How many properties do you own?

Investor · Waxhaw, NC · Member since 2014 · 28 posts · 5 votes

How do you handle this question? When friends or family find out you are an investor, this is the first thing they want to know. It's like asking someone how much do you make a year.

I understand their curiosity but I am not always comfortable anwering this question. However, if I am talkng with another investor, it is appropriate. Your thoughts?

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J ScottPro Member

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Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes

12y

What they don't realize is that the answer won't really give them much information (assuming they're trying to gauge your financial situation). You could own 3 properties free-and-clear, which puts you in a much better financial position than if you owned 50 that were near 100% leveraged.

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Chris Adams
Contractor · Valparaiso , IN · Member since 2013 · 604 posts · 327 votes
12y
I worked my *** off to get where I am, I have no problem telling someone how many properties I have. When people find out your really starting to get somewhere in REI you will tend to start finding investors within your circle of friends/family

Honestly I would love to help my friends and family understand the workings of REI and get them involved, either on their own or with me.
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Bryan L.
Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
12y
One answer that I give is "too many". And that's true. I need to sell about half of mine (the worst half obviously).

It's funny, the first question that people ask me when I tell them that I flip houses is, "do you do the work yourself?". I really don't understand why, but I get that question every time. (the answer is "no" by the way).
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Chai Sag
West Orange, NJ · Member since 2013 · 102 posts · 13 votes
12y
I would love to answer 1 (twenty million dollar condo in NYC)
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J ScottPro Member
Moderator
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
12y
What they don't realize is that the answer won't really give them much information (assuming they're trying to gauge your financial situation). You could own 3 properties free-and-clear, which puts you in a much better financial position than if you owned 50 that were near 100% leveraged.
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Jean BolgerPro Member
Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes
12y
It is awkward, isn't it? If you have a lot, some people will see you as privileged "fat cat". It's just their uninformed world view, but it can get in the way of some relationships. I try to re-frame it as a process- "well, I started out with a duplex that I lived in and now I have a small apartment complex..." Nobody likes a fat-cat, but everybody likes a success story
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Al Williamson
Rental Property Investor · Sacramento, CA · Member since 2011 · 2k+ posts · 1k+ votes
12y
I think I'll follow @Jean Bolger advice for now on.
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Sharad M.Pro Member
Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
12y
It is a very awkward question to answer. As my portfolio grows, it becomes more awkward question to face.

I haven't come up with a good answer for this one. I feel like this question is same as asking someone how much they make.

I am still looking for a good answer for this question.
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Richard F.
Real Estate Investor · Henderson, NV · Member since 2011 · 87 posts · 22 votes
12y
I can see both sides of the coin - 1) you may want to share so you can get people interested who want to invest with you or 2) you want to keep it private because you don't want to seem like you are bragging, especially if you are doing very well.

Reminds me of when the salary topic comes up: I reply I make $5 an hour and people laugh. :)
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Account Closed
SFR Investor · Stillwater, OK · Member since 2014 · 168 posts · 37 votes
12y
nice question.

I make around 25 cents an hour !

As far as property's they are in my dogs trust you will have to talk to the dog!

One I know in the game 40 plus years has props in different states forgets what all he owns, and tells very few people anything.

He said " keep mouth shut as much as you can and when they know you own something always say you are not making a dime"

My wife knows about the house we live in and acouple others

as far as rentals she doesn't care ,knows everything is paid for and I spend way to much time playing

daughter and son in law found out about one we have from a friend of theirs who rented it :)She says I charge to much!

She asked why I never mentioned buying it.

I said that I didn't think they were interested , I tryed to get them involved and all they did was talk and talk but took no action.
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Cal C.
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
12y
I have an easy answer my wife won't let me tell anyone. So that solves that for me. The only people who do know are my handyman, my rental agents and loan officers. There is one exception and I worked with him for over a year before I told him how many I had and then only to convince him to buy some.

I do want to ask how much money do you have when someone asks me this question; although I rarely get it anymore.
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Michael Lauther
Investor · Hampton Bays, NY · Member since 2009 · 907 posts · 258 votes
12y
When people ask about my investments I am happy to tell them. Many friends and acquaintances have asked because they are struggling with their own investment options and are interested in real estate. I have sent several to bigger pockets to learn more and there are some that want to invest with me. So far I have declined the responsibility of partnering with them.
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Michael Seeker
Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
12y
Note: response below is my comment from another thread on the same topic

I get this question from friends, family and prospective tenants. I think everybody has different levels of comfort and to each his/her own, but I never have any problem divulging this information.

From a friends/family perspective, I like to show off my hard work and effort and don't mind if people know how many properties I have. Plus I see these people as a pool of potential partners/investors on future projects and as such want them to know what I'm up to.

