Real Estate Agent · Pompano Beach, FL · Member since 2015 · 249 posts · 73 votes
One of the things I have learned and to be honest with you I have run across this problem in all fascists of life is to stay away from negative people. I was recently asked what was I doing to make money and I explained my investing ideas and immediately was met with skepticism. Funny thing is one of the people who told me this was a bad idea was a person who himself has lost tens of thousands of dollars on non real estate get rich plans and I just sat there with amazement thinking to myself "Really!" But of course once things start running well those same people suddenly were your biggest supporters! But i have learned that majority of the pushback i have ever recieved has been due to that persons lack of education on Rehabbing and acquiring rental properties. What are some of your stories?
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
11y
Great post ! Most of our friends have nicer cars than us (with large car payments) along with nicer furniture (and furniture payments) but they do get to "like" our status on Facebook when we are on vacation (because they cant afford to go ) !
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
11y
There will always be naysayers. One of the best ways to quiet them is to turn your ideas into action and just do it. It's hard to tell a person who's actually doing something that it can't be done.
Investor · Ringgold, GA · Member since 2014 · 86 posts · 13 votes
11y
@Rod Desinord, I too get this but mostly from my parents, I in turn use it as fuel to push me harder to go after my dream. I don't expect them to ever understand my goal due to the fact they are risk adverse, they only see the money side of this, they don't think about the freedom you have, once you have done well.
Investor · Detroit, MI · Member since 2014 · 755 posts · 462 votes
11y
When I first visited detroit after buying a couple of properties I ran into former investors everywhere and still do that lost all their houses to foreclosure. They warned me you couldn't make any money in Detroit.
I started asking them details and then would ask them if I buy for $1000 the same house that you bought for $80,000 do you think the outcome might be diferent?
They would usually give me funny looks like they hadn't seen it from that angle before.
Real Estate Agent · Pompano Beach, FL · Member since 2015 · 249 posts · 73 votes
11y
Yea thats the best thing to do stay away from people like that. I mean a different opinion on something is ok in my book, but not when they are arguing from an ignorant standpoint.
Residential Real Estate Agent · Phoenix, AZ · Member since 2013 · 17 posts · 12 votes
11y
Be careful with the term investor.... Idiots that are wanna be investors that leveraged their primary homes and jumped in late 05 - 07 are stupid... Real Estate investors.... Real investors were the one selling to them and going to cash!
As far as Detroit goes.... I own and my cap rate is better then 55%.
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
11y
Great post ! Most of our friends have nicer cars than us (with large car payments) along with nicer furniture (and furniture payments) but they do get to "like" our status on Facebook when we are on vacation (because they cant afford to go ) !
Great post ! Most of our friends have nicer cars than us (with large car payments) along with nicer furniture (and furniture payments) but they do get to "like" our status on Facebook when we are on vacation (because they cant afford to go ) !
Greg im laughing in my office and people are looking at me like i am crazy. But your point is so true
Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
11y
Unlike the rest of the folks here, I'm going to tell you to listen to those naysayers and the people who just don't get it. They can actually be quite valuable to you because they love you and they have your best interests at heart. Listen to their message. I mean REALLY listen to it. Listen to their fears, listen to everything they have to say.
Then take those messages to a quiet place and turn them over and over and over. Examine their point of view. Think about the risks they've brought up. Think about the disaster stories they told you.
Do you have a plan to get past those stories and those fears? Yes? GREAT! Now go for it!
No? Get some plans into place. Because those stories are probably true and if you don't have a backup plan for if/when one of them happens to you, you'll be just another statistic.
Residential Real Estate Agent · Phoenix, AZ · Member since 2013 · 17 posts · 12 votes
11y
ignorance... Period. I was shocked when I went there. What I discovered was great neighborhoods and people that live in them just wanting a safe place to raise their children as we all do.... The city is cleary victim of poor management, poor political decisions, etc, etc but, at this point there is a common effort to bring Detroit back... Lead by investors , communities, and entrepreneurs... The same thing that made Detroit to begin with!
Yea thats the best thing to do stay away from people like that. I mean a different opinion on something is ok in my book, but not when they are arguing from an ignorant standpoint.
The people you are calling ignorant evidently have a different opinion.
But really and this goes out to all the people that feel that certain people should be avoided?
What are you afraid of. Are you all that easily led?
Yea thats the best thing to do stay away from people like that. I mean a different opinion on something is ok in my book, but not when they are arguing from an ignorant standpoint.
The people you are calling ignorant evidently have a different opinion.
But really and this goes out to all the people that feel that certain people should be avoided?
What are you afraid of. Are you all that easily led?
