Should you give away your business secrets? Many in the real estate investing community think you should. Whether it be at local real estate investor club meetings or through online forums, many investors "network" with fellow investors (aka competitors) and divulge the hard earned lessons they have learned. Should you follow the crowd? This is a very hot topic within real estate investing circles. In this video, you'll discover how this activity has become so pervasive as well as my take on whether or not you should give away your business secrets. (Alternatively, you can listen the PodCast version of this training.)
Getting Rich in Real Estate
Real estate investing is such a unique business because it's broadcasted how good of a business it is. Obviously you've probably heard it from me before, but no doubt you might have seen infomercials about it, maybe you've heard of seminars that are coming to town, and this concept of get rich from real estate, it's as American as apple pie. I saw a newspaper clipping from the 1920s where they were advertising how to get rich with real estate, come to the local hotel and learn all about it. This is nothing new, it's been around for a very long time, this idea that someone can get rich from real estate, and there's so many people telling you about it.
Dry Cleaning Example
By contrast, let's think of another business that does very well profitably in this country, dry cleaning. Do you ever see seminars on how to own your own dry cleaning company? Have you ever heard of infomercials, how to start your own dry cleaning company. You can learn out here, you just call this number here. Why real estate? Why is it so popular to tell everybody about how good it is and then bring so many people into the industry at all times, so you just have this constant flow of new people? I don't know, but it is a fact of this industry, and it is true that there's so much opportunity in it, but we go back to this question, should you be giving away your business secrets.
I want to explore this topic more with you, I want to share with you what my opinion is, and why that's my opinion, but hopefully this topic is up for debate. Hopefully there's some communication below here in the form of the comments so we can go back and forth on this topic. It's not just that there are seminars and there are infomercials about it, there are also clubs in many of the major metropolitan areas, these real estate investor clubs, where people get together and they network, and in a lot of cases, they share their secrets with each other's competitors, which I still have never understood, and I'm going to go back to this dry cleaning example. There aren't these big dry cleaning company clubs in each area where they all get together and talk about how to make their dry cleaning company more efficient and tell all their competitors how it works.
Real Estate Clubs
They do that in the real estate business. At least they try to. I know when I first got started, I used to go to these clubs, and I remember as I was moved forward and progressed, and I started to learn some things, I remember at one point thinking to myself, "I just learned something really, really helpful. Should I share that at the club?" Then I was talking to somebody at the club the next time I was at a meeting, and they asked me what happened, and I got a little reluctant like I didn't want to tell them. Then I got the pressure. "Oh come on Phil. Come on, don't be that guy. Come on. You come to these club meetings, we've shared so much with you, and now all of a sudden you learn something new and now you're not going to share." They said this,
"The More You Give, the More You Get."
Is that true? Is it the more business secrets you give, do you get more back in return in business? I want to give you an example. There's a book called Rework. It's actually a fantastic book written by the gentleman that started the company 37 Signals. 37 Signals is a software company that has created such software products as Base Camp, they've created High Rise, and Camp Fire, and one more. Anyway, they're these simple online tools that allow companies and teams to collaborate, and in fact, their software's pretty nice, it's pretty nifty. I used to be a user of their software, so hang on. I'll tell you why I'm not in just a moment.
In the book Rework, the guys that write the book are very, very adamant that you should give away your business secrets. In fact, they say, "Oh come on. There's no real secrets in business. Come on, grow up." They practice what they preached. They actually invented a language called Ruby on Rails, and they gave that software language away. They wrote a book on how to build a great software business just like them. They practiced what they preached, and here's what happened, a whole bunch of other competitors came to the market, flooded in there, learned exactly what they were doing because they gave it all away, and then there are now companies out there that offer a better product at a less price, and I went to one of them.
If you are the owner of 37 Signals and you're watching this video, maybe you can argue that because of all those things you've given away, your business has grown by leaps and bounds, but I know me personally, I left your business and I went to somebody else that was cheaper.
Enough Deals For Everyone?
There's another part to this and that is, whereas the software business, there's a tremendous amount of opportunity because there's so many different businesses that you could sell to, real estate investing is a pretty limited market. There is definitely a common phrase that you'll hear around real estate investor clubs and that sort of thing that will say things like, "There's enough deals to go around for everybody." Do you believe that? There's enough deals for everybody? Maybe you do.