From a prospective tenants perspective, this becomes a little less about showing off what I've amassed and more-so about letting them know that I'm an experienced landlord, not just some schmuck who will be in over his head when it comes time to make repairs or fix a leak.

At the end of the day, this information is public knowledge (at least in KY) - and sharing the number of properties you "own" doesn't really divulge all that much information about you or your financial situation seeing as any number of them could be highly leveraged, under-water or completely paid off. Not to mention they could have a wide range of retail values. So if you say you own 1 property or 100...what does that really mean to the person asking? To me, it tells them how experienced you are at what you do and how well you do it or maybe even how long you've been doing it.
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Scott Demots
Milwaukee, WI · Member since 2013 · 192 posts · 13 votes
12y
I like Michael's perception on the topic.
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Kimberly T.
Investor · Colorado Springs CO · Member since 2014 · 535 posts · 253 votes
12y
I don't mind telling people how many we own (4: our house plus 3 multi-families). Of course, we are buy and hold investors, so I can understand people who flip being a little more hesitant about giving out a number since they're in a different ball game and probably have more (I'm assuming...?). Others here are right, it's really not a good gauge of how wealthy you are anyway.

We're very proud of how well we've done for being so young (husband is 31, I'm 29) and while I am actually a very modest person (would never bring it up myself), if the topic comes up and someone asks me, I have no problem answering.
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Trevor K.
Investor · Wheaton, IL · Member since 2013 · 77 posts · 17 votes
12y
Not enough.
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Kyle D.
OP
Investor · Waxhaw, NC · Member since 2014 · 28 posts · 5 votes
12y
Not enough.

We have a winner!! I think I will use this one for now on. Lol
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Bill S.Pro Member
Moderator
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
12y
Depends on who's asking. Tenants get the answer, too many some days and not enough others. Sometimes tenants or applicants ask to see if we have something else. So I'll follow that with why do you ask.

Don't really disclose unless asked directly and would only then if I had already qualified them as potential investors. You know when they start off badmouthing rentals and then ask how many I have, they get the tenant answer. When they tell me they own 1 or 2 or are "thinking about it" sometimes will share.

Should probably be more like @Account Closed s friend be tighter lipped. If they don't know you have it they won't sue you for it. I'm proud of what we have done but don't want to be sued for it either.
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Elizabeth Colegrove
Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
12y
It depends who asks. Depending on their interest/how much we want to share either the whole story or very little.
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Richard Vang
Real Estate Investor · Carmichael, CA · Member since 2013 · 111 posts · 16 votes
12y
If acquaintances ask that question, I will answer

"One house... in north sacramento".

I didn't lie, indeed only 1 house in north sacramento.
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Craig SmithPro Member
Investor · Hixson, TN · Member since 2014 · 25 posts · 6 votes
12y
I am open with people. I have 3 rentals and would like to have 10-12 more
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George P.
Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
12y
I tell them... "enough to keep me busy". for some reason there are no follow up questions.
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Account Closed
Chicago, IL · Member since 2013 · 136 posts · 32 votes
12y
Answer: Too many!

Other answer: Not enough!
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Jerry W.Pro Member
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Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
12y
It all depends on who is asking and what they appear to want to know for. Sometimes I say too many, I seem to do nothing but work on them. Sometimes I say a couple, if they are irritating I say well let me see, then I hold my hands up and appear to mentally counting houses moving my fingers, I make a big production of doing mental math and take about a minute get to my last finger and say well more than 10.
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Ann Watkins
Real Estate Broker · Houston, TX · Member since 2013 · 187 posts · 111 votes
12y
I just hate it when folks want to count other folks money...and that's usually the motivation behind this question.

My usual answer is not enough or if I'm feeling particular private I pull a John McCain ..."I'll have to check and get back to you"
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
12y
@Ann Watkins

My goal is to own 2 my personal residence and another condo in Vegas.

My next goal is to get rid of all my rentals. I just sold my big portfolio 350 homes. and am systematically selling the rest of my rentals. as one comes vacant it gets turn over and sold. In another few years I will have no rentals and Have all my funds in first trust deeds.. were they belong.. Far to much work having rentals.

now the exception is if you can buy CA rentals or west coast.. There it can be worth the pain as they can double in value in a short time. As we have seen many times in the past. Of coursed they can crash as well but what is certain is mid west and most of the south And mainstream Texas other than Austin prices just trundle and really don't go anywhere over a 5 or 10 year period so really what's the points.. Better in my mind to lend money than own.

Just like the hedge funds are starting to do now with their loan programs.

Devils advocate and food for thought
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