When i say ignorant i am talking about to any facts about real estate also you stay away from negativity because not that you are easily led but that kind of negativity isn't what you want to continue to keep hearing in the middle of a transaction.
Property Manager · Boise, ID · Member since 2014 · 160 posts · 192 votes
11y
Before retiring (at which point it is prudent to shift your risk/reward ratio), I used to be an active futures trader. At one point, I used leverage to control contracts on several million dollars worth of oil and S&P 500 futures. I was so "into it" that I registered and started an investment club - the Boise Stock Exchange, where I taught my techniques to others (for free - it was a meetup group).
I was met with skepticism from other traders, simply because they had; never traded futures, had heard horror stories about trading futures, knew nothing about how to trade futures, and could not fathom the amount of risk I was taking or the leverage ratio I was employing. Despite producing monthly brokerage reports showing my trades (plain as daylight), other members remained fearful to try what I was doing.
For the longest time, I could not understand why - in the face of overwhelming evidence - people remained "stuck" in their own paradigm and unwilling to embrace opportunity while at the same time claiming they wanted to make money. Many decades later, through other life lessons, I began to realize that people can only handle what they're capable of... and that facts are irrelevant to most (they feed on assumption and group-think, not facts).
The most valuable lesson I eventually learned from this was that I should be thankful that others are the way they are - were it not for them, I would have a lot more competition and much less opportunity for profit. Thanks to the skeptics, I am able to borrow money at 4.5% from an institution that pays them 0.5% (and makes 300% profit on their money), so that I can earn 14% on my real estate investments (and make more than 300% on that borrowed money).
I now love negative people - they are my enablers! When someone tells me, "oh - you can lose everything you own by investing in futures (or speculating in real estate)" I tell them, "you're absolutely right - and you'd be foolish to take such a huge risk. It's safer to put your money in the bank, where it's insured." The more money they put in the bank, the more money there is for fools like me to borrow.
Scottsdale, AZ · Member since 2014 · 659 posts · 536 votes
11y
There are many times that you may want to hang out with different people for different reasons. Why would you care about someone's investment advice if you are playing sports with them? Would you avoid certain people at a party because they think your investments are a bad idea?
Most people don't want to hear about your business life in social settings or during activities. Why bring it up?
Perhaps some people might question you about your investments because they are truly interested. Then you can talk all you want.
I have a group of friends that are entrepreneurs from around the globe. Some of them are from my home city. I really enjoy meeting with them because we can talk crazy talk that others just don't understand.
Bottom line is you hang out with people for what you have in common with them. There are reasons others than opinions on investing money.
Rental Property Investor · Harrisburg, PA · Member since 2013 · 161 posts · 62 votes
11y
Many people laugh at or criticize things they do not understand or are too fearful to try themselves. Real estate investing is often perceived by outsiders as a way to get a quick buck (flippers) or that everyone is a slum lord (buy and hold)....there are bad apples in every crowd, but thank goodness for such a great group of people here on BP! Next time someone criticizes you, sit down and explain your business plan to them. Heck, maybe you'll find your next deal or partner!
Laurel, MD · Member since 2015 · 101 posts · 30 votes
11y
Thats cool.
I'm not one to avoid people in general but if I were I'd avoid those who think or call others ignorant.
It's way too strong and offensive a word for the sentiment you are trying to express , in fact some may feel the use of that word in the specific context you applied exhibits it ig.....( oops I nearly did it myself)... impaired judgement.
Real Estate Agent · Pompano Beach, FL · Member since 2015 · 249 posts · 73 votes
11y
Originally posted by @Account Closed:
The word ignorant isnt offensive at all. It means not being informed about something... I said in my post most of the people who are against me doing real estate investments are completely ignorant to what i am doing. I mean these are people who couldnt explain to me ARV or what an REO is. They just feel as if i shouldnt be doing it. So thats why I use that word.
Smyrna, GA · Member since 2015 · 14 posts · 3 votes
11y
Hello Rod,
There is definitely some negativity out there on the real estate business. I've found that it helps to avoid folks that are negative about investments in general. Typically, I don't even bother to mention my real estate ventures to people who are not in the business and rarely even to family. They won't understand, and I don't care enough to try and explain and/or justify it to them. :)
I have found that joining your local real estate investment associations/clubs helps keep my spirits high by associating with like-minded individuals who are actually DOING SOMETHING (besides whining). We learn from one another and often find deals/lenders/partners from this association. In the Atlanta area, the Georgia Real Estate Investors Association is a great one! Sure you have one in Pompano Beach as well! Best of luck in all your real estate ventures!