No support from parents and family at all

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No support from parents and family at all

Matthew Holman
Engineer · Rockwood, TN · Member since 2015 · 30 posts · 5 votes
Hello, I want to start real estate investing but I get so much negativity from my parents and family. My parents say it's not worth going into debt etc. My parents has always paid cash for everything and never had a car payment or house payment etc, pretty much what Dave Ramsey talks about. How can I be more convincing, they tell me to get a job and work and save for retirement etc, any help on this would be appreciated
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Natalie KolodijBusiness Member
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Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
10y

Are you going to be asking them for money for deals? 

If not, ignore em. Just keep pushing and educating yourself and take them out to a nice dinner when you close your first deal. 

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  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    10y

    Are you going to be asking them for money for deals? 

    If not, ignore em. Just keep pushing and educating yourself and take them out to a nice dinner when you close your first deal. 

    Podcast Guest on Show Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies
    Kolodij Tax & Consulting
    WebsiteView Page
    2Reply
  • Matthew Holman
    OP
    Engineer · Rockwood, TN · Member since 2015 · 30 posts · 5 votes
    10y
    I'm doing this all on my own
    1Reply
  • Ralph C.
    Real Estate investor professional · Suwanee, GA · Member since 2016 · 233 posts · 81 votes
    10y

    @Matthew Holman

    just get a couple of deals done and then show them the money.  they will come to you after that.

    1Reply
  • Rosston Smith
    Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    10y

    Ignore the doubtors. No matter who they are.

    Network online. Make friends. Talk to them everyday. People who think like you do.

    Go to local REIA meetups.

    Read books about people who think like you.

    And the last step is GET MONEY. $$$

    You are not alone, brother.

    1Reply
  • Matthew Behnke
    Indianapolis, IN · Member since 2016 · 9 posts · 2 votes
    10y

    I am in a similar predicament. My wife is VERY risk averse and I am getting educated so I can hopefully convince her. Pulling for ya, @Matthew Holman

    1Reply
  • Scott TrenchPro Member
    Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
    10y

    Maybe a baby step would convince them:

    Buy a duplex-fourplex, using a mortgage

    Move in to part of it and rent the rest out

    Use the rent from the other units to aggresively pay down the mortgage

    Boom - you are living for free, and paying down debt on a home far faster than you could if you had to pay the mortgage without help from the tenants. Even Dave Ramsey says it's not totally unacceptable to get a mortgage, so long as you make every effort to pay it off as quickly as possible.

    Of course, when I did this, I got a 30-year mortgage and have no intention of paying it off early. 

    But, I think your parents might find it harder to argue with the logic above. Instead of "wait 15 years until you save enough to buy a home straight up" it's "buy a house as soon as possible, and use your own savings and the rent from your friendly neighbors to pay it down as fast as possible."

    Podcast Guest on Show #223
    BiggerPockets
    1Reply
  • Brad L.
    Rental Property Investor · Manitowoc, WI · Member since 2016 · 178 posts · 186 votes
    10y
    I don't understand why you need to convince them of anything. Losing that mindset would be the best thing you could ever do for yourself
    1Reply
  • Matthew Behnke
    Indianapolis, IN · Member since 2016 · 9 posts · 2 votes
    10y

    @Brad L. are you married? I try and go at things with my partner involved, she happens to be much more risk averse than myself, hence the convincing is a necessary step.

    0Reply
  • Rosston Smith
    Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    10y

    No one elses a opinion matters.

    You are a lion in a field of sheep.

    0Reply
  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    10y

    @Matthew Holman You can  still love and appreciate your family without sharing their beliefs or even telling them what you are doing. Don't waste energy trying to convince them. Spend that energy doing deals.

    There is a saying, "your income will be the average of the 5 people you hang around the most." Get  some positive entrepreneurial people in your life to network with. Go to a Local RE investing club. You will certainly meet people who are positive on real estate there.

    0Reply
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