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subject: Private Lending Time Wasters And The Real Estate Wanna-be [print this page]

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.

by: Alan Cowgill

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