My family started a wholesaling business and we're progressing well. We are a part of a wholesaler team here in town, multiple wholesaling companies that operate independently but JV on deals regularly, and we tend to help each other out by sharing information, strategies, etc. That being the case, we attract buy and hold investors to our meetings as well.
A friend of mine is a buy and hold investor who, like us, is looking to purchase multi family for cash flow and we’re working together to develop a mastermind. Well, my brother and I are working with him.
This investor asked if he could ride around while we drive for dollars and if I could outline how Podio operates, so as to get a better understanding of what we do as wholesalers and how he can use Podio to his advantage. I agreed and we scheduled it for Monday. I then get to my moms house later that evening to learn that she’s gone to bed livid that we’d do such a thing, because we’re helping the competition. No doubt she’s seeing the deals that we would NOT get, if this person was to start wholesaling.
In my mind, I’m developing a relationship with a potential partner and, even if he does start wholesaling, we would appeal to different sellers. There’s plenty of deals out there and money to be made, so why not give and teach in order to help develop someone so they can reach their goals, especially if they’re similar to ours? There’s business practices and plans that I will obviously keep to myself.
Am I wrong in this? Should I be seeing everyone as potential or actual competition?
Has anyone dealt with a similar situation and been able to develop the idea of reciprocity in their partner?
Thanks in advance.