My experience doing thousands of deals and working with people all across the country and Canada, and I've been a part of as many or more real estate deals than anybody living on this planet right now as it relates to residential real estate investing. Maybe there's somebody that's about in the same range as me, but I've done an absolute bazillion of these things, and I will say this, it is a limited market. An example of a product or service that appeals to everybody would be like Amway. Amway, you can bring somebody in the business, and then you can have people in your down line, but what are you selling? You're selling household items. You're selling shampoo, you're selling soap, detergent, you're selling beauty products, you're selling things that absolutely apply to every single person.
Motivated sellers, which is what I focus on doing the creative side of things, but even on the traditional side where there's foreclosures, or other auctions, or things that are potentially good deals, there's a limited number of those. It's not an unlimited number of deals. It's a very small marketplace, so what happens is unlike, say software that could appeal to the masses, or Amway that could appeal to literally every human being, because everybody needs detergent and those kinds of things, we're dealing in a business that has a very, very limited market, and so therefore, there is a limited number of opportunities, and so there aren't "enough deals to go around," in my opinion. You may disagree with me, but my experiences have proven it to be true.
Barrier to Entry
If you have a limited market, then all the sudden, the knowledge is a little bit more valuable. Another key factor to real estate investing is the
- Barrier to entry:
- That is this concept of how difficult it is to get into the business.
- The barrier to entry in this business is knowledge.
- Some might argue it's money, some might argue it's experience, I would argue it's knowledge. You don't even have to have your own money.
- You could get access to money from other sources if you want to even do deals that involve money, or you could flip the deals all different ways to monetize real estate investment opportunities, but I argue that the barrier to entry is, number one, knowledge
If the barrier to entry is knowledge, and then there is also a limited supply. If these two factors are critical to this business, then I would argue that giving away business secrets can be detrimental. Not all secrets, because I think it can depend, but some secrets can be absolutely detrimental to your income.
You may be asking yourself the question, "Phil, what about you? What about your videos?"
I've had so many people tell me that what they've learned from my free videos is more valuable than they have learned from all of their real estate investing courses, training, seminars combined. From one perspective, am I talking out of both sides of my mouth here? Not really, because what I share is actually for a couple of purposes.
Real estate investors have a bad name in the industry of real estate.
- We're a loss to agents, closing companies, mortgage brokers.
- When people in the industry of real estate hear real estate investor, they're not always excited to hear about that.
- Outside of just the industry, the overall general public at large, it's not like they're huge fans of real estate investors either.
- Whether it's the people that think that real estate investors were the cause of the real estate bubble bursting, or it's the real estate investors that are greedy and making money off of poor old ladies that need to get rid of their house.
Bottom line is real estate investors don't have a great name in the marketplace, but my argument is that we serve a very, very important purpose. I know it's a limited supply, it's a limited marketplace, but for the people that we serve, we serve a very important role. I think it's honorable, and I think it's an important part of the entire industry, but there's been a lot of bad seeds. Not just dishonest people. I would argue the majority of bad seeds are very ethical, very honest, high level of integrity people, but they're incompetent. They just don't know what they're doing, and so whether it's because somebody had ill intent, or they just didn't know what they were doing, the result is the same. When a deal goes bad, that's yet another example of real estate investors name plummeting in the general public's mindset.
Why I Share My Knowledge
Part of the reason why I do these videos, is because a lot of the stuff I share is to help people be better at this business. Whether I work with them or not, I see where if they get better, and what I share helps them become better business people, it makes us all look better. Does that make sense? I do have a method to my madness.
These videos are sharing secrets and techniques, in many cases, that help everybody, but those things that I do share, they're not directly competing against me, because there's a whole other level to this thing. The stuff I share on my videos is incredibly helpful and powerful, but there's a whole new level, because a lot of the knowledge is actually gained as you're in the field, you're in the trenches, and then it's when the questions come from the sellers, and the title companies, the real estate. All these things happen in the real world, what do you say, what do you do, how do you handle it? That's when my apprentice program comes in.
