My Cousin Won't Leave Me Alone!!!
Ever since my cousin found out I am doing realestate he keeps bugging me for help and advice. Of course a lot of people helped me when I got started but Dang the guy calls me everyday and talks for a long time about old news in realestate. I am not against helping him but for all the time he takes I think his deal should benifit me. Up to now he has tried to step into 3 of my deals without offering anything that I need. I don't like the idea of splitting profits with someone who didn't help. So what can I do? Is there a way I can help him and make some money for me?
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Tell him to bring you deals and you'll partner with him.
Or else stop answering your phone...lol
Sounds like you need a secretary, i.e., an answering machine/voice mail/caller id.
HTH,
Robert
[addsig]
Caller id is a wonderful thing. Tell him you are not interested in partnering but you could refer him to a local RE club meeting.
Today we had someone who had installed a furnace for us give us an estimate on a furnace for the rehab we are doing. He asked if we could "give" him the next deal we find. He wants a house to live in at a good deal. He is not interested in buying it from us but wants to close the deal himself...
Hey,
My first job was a Stockbroker. I made all the newbie mistakes and one of them was taking trades from small investors. The pros in the office called these investors "pikers". Being young and stupid, I could not understand what the problem was with an investor who only had $1k to $5k to invest...that lasted until about the fourth week.
The problem with "Pikers" is they never stop calling you. Everyday, you get a call from them asking about every stock under the sun. The have no money to buy anything, but they love to talk about the stocks. If you have ten of these guys, your phone never stops ringing and you can't do any other business.
I asked one of the pros in the office what to do and, after he stopped ridiculing me for being a useless worm, he said everytime they call ask them for more money and push HARD to get it. I took his advice and the phone calls stop.
The point is if you make someone uncomfortable to pick up the phone, they will not call you.
Next time you get a call, say you would love to do a deal with them and you have a really hot one cooking right now...but you need $10k from them TODAY.
Ahh investment banking. Bruce is so right. If you're going to be a corporate slave, IB is the best industry to be in. You grow up very quickly and learn how to deal with BS in a very direct manner.
Tell your cousin that you only need two things: more money and suitable properties. If he gives you money he can get a percentage. If he gets you properties he can get a bird dog finder's fee. If he wants to learn the business, he needs to start by bringing something to the table. I'm willing to bet he doesn't have the money. So get him out there bird dogging for you. Just make sure to give him some very strict property requirments. It'll keep him busy and he might even get lucky and find something for you.
Good luck.
Bruce and Alex,
Thanks, that is good advice. He actually has a 35k HELOC which in our area will pay a down on a cheapy and some rehab costs. I finally told him today that I have to make money for things to be worth my time and to this point he hasn't showed me anything that makes sense for me to do. I guess I do need to get a little tough with him. I should probably write out some criteria for him to look for when he looks at property. His in laws have a big HELOC too apparently. Maybe I should find a nice deal and have him put up the money. Zero down for me!!!
Josh
It isn't about you making money from him, it is about you helping him to help himself.
I am a national champ squash player. At my club novices come up and ask if I will play with them. If they seem eager about the game, I will give them one friendly lesson. But after the lesson I tell them about the leagues, taking lessons, tournament, and give them the list of players and point to the other beginners, and then remind them that they this was our one lesson and that they need to find their own way.
I do it because I love the sport and because it is a great thrill to see one of these players all jazzed up and playing in the tournaments and leagues and really lovin the game. They did not need me to improve their game or to enjoy the game, they needed a little bit of encouragement and a nudge in the right direction.
If after the one lesson I never see the player at the club again then I figure that squash just was not the right sport for them and I am glad that I did not waste any more time than one lesson.
Brenda
I have always found that the best deals are the ones where everybody wins. I think that you could help him help you win on a deal with the right parameters. 35K isn't a lot ot play with even in SLC unlessyou can get regular financing or HM loans so it isn't enough to get you excited about the $$. Have him buy the book on bird dogging and learn how to find deals. Then he can help with the financing as well. At that point he is bringing something to the table. I find alot of people here want me to do all the thinking for them, find the deal, and then bring them in for a share of the profits. NOt very inspiring to me....
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