Steve D Valentine warns real estate agents not to work for investors who promise future payoffs. His father worked for a wealthy Canadian investor who promised retirement, then took the properties and broke his word after the father died. Collaborate as equals, not as someone's employee.
Chapters
If you have an investor that approaches you, I want you to be very, very clear with them. I will work with you. I will not work for you. Because here's what happened. My dad found this big Canadian whale that had all this money and he was a. And my dad worked his last seven years of his life for this. And I refused to do that. And so what happened was I watched this guy operate. You know, he's like good Christian guy and he's making tenants live in 30 year old carpet. He was just gross. But he was making my dad work for nothing. My dad was like every day trying to cover payroll, trying to cover his expenses. My dad was an extravagant. He didn't have toys, he didn't have anything, but he was willing to work really hard. And this guy kept promising, hey, when I sell this portfolio, it's going to be your retirement. It's going to be retirement. That guy walked out when my dad died the day after and gave my mom and I two middle fingers and walked. He took 500 properties out of the management company and he bailed on all the promises he made my dad. So that was the last time I would ever put an investor's position in front of my own.