The second reason why these videos are out there is because people watch these videos and some of them say, "Man this Phil guy knows what he's talking about. I'd love to be mentored by him." Certainly there's that purpose as well, but the idea is that you want to be selective about the information you share, because it can be detrimental to your business, because I believe that intellectual property is real. Intellectual property is valuable. Intellectual property is important to business. Intellectual property.
What Are They?
- Trade secrets
- These are things that businesses build up and have an intrinsic value.
- That could be like the Coca Cola label, that could be the patent on a device.
I believe that intellectual property is valuable, and in real estate investing, the intellectual property are those business secrets that you discover when you're doing the business, that are tremendously valuable, and those secrets, to me, do not need to be shared unless you are prepared for the fact that that what you share is going to get decimated out to the general public, and potentially that could cause all kinds of competition for you.
I want to give you a good example of that. I'm obviously not the only one to have come up with this, but many years ago, I put out a video on how to find deals using Craigslist. Back when I put that video out, the technique worked pretty darn well. There was a lot of opportunity on Craigslist, but here's what's happened since then. If you fast forward to today, and you try to find real estate deals on Craigslist, here's what you're going to discover. As soon as somebody puts a house on Craigslist, boom, boom, boom, boom, boom, boom, boom, they get like 10 hits from investors. Here's what happens to the homeowner. The homeowner is already a bit apprehensive about selling their home. Should they work with an agent, should they try to sell it on their own, what should they do? Here's what they decide to do, they say, "Well before I work with an agent, let me just put it on Craigslist and see what happens." They put it on Craigslist and then their phone is ringing off the hook.
It's these investors, these people that watch these videos. What ends up happening is, they seller has this inflated view of what they have. They think, "Wow, this was easy. I already got 10 phone calls. Wow." It actually causes a problem. It's very difficult to find deals on Craigslist these days. Is it possible? Yes, it's just a whole lot more difficult, so if I was to give away all my secrets, that wouldn't help you either, because if I gave away everything for free, there would be so much competition, that it wouldn't work. I know that some of you may not buy that, but I get that from time to time. I get these people that say, "Oh Phil, there you go. You won't turn everything over. Now that you're successful, you won't help out the people that aren't successful yet." Whoa, whoa, whoa, yes I will, but only the ones that are committed, that are willing and ready to make it to the next level, and they get through my apprentice program, because if I gave it away to everybody, it wouldn't work.
A Second Example
I got another example that's kind of interesting. There's a lot of real estate trainers out there, they use the phrase gurus. I don't like to consider myself a guru. I'm a real estate mentor and a coach. I'm an investor myself. I'm investing everyday in the marketplace, but these guys will get up on stage, and they'll just sell their courses. I was talking to this one person one time, he was a speaker, and I said, "Hey do you ever get concerned that you're offering your program out there on this stage, and have you ever been concerned that someone's going to buy it that lives in your own hometown?" This is what the person says to me. He says, "Oh yeah, I don't worry about that stuff." I said, "Well why not?" He said, "Well you know, because they're probably not going to follow through."
"Okay, so they're not going to follow through, but what if they do? You're banking on the fact that they're going to buy your trainings, and then they're not going to read them. That's what you're hoping for?" "Well no, I'm not hoping for that." "Okay, but that's what you just said, that they're not going to follow through anyways." "Well yeah, but if they follow through, it's no big deal. There's enough deals to go around." I said, "Well you know that's not true. There's not enough deals to go around." Anyways, this conversation just really went nowhere after awhile, and here's what I discovered. When it's all said and done, that person wasn't doing deals in his own backyard. He wasn't even doing real estate anymore. He was on the circuit full time selling his course, and he was just up on stages.
Now, I don't let anybody into my program who is in my own area. I tell you what, it drives people nuts, because they'd love to be in my program and be in the same area as me. I don't let them in because that would be crazy. I would give up my golden goose in my own hometown, so I practice what I preach. I'm very careful about what I share. How does this relate to you though? Here's how it relates. When you get out there in the real world, there are going to be competitors that you meet with, real estate agents, contractors, mortgage brokers, other investors, and they're going to want to know what you're doing if you're becoming successful.
