Spotting Tire Kickers - Hard Money Bankers
Tire kicking is a term in real estate that refers to people that will never do a deal in the industry but are constantly involved in either the education portion or networking side of the business. Tire kickers that are constantly in the education mode usually are not the dangerous kind. These are people that tend to be quiet and have the genuine intention to learn because it is their safety zone. These tire kickers are harmless because they don't have a tendency to be charlatan. The dangerous kind of tire kicker is the loud and boisterous one. I say that they are dangerous because if a new investor doesn't realize that the person giving advice is doing so from a position of no experience, the new investor could end up risking their hard earned money on the tire kickers directions. Some key questions to ask a tire kicker when you think you have one attempting to give you bad advice would be the following. 1. How many deals have you done this year? 2. Were they profitable? 3. How long have you been in the business? 4. Are you in real estate full time?
Some of these questions might feel awkward so you will have to time them correctly. There is certain language and ways to answer those questions that an experienced investor would be able to spot who they are dealing with and the caliber of investor. It is hard to determine at times so stay sharp and protect yourself from the loud flat tire kickers.
Ian Walsh
215.839.3271
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