Always Negative Responses When I Talk About Real Estate

Always Negative Responses When I Talk About Real Estate

Nick NoonPro Member
Chelmsford, MA · Member since 2015 · 124 posts · 70 votes

I'll never understand why 99% of the time people have negative responses when I tell them I am trying to get into real estate and rental properties.  I mean literally every time I tell someone about it I get one of the following responses:

"You think you do, but you don't"

"It's not easy"

"You'll end up with horrible tenants and want to get rid of it"

"What happens when your tenant doesn't pay?  You can't get them out of the house"

"What happens when the economy falls to pieces and you can't rent the property"

Like, yes I get it, it's not an easy industry.  I never said it was.  I understand that being a landlord isn't the most glamorous job in the world and a lot of people fail at it....even the people who have given me those responses.  Everyone I talk to has either had rental property that they hated, or knows someone that hated it. 

I don't understand what they expect me to say to these responses?  "Okay, now that you've told me that it's hard, I'm definitely not going to do it".  

I think there is a lot of ignorance to the industry.  I think a lot of people come into the industry ill-prepared and fail at it and there is this persona of how horrible it is to own real estate.  Even when I give them responses to these questions such as:

"I know it's not easy, but if you don't take a risk, there is no reward"

"Well I plan on thoroughly screening my tenants to mitigate the risk"

"I will evict the tenant if they don't pay by following the processes set forth by local legislation" 

"I plan on having multiple exit strategies"

It doesn't matter what you say to the nay-sayers, they still think you're crazy for even trying to get into it and that failure is a certainty. 

But I just use it as fuel to work even harder at it.  I look forward to seeing them later on and telling them how well I am doing at it.  I am not satisfied just working my job and collecting a pay check (i love my job and I have a very good career).  I just need more.  

Sorry for the rant, but it's just frustrating how many people want to see you fail at real estate because they heard it's not easy.  

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Dev HornPro Member
Flipper/Rehabber · Arlington, TX · Member since 2013 · 1k+ posts · 2k+ votes
10y

"There is only one way to avoid criticism: do nothing, say nothing, and be nothing." ~ Aristotle

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  • Lender · Nashville , TN · Member since 2015 · 19 posts · 1 vote
    10y

    Follow your heart and keep your focus on your goal. It can be done ~but you have to stay focused. 

    I work wirh new people in the industry. Feel free to reach out to me ~I have over 20 private direct  lenders .

    E-mail me 

  • Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    10y
    Originally posted by @Joe Villeneuve:

    @Nick NoonSimple reason.  People feel safer being part of the majority...which is why the majority are also failures...and your (our) customers/buyers/renters.

    If you had 99 people out of 100 telling you it can't be done...but just 1 out of that 100 that made $1M at it...who would you follow?

     Interesting response, Joe. Something to consider is that there is a clear majority on the other side of this as well. I've said it before, and I'll say it again - we are in a very dangerous part of the cycle now, requiring solid expertise. And yet it's a complete amateur hour, in the marketplace and on BP. Money is being deployed foolishly as ever, and many will loose...

    While the negative responses are to be taken with a grain of salt, at this juncture I'd listen. While you are right about the psychology of naysayers, what they are saying has gravitas today. If you're going to get in - know what the hell you're doing!

  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    10y
    Originally posted by @Ben Leybovich:
    Originally posted by @Joe Villeneuve:

    @Nick NoonSimple reason.  People feel safer being part of the majority...which is why the majority are also failures...and your (our) customers/buyers/renters.

    If you had 99 people out of 100 telling you it can't be done...but just 1 out of that 100 that made $1M at it...who would you follow?

     Interesting response, Joe. Something to consider is that there is a clear majority on the other side of this as well. I've said it before, and I'll say it again - we are in a very dangerous part of the cycle now, requiring solid expertise. And yet it's a complete amateur hour, in the marketplace and on BP. Money is being deployed foolishly as ever, and many will loose...

    While the negative responses are to be taken with a grain of salt, at this juncture I'd listen. While you are right about the psychology of naysayers, what they are saying has gravitas today. If you're going to get in - know what the hell you're doing!

