Property Manager · Richmond, VA · Member since 2013 · 34 posts · 5 votes
It's been close to two years that my wife and I have been officially referring to ourselves as "real estate investors". Its been amazing how many people we've met and doors have opened by talking openly with others about real estate goals. We are humble people and, if anything, are overly understated when discussing our properties.
That said, I've been surprised by some of the reactions we've gotten from non-investors. "Jealously" may be the wrong word. But there is frequently an attitude that accompanies statements such as:
"Oh, it must be nice to have the money to do that."
"How many houses do you own now?"
"So now all you do is sit back and collect rent?"
There is part of me that understands this attitude. But there is part of me that takes offense.
Are we alone in being confronted by folks who are less than enthusiastic about our investing future? How do you approach addressing comments that appear to be rooted in jealousy?
When someone asks what I do, I just reply that I'm a full-time dad who does some real estate investing with my wife to pay the bills. I haven't (yet) found anyone with enough balls to put me down after that response... :-)
More food for thought, fear comes in many forms, allowing a fear of receiving negative feedback is not worth passing up the opportunity to network with others by letting them know what you do.
What is there to handle? They are jealous. Great.. make them more jealous and keep doing what you do!
@Mike H. a property caught fire? I need to hear that story.
I get people all the time say I don't understand how little time they have to do things because I don't have to work. Then I have to shrug off that they have no idea how much work and sacrifice went into getting to where I am now.
Congrats Mike on 25 units! What do you say 50 by the end of 2014?
@Account Closed I will share the fire story because it is one of the fun ones. Normally my real estate stories are funny to everybody else but they cost me money so theyre not as funny to me.
It was a friday night in february (or one of those winter months). I had like two calls that said Bradley Fire Dept come across my phone. I figured they were trying to sell some more tickets to something since I had just bought some raffle things about 2 weeks before.
I was on the couch playing xbox. About 20 minutes later someone rings the doorbell. The wife is out so now I have no choice but to get up and answer the door. Its the Manteno police dept. Uh-oh. I'm thinkin 'Here we go. This can't be good'.
And then they ask me if I'm Mike Hasemann and if I own such and such house in Bradley. Yep. They say that the house has caught on fire and that the Bradley Fire Dept has been trying to call me. And I'm thinking, 'Yea, I know they have. I was playing Halo and wasn't going to pick up!"
So I drive down there and there's fire trucks and ambulances all over the place.
I see the tenant sitting in the ambulance and now I'm thinking the same thing I thought when I opened the door to the police officer, "uh oh, this can't be good." ::-)
Turns out the tenant's kid had been playing with matches in one of the upstairs bedrooms and had started a really good fire. Luckily, the fire dept was only about 6 blocks from this house or else it would have been gone for sure. Everybody was ok though and it had nothing to do with me. Although the police really grilled the tenant quite a bit trying to find out why they were letting his 6 yr old kid play with matches.
I had no clue what to do. But luckily and strangely enough, I had two separate guys approach me pitching their restoration services. Ended up knowing one of the owners from way back when (high school) and they did the rest. I had state farm and they were fantastic.
Ended up getting a lot of upgrades done to that house (new wiring, new finished bedrooms upstairs, new cabinets and tile flooring). Actually made out pretty well on that deal.
On the down side. The tenant ended up moving into another house I had nearby that just had a vacancy. They were all excited about getting back into the house with all the updates. About 3 weeks before the house was ready, they called me and said they were having to move out. The wife left him.
Moral of this story.
1) When the fire dept calls, don't pick up. You'll end up with a house full of updates.
2) If you're a renter though, keep the matches away from the kids (the police almost charged the guy for negligence) and be extra nice to your wife if you're going through that kind of transition - she may just dump you. :-)
Sorry you were left with a vacancy, but things do tend to work out for the best. I would say the #1 reason for my tenants to move out, if/when they do is because of a relationship ending.
Had two in 2013, and was just informed another is moving at the end of this month for the same reason. I always attempt to see if I can get each their own place within the properties I own, but sometimes it just isn't possible.
Whenever you have success in any field no matter what it is, there will be people who are jealous. They think that anyone successful was lucky and that it is the universes fault for them not having what someone else has. (not everyone, but many people who says these things)
I don't think you can change their attitude with words. All you can do is keep doing what you do, be positive, be willing to help others and eventually those that are jealous may see the good you are doing along with the success and get curious about changing their attitude.