Discouraged from starting by family with experience...need some encouragement

Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes

Hi everyone,

first time poster and pretty damn new to the forum. My wife and I are just starting our rei journey and have been researching and preparing for owning multifamily re.

My parents were in the business from the late 70's to the early 00s. They lived off the income from their 16 or so student rentals and a handful of townhomes and then sold out in the early naughts for a chunk of change and retired on that.

ive been keeping my conversation with them relatively light and tentative because they've been rather discouraging about all my endeavors in life. So naturally when I started to become more serious about REI, they had nothing but reservations and discouragement to offer despite building a good life for themselves through multifamily re investing.

"now is a bad time to invest" "you should look into self storage" and their obviously bad advice "you should consider office space".

I try to justify our decision to them by relating the message of not timing the market, building rates into our plan, doing thorough due diligence, etc. and its met with this look like I'm an idiot

I'm 37, my wife is 38. She's a pharmacist, I was in biopharma business development and then most recently, pivoted to being a financial advisor hunting that "passive income" dream (that's another story--tldr is I was successful but resigned in Sept of this year). We aren't idiots. We can do math. We can sell ourselves to whoever we need to. We have a good network. Were making in-roads. We aren't swinging blind.

but I could use some encouragement, biggerpockets.

edit: I shouldn't have said "tried to justify", I should have said "justified". Because I believe in our plan, I believe in our abilities, I believe in real estate investing, and I believe in us.

Bravo for you! I like your determination and insight.

I started in a very down economy. It was a market with lots of lemons, so I made lemonade. Foreclosures were everywhere and interest rates were high. Unemployment was equally high. So, I bought foreclosures and made a ton of money.

Your folks experienced one type of market and believe that since that market has changed, that there are no deals to be had. But, they are very wrong, in a nice way. They just don't have the desire to learn the new investing procedures, that's all. I can point you in a couple of directions to proceed, just DM me and we’ll chat.

4 Reply

Scott Mac

Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes

2y

Your parents have been discouraging about all your endeavors in life--so ignore their discouragements and do your best at what you choose to do.

Be your own man (you are 36 years old), time to man-up.

Then if you make it--your a self-made man, and if you fail, you will have to regroup and try again.

If you have not read Awaken the Giant within by Tony Robbins, do that, and do the written exercises in the book.

It can help focus you.

Good Luck!

4 Reply

Kenneth Williams

Real Estate Agent · Memphis, TN · Member since 2020 · 46 posts · 85 votes

2y

Thank you so much for sharing that story. As Mike said, the market is different than when your parents were doing REI. One thing that I would immediately look into is house hacking. That has been very helpful for a lot of people just starting their REI journey. This community can help you with any questions you may have. I know Mike will have you covered but if you ever need anything you can also DM me anytime. You got this my friend!

2 Reply

Account Closed

New to Real Estate · Boise, ID · Member since 2017 · 3 posts · 2 votes

2y

Hi Cody. Welcome to the forum! It's fantastic that you're starting your real estate journey. Trust in your experience, knowledge, and abilities. Despite the reservations, your commitment to thorough planning, due diligence, and building rates into your plan is commendable. Remember, each market has its unique opportunities. Stay focused on your goals, believe in your plan, and keep pushing forward. You've got this!

1 Reply

Preston DeanBusiness Member

Realtor · Fort Worth, TX · Member since 2021 · 779 posts · 368 votes

2y

Quote from @Cody Warhurst:

Hi everyone,

first time poster and pretty damn new to the forum. My wife and I are just starting our rei journey and have been researching and preparing for owning multifamily re.

My parents were in the business from the late 70's to the early 00s. They lived off the income from their 16 or so student rentals and a handful of townhomes and then sold out in the early naughts for a chunk of change and retired on that.

ive been keeping my conversation with them relatively light and tentative because they've been rather discouraging about all my endeavors in life. So naturally when I started to become more serious about REI, they had nothing but reservations and discouragement to offer despite building a good life for themselves through multifamily re investing.

"now is a bad time to invest" "you should look into self storage" and their obviously bad advice "you should consider office space".

