Dealing with family's pessimism about real estate investing?

Question

Account Closed · Answer

I think one way to ease some of their concerns is to show them a detailed plan of attack. What are your specific goals and how are you planning on getting there? What are your 1/3/6/12 month plans, 3 year and 5 year goals? What happens if you don't meet your goals? It's great that you have people in your life that care about you. They probably have your best interests in mind.

Good luck!

Bryan O. · Answer

@David Stone you are you. They are them. Who cares what they think? I'm in my 30's and a successful buy and hold investor and my brother is just now starting to believe that it works. Live your life and do your thing. Actions speak louder than words and they'll eventually catch on. If not, it still doesn't matter to your life or success.

Mark Holencik · Answer

Do not tell them about it. Unless you want them to finance your dreams.

Everyone has this model that you are supposed to fit into. They will talk about doing what you are doing until you start. Then they will tell you how it can not be done.

I believe in education. My son is a college graduate and most of my relatives are college graduates.

I did not finish high school. Far from stupid,  I am very well read. I have never stopped learning. A lot of college graduates stop reading when they leave school.

You can higher anyone who has gone to school, at a very reasonable price. Saving you a lot of time.

Eric F. · Answer

I am on your parent's' side. Finish college. You should have a backup plan, always. Successful people always do. Richard Branson did not start Virgin Airlines without a guarantee from Boeing he could return the planes no charge if it did not work out. Unless your job is a high level job you shouldn't quit college to focus on work and investing. You don't need to quit college to find a couple of buy and holds. Finish what you start. This applies to college and life.

You're 21, no family (I assume), with a job and you are going to college. If you take a break now when will you go back? You won't. You will never have more time.

Daniel Cuevas · Answer

@David Stone I had the problem of family members not seeing too much potential in a commission only position as a realtor. I come from a family that migrated from another country and they believe in getting a job and building new business. So that's what drove me to continue to produce. Keep driving forward and creating!

Eric F. · Answer

I wouldn't say my family was pessimistic or tried to discourage me but when I first got interested in real estate I am not sure if they thought it worked. I did two things.

First I bought my dad The Millionaire Real Estate Investor by Gary Keller. This book doesn't have any mind blowing strategies or secrets, but it lays out the advantages of buying rental properties to fund a retirement in an easy to understand way.

Second, when I decided to go into wholesaling/rehabbing full time my dad was apprehensive. I had a pretty good job that I was doing well at, but I wanted to try real estate while I still could. If I was married with 2 kids I couldn't take a risk. Right now I only can mess up my own life. No one depends on me. I took him to meet a very successful investor and after that my dad supported me 100%.

Granted I was in a different situation. I had already had another career for 10 years and the absolute worst case scenario is I go back into it. I could find a job instantly (CPAs here have I think a 2% employment rate). Do you have a job now? Did you go to college? Perhaps they are afraid to see all the time and effort you went to going to college and getting a degree, then a job "go to waste." That is understandable from their perspective.

Are you trying to quit your job now to pursue real estate? If so, they are right to be alarmed. At 21 I doubt you have a year of income saved + a year of expenses (marketing, etc). I would not quit without that. If you only have a 3 month lifeline you will be making a bad decision. If you are just looking into it on the side while keeping your job then what do they care anyway? The worst case scenario is you spend your time learning about real estate instead of watching TV, which is how I imagine most people get started while working a job.

Michael Evans · Answer

First thing first. You have to live your life, not your family. You have to deal with the consequences of your decisions. So though you may care about what your family thinks, don't put that much emphasis on it.

You're young and now is the time for you to take chances and experience life. I wish I had done that when I was your age and I wish someone had encouraged me.

Stay Blessed!

Dealing with family's pessimism about real estate investing?

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