Private Lending Time Wasters and the Real Estate Wanna-be
Private Lending Time Wasters and the Real Estate Wanna-be
My brother, who is a doctor, had a patient that claimed to be very, very, very interested in what I do as a Real Estate Investor. The guy was not successful financially and said he wanted to change his life. That's when my brother asked me if I could spend some time with him and teach him what I know.
Well, as a favor to my brother, I devoted a whole day to this person. I drove him around to all my properties and talked to him about the rehabs and about buying properties. I even bought him lunch. It ate up a day of my time and I really didn't have that time to give away. After all, as the old saying goes, time is money. I really needed to be spending my time running and growing my business, but out of respect and love for my brother, I spent a whole day with this guy.
I also spent time on the telephone with him and he came back one more time and we spent a couple of hours together. I bought lunch again.
Even though I gave him tons of useful money-making information, he never did anything with it. I gave him an education, an education that I spent thousands of dollars on. I gave him great information and I gave it to him on a silver platter but the time spent was wasted on him because he failed to take action. Today he is still dead BROKE!
As you get into the business and begin to hone your skills as you spend a considerable amount of time and money on your education through boot camps, and home study systems. Along the way to building your business, you're going to realize that there are a lot of people who are wannabes, who are not willing to work as hard as you do. A lot of people will be curious about what you're doing. They will all wish and dream that they can do what you're doing. A few of them are going to ask you to help them. The truth is that only a handful of these folks are going to be very successful.
It is the other people that I must caution you about. I have had people come to me with an interest in Real Estate and I have spent a lot of time with them.
I learned that there are some folks who will eat up your time but they never do anything. It is fear-based. They are too afraid to take that first step.
So how do you tell between the people who are motivated and the people who are not?
I don't know how you tell the difference between people who will help themselves and people who will not but I do have some strong recommendations. In retrospect, the ways to avoid what happened to me, happening to you is ....
A. Charge them! That's right charge them a consulting fee. They will value the information more if they have to cough up their hard earned cash. Whether they do anything with the information or not, at least you will have been fairly compensated for your knowledge and time.
B. Refuse! Nicely, but just say no. Might sound harsh but look at this realistically.
1. You paid for your education, why give your hard earned knowledge away. You have sacrificed your time and money to be where you are, why should you now just give it away.
2. The other thing that you may be doing is creating your own competitors in the market you're trying to make money in. If you teach someone who really wants to be in the business how to be successful, they could end up growing an enormous business and become a force to be reckoned with. That means that you will have groomed and educated your competitors. You spent money on your education; they should too. These people will take the knowledge you paid for and they will take it for free. And ultimately, they will be able to use it against you as a competitor in the same business.
I am just pointing out that you need to be cautious about who you spend your time with. You'll want to help other folks make money too, but you will find they will eat up all of your money-making time. This has happened to me half a dozen times.
Looking back, I realize that helping these people so intimately was not a practical use of my time. I don't do that anymore.
Before you agree to help someone out, it could be something you'll want to avoid in the future.
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