I know that it's not popular. I understand that it's not going to make them happy, but I believe that it's better off that you are very particular and careful about what secrets you share with people that are right there in your own hometown, those that you are competing with in the marketplace because you've got to be careful. This is a business that is based on knowledge, and that intellectual property that you gain, that you discover, whether it's through your experiences, deals you've done, that's valuable. In order for you to maintain that level of success, the less people that are doing exactly what you discovered, the better. Does that make sense?
I understand this is a bit of a controversial subject, but I figure hit it head on here in a video like this, because it's something that gets brought up a lot to me and I want to make sure that everybody understands where I'm coming from and why I do what I do, because it makes total logical sense once I've laid it out the way I have here, and that is you've got to be very careful with what you share and the secrets that you give away. There are going to be certain secrets that if you give them away, they help everyone, and that helps you as well. I talk about that. A lot of stuff I share, including this video, it's going to help everyone become better investors and it's going to help us all get a better name in the marketplace.
William Engel says
Great video and thank you for sharing! I enjoyed reading and learning from the comments as well! Hope to learn your secrets from your apprenticeship program soon! God bless!
Freedom Mentor says
There is no secret to my apprentice program. Consider making an application to see if this is a good fit for you.
jon trosper says
Phil, I absolutely agree. I am a licensed agent, home inspector, and do some buying and selling. I always tell my new agents that “information is the most valuable commodity we have.” You have to protect it, and be careful of who you share it with, as some will use your own information against you. Enjoy the videos, and tips.
Have a great day,
Phil: I can’t agree with you more and an apprentice program is just the training needed to become a master.
God Bless for following through on your promise to Him.
All the Best………Ed
jeffrey doto says
Thanks for these videos, Phil..you truly have the heart of of teacher !!!!
Never tell your business secrets, even if they don’t seem so “secret.” Let the other guy earn them the hard way, or, if you are able, sell those secrets.
But here’s the lowdown on all investing secrets:
Nothing in this world is really “SECRET,” except maybe those codes that send nuclear missiles towards our enemies. Almost everything else in America is hard-earned knowledge and experience, and buying it often isn’t cheap.
And there are two kinds of so-called “secret” real estate information that can transform your earning power:
1) Your own, hard-earned insider knowledge of your local market,
2) The addition of powerful-but-seldom-used strategies and tools to stoke up your earning power within your market.
Together, the two can catapault your earnings skyward, kinda like the Saturn V rocket sent Apollo to the moon 47 years ago.
Do you think America was itching to tell Russia the secrets about how to land a man on the moon? Dream on! Those secrets are STILL with NASA. (But maybe Elon Musk has hacked into the vault.)
Share a little, but don’t share all of your secrets. Definitely share with people who share back with you. Conversely don’t share with people who don’t share with you.
What you think is an important secret is not necessarily considered important by others.
Thanks for the video.
Marcus Friedel says
Never give away your secrets.(WHY). Many people don’t know how to apply the secrets correctly. When they
fail, you are at fault. There is a learning curve with the use of secrets. The first step to success is, you will not
get rich overnight. It takes time. You have to learn how to talk to people in order to apply the secrets effectively.
Look at sports, how many make the big time? A very low percentage compared to how many try to make it. The
winners found out the secret and then learned how to implement it. Buy a lottery ticket if you want riches quickly,
good luck with that.
Thank you so much! God blessing you more!
see this man
Ninan T says
Knowledge is always available to those who really seek it.
There are however a few who really want to or know how to use this knowledge.
Wherefore is there a price in the hand of a fool
to get wisdom, seeing he hath no heart to it?
This observation is found in a book that is at least 3000 years old and is still the most widely read book in the world.
So even if you were to share the best, few will really get it.
I love this sentence which I found in the same book which I think could be a good decision maker.
he that exalteth his gate seeketh destruction.
You are doing a good thing from a good heart.
That matters most.The heart and not the hand..
All the best.
Erik Sanchez says
Cliff Fung says
Thank you Phil, you have shared so many great values in real estate investing. I have not heard from real estate investors,or real estate investing programs that will share with you. Your most valuable educational videos that you have shared to many others. Look forward working with you.
