Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
5y
I remember a friend of mine who had parents who gave him a big problem buying real estate in my City. They caused him so much grief, telling him he was basically stupid. The City is dangerous and the housing stock is old. He bought anyway, and it went up in value way more than the safe suburb property his parents advocated.
If you're married, you will have to get the blessing of your spouse before you invest in real estate. But parents or siblings?
Brusly, LA · Member since 2017 · 44 posts · 36 votes
5y
@Douglas Curtiss it appears sister's MIL needs a hobby and she seems like a good candidate for being blocked from seeing your IG. She shouldn't be concerned with your career path as it wont affect her...pediatricians treat people based on their physical age, not their mental age. I remove people like her from my sphere and I'm much happier and productive as a result. You're in good company here, best wishes for pursuing what fulfills YOU.
Investor · Marin County California · Member since 2018 · 1k+ posts · 2k+ votes
5y
Given that you are a medical doctor thinking of quitting the profession (or at least leaving for a while), your situation is different in some way than the ordinary joe who has spent his life being told he is no good, will never amount to anything, is stuck in 9-5 rut, or soul killing middle management position etc. What is likely motivating nay-sayers in your life is a perceived drop in status as well as the standard "you don't want to be a landlord" schtick. MIL's can boast about their "son-in-law . . . the doctor"; hard to do when your son-in-law is an unproven investor. To those who define happiness in terms of "winning" practicing medicine ranks right up there with BigLaw partners, C suite executives and millionaire at age 11 tech wunderkinds. When you have been on that treadmill a while, it's hard sometimes to see that the only winners in life are those who are genuinely happy in what they do everyday. I learned this one the hard way. Good luck.
Rental Property Investor · Tampa, FL · Member since 2017 · 70 posts · 115 votes
5y
@Douglas Curtiss
We've all been there. If they're raising valid concerns, listen and account for it in your planning. If it's just chatter from their own insecurity and the fact they feel threatened by your plans, then don't talk about it around them again until you've actually got proof of concept. And use every comment as fuel to drive you towards hitting your goals. Good luck.
I have learned to not care what others say or think especially if they have no experience. Opinions are a dime a dozen. Take advice from those who are doing what you want to do.
Look at the person who is telling you that you are dumb and RE sucks and ask them..... how many properties do you own?
Or....... Cousin, thanks for the advice. When was the last rental you sold since you must have had a bad experience?
Too many people watch TV and base that as having life experience. Just look at Youtube. A 21-year-old giving life coach advice. I'm not sure about anyone else but I can say I have learned a lot and developed a lot since I was 21.
One day, the people that didn't believe in you will tell everyone how they met you. (quote I remember reading somewhere so not trying to be a Brandon and claim its mine) lol
Im just a part time lurker here but I thought I would weigh in here since I can relate.
I haven’t really had family naysayers but people I work with would make fun of me. You need to grow a thick skin for this business. Use to bother me. Now, I can just grin and say “Yep, I’m a Slumlord.” “Now Gimme My Rent.”
“pediatrician looking to transition out of medicine into real estate investing”.
Granted this is different than the typical. Just earning a mostly worthless undergrad degree, I can only imagine the time, effort, sacrifice and cost becoming an MD took.
I have an attorney friend and dentist friend. Retiring fully was very difficult for them because of what it took to get there. They maintained their licenses for a time.
I would try to consult or continue working part-time if I liked it and was fulfilled by it. Hopefully you can find a balance.
In general, when people ask me what I do to have time to attend all the kids events or outings or how I'm in the gym in the middle of the 'work day' I just say I do this and that. If pressed, I'm a bad handyman in a minivan. Nobody cares really and I don't want to hear another tenant horror story they'd heard or the dreaded offer to get my brain 'picked'.
It took my family probably 15 years to see me as an anything. They now ask advice from time to time about wealth, estate, investing or tax issues, but I don't talk about RE with any normie, especially family, unless asked.
Rental Property Investor · Hummelstown, PA · Member since 2015 · 638 posts · 653 votes
5y
I love this thread and can totally relate. I never had any bad negativity but have experienced a ton of ignorance. To me it boils down to those with a scarcity mindset vs an abundance mindset. When I hear a relative speaking with a scarcity mindset it’s like nails on a chalkboard at first, but then I just tune it out.