I try to justify our decision to them by relating the message of not timing the market, building rates into our plan, doing thorough due diligence, etc. and its met with this look like I'm an idiot

I'm 37, my wife is 38. She's a pharmacist, I was in biopharma business development and then most recently, pivoted to being a financial advisor hunting that "passive income" dream (that's another story--tldr is I was successful but resigned in Sept of this year). We aren't idiots. We can do math. We can sell ourselves to whoever we need to. We have a good network. Were making in-roads. We aren't swinging blind.

but I could use some encouragement, biggerpockets.

edit: I shouldn't have said "tried to justify", I should have said "justified". Because I believe in our plan, I believe in our abilities, I believe in real estate investing, and I believe in us.

Man.. Cody I'm sorry you have been met with nothing but negative feedback from your folks. Which given their success in RE is kind of confusing.

Why do you think they are so cynical towards what you have been saying?

If they have proven success history in REI why would they not be showering you with words of encouragement? Kind of confusing from an outsiders perspective.

I would say, acknowledge their concerns and proceed anyways.

If you have the ability to house hack as your first means of REI do it.

If you want to look out of state for REI do it.

If you want to purchase your first rental at 20% down do it.

It sounds like yall have a W2 job so you would be fantastic candidates for a loan & that's a good sense of security already.

Regardless if "now is a bad time to invest" or not, when rates drop and the market is flooded with buyers is the market any better to invest at that point?

Sure looking into self storage cool but is that what you want? If not I would just respectfully convey to your parents that, self storage is not the kid of REI I want to get into right now.

YOU. GOT. THIS.

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1 Reply

Minh Bui

Member since 2022 · 2 posts · 3 votes

2y

Hey Cody,

Coming from family that has a habit of belittling others, I get it. It starts to seep into your own mentality, that you can't do it. You, not your parents, then become your own worst critic. I'm also just starting off on my real estate journey. What I've found very helpful for your own confidence is to study your buy box/market. With knowledge comes confidence. Study how to do this with books, podcasts, youtube, posts and forums like these anytime a question in your head pops up. Connecting with people here and at REIA local meetups. I haven't done that yet and am just about to.

Good luck to the both of us! Let's stay focused, learn, make connections, analyze.

3 Reply

Randa Dehaan

Lender · San Diego, CA · Member since 2023 · 33 posts · 16 votes

2y

Hey Cody, appreciate you sharing this. I'm sure there are other people reading that can relate to the lack of family support. It seems like this isn't the first time - so I wouldn't take their opinions on this to heart. Clearly they have a very successful real estate story that I've seen play out many times. Real estate IS a smart move. Especially when you have a great team of people assisting you in the process. There will always be nay-sayer's no matter how the real estate market is looking. If you are ready, then it's a good time to buy. There are always deals out there and it's a great way to expand finances and watch how it grows.

1 Reply

Cody Warhurst

OP

Investor · PA · Member since 2023 · 13 posts · 7 votes

2y

Thanks to all of your for your replies! Certainly brought me back to reality. I've been very successful in my life already by listening to myself and carving out my own niche and real estate is the next step for sure.

I didn't mean to portray that they hurt my feelings so much as they caused me to second guess all the listening and reading and calculating and planning I've done thus far because they have more experience than me...I defaulted to assuming they know better than me. I should know better than that as a scientist--trusting people is one thing, research and knowledge is another.

cheers all!!

1 Reply

Henry ClarkPro Member

Developer · Member since 2020 · 4k+ posts · 4k+ votes

2y

Reply I agree with your parents. Doing what they did does not look good right now. Trying something different may be better.

With that said whatever REI strategy you pick, you will be successful in 5 years as long as you stick with it and do deal analysis.

Don't talk with people about REI, even your parents. Talk on REI forums, with your wife or at REI meetings. Everyone else will be negative or you are perceived as bragging or putting them down.

At this point keep doing deal analysis, but start putting a scaling plan together. See the bumps coming at you by doing this exercise. Adjust ahead of time.

Take your investments, wages, REI and put them into buckets. Isolate them from themselves. That way you and your wife understand the plan. REI stands on its own two feet. And your different risk tolerances are separated.

1 Reply

Quinton Thomas

Member since 2023 · 32 posts · 16 votes

2y

Quote from @Cody Warhurst:

I can completely understand where you are coming from with the constant discouragement. My dad is the same way, he has multiple SFH paid off in full and collects rent. However, when I first got in and did my first flip it was discouragement until he saw the check afterwards. Then I recently got my first rental. Again, telling me I shouldn't buy the home, bad area, troubled tenants.....etc. which I did have some hiccups, but that's part of the game and also have insurance lol.