Julio Olive says
Thank very much and I apologize for not understanding the mechanism, how it works this activities of email between you and the users. Julio Cesar Olive
Julio Olive says
Fhil I can not wait the time I can be a student of you, face to face, I also want to tell the I am very pleased for the opportunity, be able to benefit with the multiple videos the, you offered completely free, I also want to say that I’ve been in the Unite State for more than 35 years, and I had never seen an inexplicable phenomenon, like you provides for free to help people like me.In the country of my origin we say the dead ahead and then whine, that means you pay first and then I offer to you something. Nobody in this country do what you are doing. God must bless you good and honest man. Julio Cesar Olive
Beverly C White says
Thank you for always being candid and clear with your professional thoughts and teaching. I’m always looking forward to your videos because they give me knowledge, a foundation for success.! Each video is priceless, and I appreciate the quality time you are giving to me and thousands. THANK YOU! “A wise and successful entrepreneur cannot lead without knowledge and experience”. Intellectual Knowledge for sure!
I have been burned before so I am very careful, perhaps overly careful, who I listen to. Phil, you are the first guy who tells it like it is. You got to pay to play. I hope to soon be in the game
Thanks again Phil for sharing your knowledge. I just started a new career in real estate in January of this year and I am loving what I do. What you say makes sense. At this time I work mostly with buyers but I am trying to build up my listing business. Real estate investing is something I want to do but I am holding back for now since I am trying to get more knowledge before I go any further in that area. I want to make good money in real estate so I can use that money to help other people. I really don’t want much for myself. Take care. Have a Merry Christmas and a Happy New Year.
When you worry about giving away secrets you think you know it all about a subject and are not growing. Certainly don’t give away your latest ideas. But look for new areas to grow so you can give away the old tested methods with no impact to yourself. Peter Diamandis has a book called “abundance”.
Phil Pustejovsky says
John D Rockefeller was the wealthiest man in history…he DID NOT subscribe to the “abundance” philosophy. In fact, any serious entrepreneur who has a lengthy track record of success doesn’t either. Why have a patent office? Why trademark anything? Why even consider laws related to intellectual property? Because the “abundance” mentality falls apart in the real world of business where there really are trade secrets and ideas that are extremely valuable.
Its a self test on how much you know in my opinion. I ponder and wonder why am I a giving person and realize mostly I’m testing my knowledge on what I know and have learned. But as far as recipients making off with ideas and getting rich its proof that your Ideas are tangible and your resourceful, since a chain is only as strong as its weakest link, the unappreciative can run but sooner or later they have to deliver their dues.
Michael Benson says
I appreciate your honesty and integrity Phil. You’re the real deal!! Look forward to working with you in the future!!
Carlos Ruiz says
Phil I just want say thank you for sharing that that let me know that you are real that you are not just trying to sell your program.
Thank you again
William Nancolas says
Wow Phil outstanding video, you always tell things straight up honest, yes i got suckered into one of those on stage deals, they go through the info fast and no support afterwards unless, you guessed it more money, my thoughts are well if they went real fast with no support after they got the money the first time why should i think the second time would be any different lol. I hope to qualify for your mentorship program, but even if that doesn’t happen i thank you very much for your honesty.
Phil, you have already given all of us more than any one else. Thank you for your generosity. “A workman is worthy of his wage”, therefore you are entitled to anything you wish to share more of and charge for. Education always costs, you can pay now or pay latter but you will always pay. I hope I speak for legions when I say a heart felt thank you for what you have already shared and most likely will continue to do so. It’s a blessing to hear from you frequently.
Anwar Nasir says
That information for some may be difficult to swallow, but I understand completely. I have heard several people say that their are many deals to be had and many more to go around. It may be a little truth to those statements but when you increase your competition by sharing your secrets or the information that may have taken quite a while to compile, you also cut into your chances of closing deals and potential profits as well. I sometimes find myself in general conversations with others and I begin to blurt out information and or simple suggestions that is very helpful but at the same time closing doors on myself. And lastly, it seems almost foolish to give away information so freely that you have paid thousands to get.
Thanks for your insight, wisdom, and willingness to share what you do.
David P. Kushner says
To be able to help another is of course, a blessing. But a fine line separates the ability to help another and becoming a fool. An individual must decide that which is right and correct. Sometimes, a half pie is better than no pie, but that is in the eyes of the beholder.
