Building a Reputation

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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

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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!