Another comment was made that’s a good one: I now have my “old friends/relatives” and “real estate friends”. All my real estate/business friends have an abundance mentality and an enthusiasm that’s contagious. The first group….well, they’re just people I happen to see over the holidays
When I first got started I caught a lot of ignorant comments but now that I’m doing a few dozen deals per year people just don’t talk about it. I only bring up what I do if people ask…it’s a good policy to have.
Rental Property Investor · Minneapolis · Member since 2019 · 257 posts · 244 votes
5y
Since you already have a good career and high W2 can you expand on your motivation of getting into real estate? and when you say get into real estate what do you mean? wholesaling, flipping, buy and hold, syndication?
I am in an alternative investment club that invests in lot syndication deals (LP side) There are ton of MDs and successful tech employees in the club. If you dont mind your job at an MD and are looking at building passive income for retirement investing in syndicated deal might be a good transition.
Real Estate Consultant · Saint Petersburg, FL · Member since 2020 · 26 posts · 10 votes
5y
@Douglas Curtiss
I keep them out of it. Trim the fat and you’ll be more lean. Drop the weight and you’ll be in better shape. Rid the negativity and you’ll be in a more positive position.
Investor · Singapore · Member since 2013 · 1k+ posts · 3k+ votes
5y
I am certainly not anti real estate. But I do question giving up being a doctor to be a full time real estate investor. You spent a lot of time, energy and money to become an MD. Why do you want to give that up now? You can certainly be an investor and doctor at the same time. I have a cousin who is a MD and on the side has bought up a number of assisted living homes. He buys SFRs and converts them to assisted living, leases them out to a partner who runs the care facility. Its been hugely lucrative for him and he is still a doctor. Thats just one example. Or you can take your high income and invest in rentals, syndications, development projects etc etc. All will be much easier for you with a high predictable stable income and access to lots of credit. You certainly dont want to join the ranks of broke wholesalers and people trying eke out $100 per door do you?
@Douglas Curtiss In life you're going to have haters and naysayers. Naysayers care about you and dont want to see you hurt. Look at it as they are wrong, but it comes from a place of care. For you though, its fuel....use it.
Haters dont want you to succeed period. There could be a multitude of reasons why, but none of those reasons matter. This is jet fuel, let it power you on to new heights my friend.
Realtor · PInellas County Largo, FL · Member since 2016 · 902 posts · 810 votes
5y
Will Gaston
hit the nail on the head. Always look for the people that are actual experts. Everyone thinks they are an expert until it's time to do something.
For our last purchase, 9/10 people told us we were idiots, we were going to lose out shirts, we paid way too much, etc. . . The one thing they all had in common? None owned any investments, let alone investment property.
After we increased the value 200+% and are cash flowing, some have shut up and some have asked us how we found such a great deal. . . None have bought anything since -- some people can't see value even when you write them a 5 page business plan
Those last 10%? Property owners and investors. They all saw the value as soon as we bought it. Complete strangers' jaws dropped even before we started the value-add. And that was before the cap rate compression of the last year.
The point is to make sure you're listening to an expert. Everyone seems to feel they need to have an opinion on everything. And for whatever reason (we won't get into that), 98% of all opinions are negative. Odds are that you know someone that is a quiet investor. You probably know someone that flips a house or two a year, or owns a few duplexes in the next town. They are quiet for the same reasons you're asking about. Nobody cares except to disparage and make themselves feel better.
I would have a hard time hanging out at someone's lake house that was probably bought with income from RE after telling them they were wrong about RE. Some people have no shame. lol At least he sort of came clean, so I will give him that.
So true, especially after telling us as we gutted & rebuilt the Lakehouse that we wouldn't get it done. He was astounded Monday when he found out I was digging up the inlet/outlet baffles on my Lakehouse septic system to clean them. Then couldn't believe that my Lakehouse neighbor, a surgeon, came over to help, because he loves to dabble in real estate & learning something new. As real estate investors we live in an entirely different reality to that of these skeptics.