Thank you Phil, inspiring, yet thought provoking
Great video. What area of the country do you not work with apprentices in? Florida?
Phil Pustejovsky says
US, Canada and some parts of the Caribbean.
Love all the information on your videos. You are truly blessed with knowledge and giving as much as you do..free.
Do you ever have seminars, other than the UCF video? I would really like to attend one of them. Keep up the good work. And I totally agree with what you are saying about keeping secrets. But, sometimes even paying for it won’t get you all the secrets needed to find motivated sellers. Spending a small fortune on “yellow” letters doesn’t always bring results.
Phil Pustejovsky says
Direct mail can be a bottomless pit unless you really, really, really know exactly what you are doing with that marketing medium.
Mel steffin says
As usual always straight to the point informative Always enjoy ur videos. Lots of free value there
Mel from Canada
Thanks Phil. It was well worth a watch. You now I had the same concern down the line and you made my root’s a little stronger.
Thanks for the video, truly brillant and right on.
While working out here in oilfield country, I’ve had to sign confidential agreements to keep my knowledge and the company’s knowledge under lock and key since working for one of the top 3 oilfield service companies in the world.
Specialized knowledge and business secrets is what keeps the business competitive and able to stay above others.
Thank you for your honesty. That which you do share is great, but where is it written that you must give all that you have rightfully earned? I don’t think I’ve heard a real estate investor on your level be so frank. Refreshing!
I’ve ben running my own business for thirty-seven years, and I agree with you 110%.
Phil, been listening and watching your videos for quite some time there is a lot to learn, but like you said, a person can learn from the school of hard knocks or get a mentor personally I learned from hard knocks! I did succeed but unfortunately did lose as well, I to got excited about realestate and talked to people, what I found out though was skeptics are everywhere , people want to see you succeed first before they believe!! That’s normal, but if a person doesn’t take the first step then when will you? So I did and eventually bought 3 homes, yes 3 that was the coolest thing in my life because I did it I took all the pieces from you and other realestate people and put it together, but if I had a chance to do it. Again I would slow down and research better take advise from the people who are into realestate research is the key and we get excited when we succeed , so I think different people will only ask what you are doing right when you do succeed because then they want what you have! It is the nature of the beast! You see it the same principle that GOD sat for us in the bible, I know, because when things in life are going well and we thank GOD for it. He blesses us more, and we succeed , then, people ask what we are doing in our lives to be successful you see now there interested ! That’s another reason why Jesus spoke in parables not everyone understood, why? Because they were not ready, this is the same with what you explain and why many will not be a threat to business, although we must also throw caution to the wind ! Peace brother
Thanks Phil, for explicitly explaining this business concept and the pitfalls that it creates. Now I’ll use this powerful information properly to my advantage without letting the cat out of the bag. I think Donald Trump is a good example of a business man who takes it the limits.
Almarine Francis says
I agree whole heartly with your philosophy for there are those people who do not give credit to their source of information. Also, education is expensive.
I totally agree with what you say when it comes to investing in real estate. The idea to not give everything away is more like the common sense gained from running almost any other business out there. My wife has run three businesses in the past in three different industries, and we are on the verge of breaking into a brand new sector this year! My not mentioning what we are going to get into when we open up in July is just another secret we want to use to our advantage because we don’t want the increased competition.
A whole lot of people seeking financial freedom gravitate to your website, and this mostly weeds out the rest of the world who would not follow through. I TOTALLY understand the point of keeping secrets, but I think a little bit differently when it comes to the knowledge part. Last year my wife and I bought a foreclosure at a third of the price the houses in the neighborhood were selling for, we fixed the place up using unsecured debt, and refinanced it back into the house along with other debt not related that I accrued, and still got a nice bit of change to put into the bank! I made more on that property, that I now live in, than I could make at my present career in two and a half years.
It’s not due to my knowledge of real estate, but to the ACCESS to professionals who have the knowledge that are truly TRUSTWORTHY. I have an exceptional Real estate agent who put me in touch with an investor trying to make quick cash. I can assure you that he almost doubled his money flipping the previously stated property to me. My agent still got his full commission from the investor. It was a hellacious win-win-win for everybody involved!
