Rental Property Investor · Tampa, FL · Member since 2015 · 1k+ posts · 969 votes
Hello BPers,
For all the seasoned real estate investors out there, I have two questions:
1) How do you have conversations with family during the holiday's regarding your real estate investing career?
I am assuming I am not the only person going through this right now! I am finding it difficult to have conversations about this with relatives because they just don't understand.
2) What is the funniest response you have gotten when you have told your relatives you are a real estate investor.
When I brought up the fact that I was a real estate investor and that I just completed 15 weeks of real estate courses, my aunt asked "well what happens when you have bad tenants and have to evict someone?" When I told her what the typical process is in Ohio, she responds with "oh no, I don't think that is right Theo, it takes months! I don't think you should be doing this because one bad tenant can ruin your life. That's why I just invest in a 401k"
I didn't realize I had a relative that was an expert on Ohio evictions!!! Lucky me
I don't bring it up unless I get asked. That goes for friends as well. I know people are talking about me and my REI, sometimes they ask. And sometimes they do not.
I am surprised at the mindset that i get from friends and family when it dose come up. They all seem to think that the Economy is tough and the game is rigged. Only the rich get richer. Little man will never get ahead.
And i just smile knowing that I get paid less then they do from my day job, and am making a good money on the REI, with no help. I started out broke... It sucks have $200 dollars to your name and bills to pay... (rant over)
Anyways be positive and encouraging, you never know whose life your going to change.
I figured that bringing it up is a win win. Either they are on board, proud of you, and could maybe be a potential source of private money some day, or they are negative, small minded, and tell you that you cannot make, which just makes you want it that much more.
I agree with you last statement @Joshua D. "Be postive and encouraging, you never know whose life your going to change." Just because they aren't on board now, seeing your passion may spark something in their mind to get up and take action
The amount of bad advice from people that don't have the experience, education, or credentials is staggering. It's particularly amusing when a non-attorney wants to explain the details and nuances of a legal proceeding. I once had an experienced landlady explain to me that she doesn't like to rent properties inside of Cleveland proper because Cleveland Municipal Court requires you to wait 10 days to file an eviction after posting a 3 day notice. Your best bet is to just smile and nod.
I don't bring it up, either. I find people are generally happy to hear about your ventures, but when they feel you're going to find success (especially when you become more successful than them or they don't "get it"), the happiness usually turns to jealousy or some other form of negativity. Especially family. My family seems to think the only way to invest is locally and all other places are bad. Just keep hustling
As everyone said, just don't bring it up. Most of the time people won't understand and will try to prove their point doesn't matter what you're saying. Enjoy the holidays :)
My sister loves talking with me about it. My brother on the other hand, he seems to get upset. He is in a great career/background to do what I do, probably better than I do, but he likes his toys more than his future.
I tend to talk about it when prompted, but otherwise just enjoy the fun parts of family when we are together. When we are one-on-one, I'm happy to go to whatever depth they want to hear.
@Theo HicksI try to exit these type of conversations as quickly as possible. They end up going nowhere and just lead to me getting annoyed, so like someone else said I just smile and nod.
I don't mention it unless it's someone I'm really close to and whom I feel would be supportive. If you bring it up people may take it as boastful and have a negative response. I think often people assume you're rich if you're buying real estate. I had one relative tell me they would never want to be a landlord and then a couple years later they were very interested in how I was making it happen.
Your families are a bunch of Dour Dougs! (Gloomy Gus's cousin, twice removed.)
Every single member of my family thinks investing in real estate is the best long term investment you can make, and we talk about it at every gathering. Of course, my people understand math...