Talk About Success or Keep Quiet?

Talk About Success or Keep Quiet?

Michael DohertyBusiness Member
Real Estate Agent · West Hartford, CT · Member since 2016 · 449 posts · 476 votes

Hi all,

Generally speaking, do you think it is a good or bad idea to discuss your success in real estate with friends, family and co workers? Discuss not in a gloating or bragging way but talking about specifics of past or current deals like purchase price and cash flow. Let me explain. 

Scenario 1: You let everyone know you are a real estate investor, they know it's your full time occupation and you are doing very well from a financial standpoint. You've divulged how many houses/units you own and perhaps the cash flow from those houses and you tell other's they can be successful too with hard work. The problem here is you may receive UNWANTED attention and could lead to headaches down the road.

Scenario 2: You fly under the radar, you let people know you do real estate full time but keep to yourself and never get into the specific financials of the deals your doing. The problem here being, by not promoting your success and passion for the industry you may lose out on connections, private investors and potential future deals. 

Obviously both scenario's have their pros and cons, but generally speaking, as people build a their portfolio's what scenario do you find yourself in and why? 

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Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
7y
@Michael Doherty. I have a strict policy of telling zero of my co workers. That’s undue attention I don’t need and likely a bunch of stupid stories about how I’ll get “toilet calls at 2 am” and so forth. Some of my family knows and some doesn’t. Again I don’t need the attention or judgements. When a 22 year old buys a property out of state it’s gonna yield lots of opinions I don’t really need. Some of my friends know, but again I rarely if ever mention it.
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  • Specialist · Paradise Valley, AZ · Member since 2018 · 3k+ posts · 2k+ votes
    7y
    Originally posted by @Rich S.:

    I think it basically comes down to your goals and where you are at in the business.  Just some examples

    @Jay Hinrichs has been in RE his entire life... many successful businesses in it, but also many contacts within his day to day where RE is a comfortable topic.  I'm sure he's done well by building the right connections which may not have happened without talking about it and it has helped him accomplish his goals

    @Steve Vaughan stays silent... I would imagine because he is comfortable with where his business is at, doesn't need to self promote to accomplish his goals and it "fits" his style

    @Caleb Heimsoth stays pretty much silent because as an example his work would be filled with negativity on the topic... which won't help him accomplish his goals

    I think it comes down to WHAT are you hoping to get out of talking about it?  Are you hoping to attract people to help with your business or are you hoping to make folks aware so they bring you deals or tools to do deals?  Are you worried about talking about it because you will get nay sayer responses which will give you doubt?  Some folks love the fire it lights when people doubt them too!  I think if you are trying to grow, you are calculated about how you talk about it and where.  I've made a point to just mention my interest in real estate when talking to folks in the business or folks with high net worth.  Just in case it turns into something.  I don't talk about it with family much because they think I'm crazy and most don't have any ability to help me, nor are they interested.  

     When I'm asked what I do, I just tell them "I play Monopoly all day".  If they want to know more, they ask. Believe me. ;-)

  • Investor · Philadelphia, PA · Member since 2010 · 739 posts · 372 votes
    7y
    Originally posted by @Jeff C.:

    It just depends on who's asking. I have a couple of friends that I'm pretty open with, but for the most part I prefer to be discrete. I don't need to create any more competitors.. not that the majority would ever act on it even if I outlined my business plan step by step. 

    I give some close friends my complete outline step by step on how I do it.  They don’t do jack

  • Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    7y
    Originally posted by @Jim Goebel:

    @Michael Doherty

    Hi Michael, good question and I think it's worth thinking about.  I've given this some thought - the heuristic I use is to think about what others have to offer with regards to access to that information.  I think this question you're asking gets into values and intent.  I think there can be good intent/justification for sharing, and I also think there can be motives that are not worthy of oneself.

    For one, I think an intent/motive for sharing that is negative, is to feed one's ego.

    However, there's a fine line between that and the below: I think using outcomes to establish credibility can be appropriate, as well.  In some senses our credibility is based on outcomes perceived by others - so if we can determine that someone has something to offer, and perhaps there's a mutually beneficial relationship/sharing of info or perspective that can occur.

    In any relationship, both parties being transparent can build trust.  

    Anyhow, what do you think about it?  You didn't weigh in.

    I'm ready to follow all your advice if each posts brings 24 upvote (including mine)!

  • Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y
    @Michael Doherty Tell the people you work with that your a RE investor and they will not respect you any more ...in fact your new nickname will be “ slumlord” .don’t ask me how I know ! The problem is people get jealous and they want to miserable like them and be stuck like them . People resent someone who tries to break away from the plantation
  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    7y

    For the most part.....it depends on whos asking.....most of my family and friends dont know. There are some like minded friends that i discuss with but other than that most dont know...

  • Property Manager · Lakewood, OH · Member since 2015 · 250 posts · 258 votes
    7y

    I agree with @Dennis M. that your nickname will be "Slumlord". All my friends know that my business model is "Buy garbage, make it great, rent it forever and take care of the people in them" Yet, that only seems to fuel the slumlord comments more. 

    I don't let it bother me though because I know what I'm doing is righteous. I use it as fuel for my "F-U get out of my way before I destroy you with a 11" regular desert tan side kick" mentality.

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