I just had to come to the fact that at the end of the day my goals and dreams are mine. Even if he's not the biggest fan of what I'm doing at the end he still supports me.

For context my dad was in the military, and always did the safe thing to do. maxed out 401k match, he never invested on his own and the home's that are being rented out were bought as primary homes and when he moved since they were paid off, he just rented them out. never were bought for investments.

0 Reply

Theresa HarrisPro Member

Member since 2019 · 15k+ posts · 11k+ votes

2y

You may not have seen all of the stuff they had to deal with as landlords. Do your own thing and don't worry about what others think (except your wife!!). Lots of things are different than they were when your parents had rentals-some good and some bad.

1 Reply

Account Closed

Member since 2023 · 52 posts · 43 votes

2y

Quote from @Account Closed:

Quote from @Cody Warhurst:

Hi everyone,

first time poster and pretty damn new to the forum. My wife and I are just starting our rei journey and have been researching and preparing for owning multifamily re.

My parents were in the business from the late 70's to the early 00s. They lived off the income from their 16 or so student rentals and a handful of townhomes and then sold out in the early naughts for a chunk of change and retired on that.

ive been keeping my conversation with them relatively light and tentative because they've been rather discouraging about all my endeavors in life. So naturally when I started to become more serious about REI, they had nothing but reservations and discouragement to offer despite building a good life for themselves through multifamily re investing.

"now is a bad time to invest" "you should look into self storage" and their obviously bad advice "you should consider office space".

I try to justify our decision to them by relating the message of not timing the market, building rates into our plan, doing thorough due diligence, etc. and its met with this look like I'm an idiot

I'm 37, my wife is 38. She's a pharmacist, I was in biopharma business development and then most recently, pivoted to being a financial advisor hunting that "passive income" dream (that's another story--tldr is I was successful but resigned in Sept of this year). We aren't idiots. We can do math. We can sell ourselves to whoever we need to. We have a good network. Were making in-roads. We aren't swinging blind.

but I could use some encouragement, biggerpockets.

edit: I shouldn't have said "tried to justify", I should have said "justified". Because I believe in our plan, I believe in our abilities, I believe in real estate investing, and I believe in us.

Bravo for you! I like your determination and insight.

I started in a very down economy. It was a market with lots of lemons, so I made lemonade. Foreclosures were everywhere and interest rates were high. Unemployment was equally high. So, I bought foreclosures and made a ton of money.

Your folks experienced one type of market and believe that since that market has changed, that there are no deals to be had. But, they are very wrong, in a nice way. They just don't have the desire to learn the new investing procedures, that's all. I can point you in a couple of directions to proceed, just DM me and we’ll chat.

"Foreclosures were everywhere"

Thats a veritable goldmine of an era compared to the realities that exist in the markets today.

0 Reply

Account Closed

Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes

2y

Quote from @Account Closed:

Quote from @Cody Warhurst:

Hi everyone,

first time poster and pretty damn new to the forum. My wife and I are just starting our rei journey and have been researching and preparing for owning multifamily re.

My parents were in the business from the late 70's to the early 00s. They lived off the income from their 16 or so student rentals and a handful of townhomes and then sold out in the early naughts for a chunk of change and retired on that.

ive been keeping my conversation with them relatively light and tentative because they've been rather discouraging about all my endeavors in life. So naturally when I started to become more serious about REI, they had nothing but reservations and discouragement to offer despite building a good life for themselves through multifamily re investing.

"now is a bad time to invest" "you should look into self storage" and their obviously bad advice "you should consider office space".

I try to justify our decision to them by relating the message of not timing the market, building rates into our plan, doing thorough due diligence, etc. and its met with this look like I'm an idiot

I'm 37, my wife is 38. She's a pharmacist, I was in biopharma business development and then most recently, pivoted to being a financial advisor hunting that "passive income" dream (that's another story--tldr is I was successful but resigned in Sept of this year). We aren't idiots. We can do math. We can sell ourselves to whoever we need to. We have a good network. Were making in-roads. We aren't swinging blind.

but I could use some encouragement, biggerpockets.

edit: I shouldn't have said "tried to justify", I should have said "justified". Because I believe in our plan, I believe in our abilities, I believe in real estate investing, and I believe in us.

Bravo for you! I like your determination and insight.

