Buying an Investor Lunch... - Posted by Gambit NC

Posted by Graywolf on January 29, 2002 at 20:17:00:

Lunch works for me, I think it’s a good plan.


Buying an Investor Lunch… - Posted by Gambit NC

Posted by Gambit NC on January 29, 2002 at 19:56:04:

I am interested in picking the brain of some of the RE Investors in my area. I want to get to know what they do in particular, and especially if they would be interested in any houses I find. I was wondering how you gurus would respond if someone was to call you and say:

“I am interested in getting to know what you do, could I buy you lunch sometime and talk with you?”

Do you think most would be interested? Any other good people to do this with (RE Agents?)?


Re: Buying an Investor Lunch… - Posted by GL(ON)

Posted by GL(ON) on January 30, 2002 at 19:51:15:

You don’t even have to buy lunch, they may even buy you lunch.

Everyone love talking about themselves, their favorite hobby, business etc. Once you get us talking the problem is to shut us up.

The best approach is to have a specific question in mind. How do I get rich in real estate is a turn off - not because we don’t want to tell you but we have all had the experience of trying to answer that question and in 2 minutes the listener clicks off and gets that glazed over expression and changes the subject. So we learn not to inflict on people.

Here is what I mean by a specific question. When I first started I was looking at a property that had been owned a few years earlier by a local millionaire investor. I phoned him up out of the blue and asked him if there was anything I should know about the place before I bought it. He spent about 2 hours on the phone telling me what was wrong with it, why I shouldn’t buy it, how to get out of the deal, what and when and where I should be buying etc. etc. Then he invited me to come to his home the next night where we had another big gab fest. He furnished the refreshments.

This taught me a valuable lesson. The better someone is at something and the more they love it the more they love to talk about it. I have had other people tell me the same thing, such as a musician who phoned or met other famous musicians this way, even some who were notoriously private and never partied or talked to fans.

So if you know of someone don’t be afraid to talk to them or give them a ring. But you should at least have a clue, and be able to talk to them halfway sensible.

Re: Buying an Investor Lunch… - Posted by JohnG

Posted by JohnG on January 30, 2002 at 10:18:36:

Most of us are in the position where our family, friends, etc are sick and tired of hearing about our deals, so an invite from a hungry investor wannabe would be a good thing.
I have found however that a lot of people want to pick my brain for “The Secret” - and are not at all excietd by the prospect of the hard work and the boring routine of calling 100 people to find that one deal. Then doing that over and over and over again.
It takes a lot of dull grunt work behind the scenes before you get to the point where you have a big portfolio of real estate and frankly, most people don’t want to put in the time and the effort to get there. They just wannabe looking like they wanna get there - you know the types - going to endless meetings, reading endless books, and always looking for that one new peice of software that will catapult them into the stratosphere. Instead , guys like me are going out and putting the pedal to the metal and making the phone calls, looking at the properties, listening to the bs stories, and doing all that “super exciting” stuff on a daily basis. The only difference is that at the end of the month I may have a deal or twon under my belt and a big fat paycheck that says I’m doing OK while my other investor wannabees are still talking, taking notes, going to meetings, and still looking for that so-called “secret”.

I would love to meet a serious investor and I, like many seasoned vetereans, would love to teach and watch someone else perform , except I have met very very few who are really serious about getting rich.
If you are that one - then you will have more people who want to teach and help you than you can imagine. This site is proof of that.

Re: Buying an Investor Lunch…DO IT!! - Posted by JeffGinFL

Posted by JeffGinFL on January 30, 2002 at 07:40:36:

Gambit -

This works and can work well. I’ve done it and gained much valuable knowledge from it. As usual, JT-IN, provided some very good insight on how to approach the situation. Don’t ask, I’d like to learn real estate investing, can I pick your brain? Spend some time educating yourself first on different techniques - L/O, subject 2, owner carry, etc. You don’t need to be an expert on any of these - just have a general understanding of terms and the overall process. Also determine your target area and how properties are moving in that area.

Seek out other investors just as JT-IN has mentioned. Explain that you come across deals that you sometimes can’t move on…you’d like to build a network of people who you could pass those deals to…

This can become a very reciprocating relationship if you handle it correctly. It has for me!

Re: Buying an Investor Lunch… - Posted by Bud Branstetter

Posted by Bud Branstetter on January 29, 2002 at 22:49:35:

You could get several investors together for a lunch or breakfast to discuss real estate. Our lunch in Dallas draws 10-15. The Fort Worth breakfast meeting is well attended too.

Re: Buying an Investor Lunch… - Posted by JT-IN

Posted by JT-IN on January 29, 2002 at 21:24:42:


Well, investors all eat, and I eat a little too much, to be exact… but I am defensive about telling a complete stranger proprietary information. Sooooo.

My only suggestion is to say less about “getting to know what an investor does”, due to folks being private about sharing some of their ideas, due to competition reasons. Try to stress more about the fact that “you run accross some pretty deals, and since you cannot always handle them completely, you try to find seasoned investors that are interested in taking these over”. Could I buy you lunch and discuss this with you??

Now who could say NO to this invite? Keep it very non-threatening, and you will buying lots more lunches.

Just the way that I view things…