     Let me add this to your words of wisdom.  It's little twist on it.

    All opinions have value, even if the basis for that opinion shows us what not to do.

  • Joshua DiazPro Member
    Rental Property Investor · Bronx, NY · Member since 2015 · 269 posts · 165 votes
    10y

    @Nick Noon I gotta say thanks for making this topic because I know exactly where you are coming from.   When the idea first came into my head and I found Biggerpockets I spread it with my friends and co-workers.  I got the "it's too much money" and "what if you get bad tenants" and "what if you get sued". I still kept on with he idea and learning more about what I wanted to get into but it sucked since these were good friends and even family saying stuff like this to me.  Now logically I know I'm not the only person to go through his but actually seeing it in the form of all the responses in this thread is inspiring.  So once again thanks for making this topic.

    @everyone else (haha had to at least try )

    Thank you so much for the words of encouragement and advice , even if it wasn't directed at me.

  • Attorney · Worton, MD · Member since 2014 · 276 posts · 195 votes
    10y

    @Ben Leybovich

    Always the voice of reason!  Thanks for all your insight on the BP forums.  It is because of help from folks like you that many of us are having the degree of success we are.

  • Wickliffe, OH · Member since 2015 · 48 posts · 18 votes
    10y

    I think you've hit the goldmine with these folks. Think of all the free learning you can get from them! First find out if this thing happened to them or someone they know. Why do they think it happened? How did they solve the problem? What would they do differently if they had to do it all over again?  Example: "I had horrible tenants." Did you screen them? Did you check referrals? Background? Income? What questions did you ask? Knowing what you know now, what questions should you have asked? What checks did you wish you had done? 

    Oh how lucky you are!  Make sure you take great notes.

  • Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    10y
    Originally posted by @Brian Tome:

    @Ben Leybovich

    Always the voice of reason!  Thanks for all your insight on the BP forums.  It is because of help from folks like you that many of us are having the degree of success we are.

     Thanks for that. Lately, more and more, I have to wonder if I am talking into nothingness...

    I am glad to help, Brian!

  • Attorney · Worton, MD · Member since 2014 · 276 posts · 195 votes
    10y
    Originally posted by @Ben Leybovich:
    Originally posted by @Brian Tome:

    @Ben Leybovich

    Always the voice of reason!  Thanks for all your insight on the BP forums.  It is because of help from folks like you that many of us are having the degree of success we are.

     Thanks for that. Lately, more and more, I have to wonder if I am talking into nothingness...

    I am glad to help, Brian!

    Definitely not "talking into nothingness" Ben.  I have benefited greatly from your insight.  I just have not been a regular contributor to the forums.  I will try to post more often.  Please keep the advice coming.

  • Developer · Duluth, GA · Member since 2010 · 11 posts · 5 votes
    10y

    Good topic! there are individuals in this world that are so afraid of failure that they also become afraid of success,what I mean by this, is that most people are afraid to take a chance and a lot of them are lazy and want everything to come with an easy to follow manual. 

    Well those who have invested in Real Estate know that all the hard work rehabbing,  qualifying and maintaining good renters, flipping your homes and making good  well thought out and researched decisions doesn't come minus the headache and heartache at times, but the end result when it all comes together is gratification at it's best.

    In conclusion, no matter what others say we all need to stay true to what we have dedicated ourselves to committing too, we need to maintain our personal motivation and continue to move forward and when you hear negative comments, replace them with positive productive and motivating people. 

    Keep in mind that there has been and will always be doubters, we all know that the first plane ever built and ran successfully was shot down as a foolish idea and thought to never have a chance in this lifetime of existing or working, so imagine of Orville and Wilbur Wright actually took that negative energy and allowed it to consume their dream of flying.  

  • San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
    10y

    Most who do speak out of experience or what they hear. Unfortunately, there is risk in every business venture not just real estate. Those who are willing to take the risk succeed while those who do not remain stagnant. Hope that helps! 

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