Family discouraging me from investing in real estate

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Hi guys,

I'm 23 years old and currently have a rental condo. The HOA has been raised to $330 a month so I plan on selling it and reinvesting what's left after paying the debt off... I plan on buying a SFH or a multi family, whichever I can qualify for.

My family has been discouraging me and telling me that there is no real money in real estate and that most people buy homes rather than rent these days. I don’t think the latter is true at all.

Any advice and any stories of overcoming adversity for a young hungry investor? I appreciate any of the veteran’s wisdom. Thank you for your time.

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@Shivam Kashan

Average people give average advise. I appreciate that they’re family and everything so don’t take this the wrong way, if you want to be where they are, so what they’re doing. If you want to be better, do better. You decide your path and what’s “better”.

Ask them what their investments earn them (they likely don’t have a clue but will pretend they do). Example: most guys I hang around with think that their financial planner earns 2%,... and he does, but most years that’s 50%+ of their growth. So he’s taking a 50% commission on earnings, with zero downside risk. That’s likely what your family has going on. Average people, average advise, average crap.

Go hang out in a room with genuinely wealthy folks for a while, see what they’re doing. It won’t be giving 2% to someone with 3 months online training who’s taking zero downside risk.