I started in a very down economy. It was a market with lots of lemons, so I made lemonade. Foreclosures were everywhere and interest rates were high. Unemployment was equally high. So, I bought foreclosures and made a ton of money.

Your folks experienced one type of market and believe that since that market has changed, that there are no deals to be had. But, they are very wrong, in a nice way. They just don't have the desire to learn the new investing procedures, that's all. I can point you in a couple of directions to proceed, just DM me and we’ll chat.

"Foreclosures were everywhere"

Thats a veritable goldmine of an era compared to the realities that exist in the markets today.

Right. today you need to go after "off market" using creative finance. Bank financing isn't available like it was a year or two ago.

0 Reply

Steve K.

Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes

2y

Every realtor has a story about the buyer's dad showing up to the inspection and blowing the deal up over something silly. Usually the dad "worked in construction during the summers in college (30 years ago)", "wouldn't take this house if the sellers paid me" or "used to have rentals back when it made sense, and this place is a piece of garbage, look at this old galvanized water pipe, this is what you need to look out for kid (points to a black iron gas line)". Parents are protective. Sometimes overprotective. Unless you need to borrow money from them for the down payment, or need them to co-sign in order to qualify for a loan, then the good news is that you can take or leave their advice as you wish.

However, it's not clear from your post exactly why they're discouraging you. It's probably not just to be down on you. Perhaps it's because they know firsthand that owning rentals is more work and less glamorous than most expect? The fact that you mentioned "passive income dream" is a little concerning honestly, and may be part of why they're being the way they are. Owning MF is not passive, unless you're talking about shares of a syndication. You'll basically be trading your scientist job for a job in real estate. Eventually you can create semi-passive income streams, but it's a lot of work, at least in the beginning, no matter what and it's never truly passive because there's always something you'll need to be doing and paying attention to even once you've got a solid portfolio under solid management. So maybe they heard you say that word "passive" (I cringe whenever I hear it myself) and want you to go into this with eyes wide open? They probably worked really hard during their 40 years in the biz, and maybe even dealt with some horrific situations that they don't wish for you to deal with. Perhaps they want you to understand that it does take hard work to be successful at it, and that you will deal with some difficult situations along the way that will take you way out of your comfort zone. It'll also take time and effort to build up to where you are actually making as much money as you could in biopharma.

But if you love it and it's what you want to do, plus you've got the capital to get started, and the time to put in, and the willingness to learn then apply yourself and work hard, there's no reason you can't be successful too. You can build a lot of wealth eventually in real estate, but it's not going to be easy and it's not going to be passive, and it's also risky. So your parents may have a point, if that's their point. You may want to listen to them just a little bit. Getting your feet wet with a house hack may be a great place to start, to see if it's really for you. Just please don't invite them to the inspection!

2 Reply

Adam Daneff

Rental Property Investor · Charlevoix, MI · Member since 2016 · 51 posts · 13 votes

2y

Your parents don’t pay your bills. It’s your life and you only get one shot, take it. Run your numbers, be confident with your decision and go for it. Don’t stress on the what ifs about buying RE, it’s the what if’s if you don’t buy RE. Once the ball gets rolling, crazy things can happen. I do agree with the self storage though, I have enjoyed SS a lot more than residential

1 Reply

Cody Warhurst

OP

Investor · PA · Member since 2023 · 13 posts · 7 votes

2y

Quote from @Adam Daneff:

Your parents don’t pay your bills. It’s your life and you only get one shot, take it. Run your numbers, be confident with your decision and go for it. Don’t stress on the what ifs about buying RE, it’s the what if’s if you don’t buy RE. Once the ball gets rolling, crazy things can happen. I do agree with the self storage though, I have enjoyed SS a lot more than residential

@Adam Daneff I appreciate the words of encouragement. It was very much the what ifs of REI that were giving me pause because besides being what ifs, they were coming from a source I generally trust that has decades of experience. Realizing now that the experience is decades old advice.

what do you like about SS? How did you get into that particular market? Edit: nevermind my questions, I just read your bio! Awesome

@everyone: Im stoked to start my REI journey after posting here. Thanks, BP!

0 Reply

Ray Hage

Investor · Fort Lauderdale, FL · Member since 2020 · 1k+ posts · 755 votes

2y

Quote from @Cody Warhurst:

Hi everyone,

first time poster and pretty damn new to the forum. My wife and I are just starting our rei journey and have been researching and preparing for owning multifamily re.