I’m pretty sure it is easy for you to figure out that I am using the owner-occupied method of investing in real estate right now.
Overall, you are right because the knowledge that is sought can only be obtained by an already skilled professional who knows how to use the knowledge successfully. In my case I understand that the knowledge is attainable, but it is best utilized through a mentor or mentor program such as yours in order for it to be truly successful. I look forward to applying for your program!
Like your concept, Looking forward to hearing more of your thoughts
so much knowledge and information .i really wish i could retain all the information and apply it now….as you suggested I’m jotting it all down .hopefully i could follow thru fast and earn cash.thank you……
Rob Arnold says
I wholeheartedly agree with you. It only took a few times bumping into fellow investors competing for the same seller before I realized that there aren’t enough deals to go around for everyone. There are definitely some benefits to networking and learning at the local real estate clubs. But you do need to watch what you say lest you train your own competition.
The main thing to keep private are specific marketing techniques. If you give those away, people will blatantly copy you and even improve upon what you had.
The other thing is anything unique that you are doing that if it spread too much, might cause regulators to pass some rule putting an end to it. When 1 person is doing something not many people notice, but when dozens are doing it and it goes viral that can quickly end the party.
Matthew Morrow says
I really appreciate your videos! I just posted this secret sharing one in my private investor group. I have paid around $15k for training thus far and done well for myself and people are constantly wanting to buy me a $4 coffee and me tell them everything I know. I’m a giver and a talker so I have continually talked for hours on end telling all that I know, thinking I was helping. Not until recently did I stop going to the REIC and stopped telling all! You rock my friend! Thanks for encouraging and wise words. I look forward to meeting you on my next trip to Fl. Hope you have a blessed week!
Phil Pustejovsky says
It’s definitely a costly lesson, telling a bunch of budding competitors everything you know. It feels good in the moment, but later, you greatly regret it.
Debbie Hooker says
I think it’s important for all business’s to keep their secrets private . For one thing they may miss use the information and cause it to be difficult for the one’s that know how to use it properly . You never want to do anything that could cause harm to your bussiness.
All very well said! It’s OK to give level #1 info BUT level #2-Don’t even ask. When I am stuck I call one of two super knowledgeable guys, explain the problem and if they have a solution, we partner up and do it. They get paid, I get paid and learn how to do it.
Johnny Moore says
I agree 100% with you Phil !!! You are a sharp as a tack. I’m looking into your mentor program soon. I live in Dallas Tx. So no worries. Lol keep the videos coming!!
Hi Phil, Thanks for sharing this video. I hope to join your apprentice program in the not too distant future. I have attended several free Real Estate courses in the last 2 years locally and Im reading books on Real Estate Investing. Im married and I am 66 years old with no children and own a home in Fairfax Va area. My home will pay off in about 4 more years.
I am familiar with the homes and sales in my area and I know a market is here that I could start out in. I am presently only employed part time and need more capital to make a start. I have listened to many of your Videos on You Tube and have learned much from them. I hope you continue to make more even though it seems you have covered what would seem to an amatuer the Basics of Real Estate in general. Thank you again for being there. I only wish that this type of teaching had been as public 20 years ago. God bless. Mike S.
I share your views. My feeling is that nobodyreally wants to teach someone else their secret strategies without being compensated thousands and thousands of dollars. This is what I’m experiencing right now at my local REIA Group.
They say that they are there to help me, but they only provide just very general information. Any extra mentoring requires me paying them 10- 20 -even 30 grand—I say Bull. You need to learn this stuff on your own by reading everything you can and getting out there and taking your licks.
Have a nice day everbody………..
Phil Pustejovsky says
There is a cost for truly successful real estate investing education. Perhaps because it is so incredibly valuable. Learning how to knit may not cost you much but it doesn’t have a tremendous economic benefit either. Learning how to invest in real estate has a tremendous economic benefit. You can learn the hard way (learning all the lessons yourself by reading books and taking your licks) or you compensate a mentor to teach you. I have tried both ways. The first way is a long, hard road.
I thought your approach to teaching this subject was OUTSTANDING. I forwarded your video to my four grown children, three being self employed as I am, and I never regretted my decision. However things do change in life and I’m hoping I found my new supply of cheese.