First deal- Dealing with unsupportive family?

[Jose Duque]

Hey guys,

I came here seeking some advice/support on this. I am a new investor who is closing on my  very first property (a house hack) within a month. Now the place doesn't look amazing, it needs some cosmetic work, but it cash flows for days, it is structurally sound- no big ticket expenses, as well as it is located in a really desirable area for student housing. I was the happiest man around ...until my parents came up to see the place. No matter how hard i tried to assuage their feelings about this place they could not see behind the grime and the dirt. They hated it so much that my mom cried and basically made me feel like a turd for buying it. Now yes, this house was cheap and with my engineering salary I could buy something nicer, but they did not care at all about the cash flow. I haven't been able to sleep because there is no way i can back out of this deal without getting sued since we are so close to closing. I'm not sure I even want to back out, because I am confident in my estimates. I just feel extremely disheartened to have worked so hard to find this property and to be talked down to. Sorry, maybe i'm just ranting. Has anyone else had experiences with supportive family or friends?

[Khaled Helmi]

@Jose Duque - between us I'd ask yourself: How good are you parents financially?  Are they savvy investors?  Are they financially where you want to be at their age or not?

If the answer is "no" then you should love, respect, honor them for all the stuff they've done for you BUT understand that if they haven't succeeded in their own personal financial world then their advice needs to be taken with a grain of salt.  If their criticism isn't based on logic, and your mom crying seems to suggest its more emotional, then you just have to understand that its probably not sound investment (or life) advice.

I think your parents will be ok but it may take some time.  But the best thing you can do to make them feel better is make it a success and show them how much your banking doing it!