My parents were in the business from the late 70's to the early 00s. They lived off the income from their 16 or so student rentals and a handful of townhomes and then sold out in the early naughts for a chunk of change and retired on that.

ive been keeping my conversation with them relatively light and tentative because they've been rather discouraging about all my endeavors in life. So naturally when I started to become more serious about REI, they had nothing but reservations and discouragement to offer despite building a good life for themselves through multifamily re investing.

"now is a bad time to invest" "you should look into self storage" and their obviously bad advice "you should consider office space".

I try to justify our decision to them by relating the message of not timing the market, building rates into our plan, doing thorough due diligence, etc. and its met with this look like I'm an idiot

I'm 37, my wife is 38. She's a pharmacist, I was in biopharma business development and then most recently, pivoted to being a financial advisor hunting that "passive income" dream (that's another story--tldr is I was successful but resigned in Sept of this year). We aren't idiots. We can do math. We can sell ourselves to whoever we need to. We have a good network. Were making in-roads. We aren't swinging blind.

but I could use some encouragement, biggerpockets.

edit: I shouldn't have said "tried to justify", I should have said "justified". Because I believe in our plan, I believe in our abilities, I believe in real estate investing, and I believe in us.

Unfortunately, sometimes you are not going to get the best advice from family. I remember last year my mom asked when I was going to get a real job as if my passive income is not real. My parents are of the old mentality "work a lot and really hard forever". That's fine if your only enjoyment in life is working but most people have other things they want to accomplish/enjoy.

Of course, there are ways to fail in REI but there are many ways to fail in any business or personal life. Just try to stay confident and on a good path. If you're smart, you'll make good decisions most of the time and you will succeed in RE or any other business you want to get into. I am also a big believer in RE even though right now it is a bit tougher than before to make great returns. You need to be open to branching out into other investments as well.

I've made plenty of very bad personal life decisions and still wound up successful. If I took my parents advice, I would probably be miserable stuck in an office somewhere dealing with 8am meetings with people I don't care for and waiting for the weekend to arrive. I will tell you, do what you want and don't let others dictate what success means for you.

0 Reply

Konstantin GinzburgPro Member

Member since 2021 · 376 posts · 242 votes

2y

@Cody Warhurst

If you believe that your numbers work, then you should go on with your plans. The real estate industry now is not the same as it was in the 1970s. There are new challenges that need to be overcome now and the strategies that worked then, likely will not work now but there are still deals that can be found and profit that can be made.

"Be fearful when others are greedy and to be greedy only when others are fearful" - Warren Buffet

I do like the idea of buying office space in the near future because I believe that will be due a large price correction as interest rates on those loans adjust or balloon payments come due so there may be a lot of future potential to get office space at a discount soon but I don't think we have reached that point yet.

0 Reply

Nicholas L.Pro Member

Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes

2y

@Cody Warhurst

While I obviously think families should be supportive of each other, I'd echo what @Steve K. said. It actually is a really difficult time to get started. But if you're looking to invest and start from a place of financial strength, build a network, and go for the long-term, that's great. It seems like you've had good careers that could position you well, provide capital, make you bankable, etc.

1 Reply

Evan Polaski

Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes

2y

@Cody Warhurst, for what it is worth, I would probe more for why they are saying to steer clear? While I am with others that you need to do what you think is best, you can also take their "don't do it" to learn from. Hear their "war stories" and try to piece together what you can do differently. And push back a little asking them if they feel they are in a good place in life (presumably they will answer yes) and tactfully explain your point of view of their own successes and why you both want to share in that and learn from them to make it even better for your family.

I can understand their points at a high level: office does feel like a better return profile (and certainly less management intensive). But, that comes with its own risks. Housing is always needed, but the risk is that houses are really expensive right now to buy, and rents haven't kept up with appreciation or interest rates, meaning you are paying MORE to buy today, for a lower return. But the risk profile is also lower, in general, since everyone needs a place to live.

0 Reply

Jim K.

Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes

2y

Quote from @Cody Warhurst:

Hi everyone,

first time poster and pretty damn new to the forum. My wife and I are just starting our rei journey and have been researching and preparing for owning multifamily re.

