods by not advertising it's location.

BP profile information - full disclosure = competition?

Most Popular Reply