Negative reactions from friends and family

[Michael Ryland]

My wife and I are just starting out and now have two rental properties. We are excited about these opportunities so we can’t help but tell those who are close to us. We were sitting down and sharing all of the not so positive reactions and we couldn’t help but laugh at all of the similar comments from different people in our lives. Fear and caution is by far the overwhelmingly common response. I’m sure all of you have had the same responses but I thought it’d be fun to share.

“Ok. Be careful. You remember Ron? He bought 30 properties in Texas. He over leveraged himself and lost a lot of money.”

“Maybe just buy one property and see how it goes first before you buy another one.”

“Wow that’s ballsy. Are you sure you want to take that risk?”

“Wow. I wish I could do that. I wouldn’t know where to start. I’m proud of you.”

“Since when did you become Richie Rich?” (It’s not my money it’s the banks money and I’m making money on the bank’s money.)

“You’re going to be a slumlord!!” (No I’m not. I hate that everyone says that.)

“Oh cool. I could totally live there when I can’t take care of my place any more.” (No mom you can’t. Sorry it’s business.)

Share you’re best responses. Especially the funny and ridiculous ones.

Gary Keller’s book The Millionaire Real Estate Investor says “Anyone can do it....Not everyone will......will you?”

[Mike Lee]

I often take into consideration the source. If any of the friends/family are in a better financial position than what I am striving to get to, I MIGHT take their feedback into consideration.