My parents were in the business from the late 70's to the early 00s. They lived off the income from their 16 or so student rentals and a handful of townhomes and then sold out in the early naughts for a chunk of change and retired on that.

ive been keeping my conversation with them relatively light and tentative because they've been rather discouraging about all my endeavors in life. So naturally when I started to become more serious about REI, they had nothing but reservations and discouragement to offer despite building a good life for themselves through multifamily re investing.

"now is a bad time to invest" "you should look into self storage" and their obviously bad advice "you should consider office space".

I try to justify our decision to them by relating the message of not timing the market, building rates into our plan, doing thorough due diligence, etc. and its met with this look like I'm an idiot

I'm 37, my wife is 38. She's a pharmacist, I was in biopharma business development and then most recently, pivoted to being a financial advisor hunting that "passive income" dream (that's another story--tldr is I was successful but resigned in Sept of this year). We aren't idiots. We can do math. We can sell ourselves to whoever we need to. We have a good network. Were making in-roads. We aren't swinging blind.

but I could use some encouragement, biggerpockets.

edit: I shouldn't have said "tried to justify", I should have said "justified". Because I believe in our plan, I believe in our abilities, I believe in real estate investing, and I believe in us.

“It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat.”

Theodore Roosevelt
April 23, 1910

Truer words were never spoken.

1 Reply

Steve Vaughan

Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes

2y

I'm surprised that even after 20 years retired they are 'against' having tenants. That's the crux. Forget that student rentals is a niche and more hands-on, "all residential tenants are bad".

They kinda dismissed the financial benefits and go straight to the few (hopefully) bad experiences all LLs go through if they've done it long enough.

I exited out last year after 20 years of f/t ltr portfolio and I'd offer my kids level advice if they were interested in REI. I wouldn't discourage but also wouldn't rah rah. It is a deal by deal, tenant by tenant business.

In the end I didn't worry about my parents and siblings poo pooing my REI dreams. If you're patient and humble and only buying good deals in decent areas, you should be fine. You do you.

1 Reply

James Hamling

Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes

2y

@Cody Warhurst Ever notice when parent's are about to send the kids out to something really great, some known safe, only positive something, there is no warnings of preparations for such?

We don't say "ok, now, get ready, this is going to be super easy, really awesome so, just get prepared for it".

Parenting is, in itself, a very negative potential focused endeavor. We focus on all the negative what-if's, and try to chart a course of only safe, positive potential for our kids, and advise to such.

So I would say a positive take from there negativity is, they care enough to want to protect you. I know, it can feel a whole lot more like they don't have faith in your capabilities, but rarely is that the case, it's more helicoptering than anything. I speak from experience as a Master Helicopter-parenting pilot, lol.

And with all this there is 2 other points of positivity to take. If you take in all that negativity or warnings, and are still laser focused on this DESPITE all the dangers, well that right there may be the BEST indicator you got the chop's for this! Second, if can take in the lessons of others failures, it helps chart a course to best identify those, and how to avoid them.

On there advising things they themselves never did, well that the shoe shiner giving stock tips, right, just stay away from all that obviously.

And here is a light out there of encouragement. Just imagine how the response is going to be when you do it?! When they see you get into it, doing it, SUCCEDING at it, I assure they are going to become your #1 fan's. Because they also know how good it all can be, right now there just worried about all the pitfalls you could fall into so once many of those are in rear view mirror, it will be a vastly different situation.

1 Reply

Dave Skow

Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes

2y

@Cody Warhurst- thanks ...if you and your wife can qualify and support it -take the first step and buy a proeprty and see how it goes ..dont plan to ask your parents for help ..if you suceed - maybe they will ask you for a piece of the action :) Good luck

0 Reply

Account Closed

Handyman · Monroe, WA · Member since 2021 · 26 posts · 25 votes

2y

Cody,

The hardest house to buy is the first one.

You and your wife are obviously educated, so being able to trust your own judgement and plan is vital. Even when the world is against you, you're going to be carving out earnings, equity and wealth.

After considering the depth of experience your family has and wanting to move forward, find a deal and make it happen. You'll learn more from doing one deal that is yours than you will reading about what others have done/might do.

You'll build a whole new muscle group based on mistakes, missteps, failures and eventually, successes. Plan the work and then work the plan. You'll do great.

If there were as many real estate investors as there were opinions about investing on real estate, the playing field would be too crowded. Best of luck and I hope you find a great deal in your market.

1 Reply

Discouraged from starting by family with experience...need some encouragement

Discouraged from starting by family with experience...need some encouragement

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