Do Your Friends Think You Are Crazy for Investing in Real Estate?
One of the top concerns and challenges for new real estate investors is when friends and family members dismiss their plans. Why do they do that? Are they right or wrong? How should you handle it?
Why Your Best Friends Become Your Biggest Haters
This certainly isn’t always the case. It really depends on who you have been surrounding yourself with. But it can happen no matter what type of circle you move in; from barely paying the bills in a blue collar neighborhood to being a highly successful brain or plastic surgeon.
In some cases it is just ignorance. They don’t get it. And that’s okay. You don’t have to try and convince them. This is about you, your family, your finances, and your future. When they see the results in your life they can decide if it’s for them or not.
In other cases people may be afraid that you’ll ditch them and change their comfortable status quo. Surprisingly few people will really be pleased if you strike it rich in real estate. The opposite is true too. Material friends that only care about perception might not get moving to a smarter and more sustainable financial plan. One day they’ll regret it. Maybe you can help them out then.
The Big Question
The big and most pressing question for most new real estate investors is then “should I just get new friends?”
The answer for many maybe “yes!”
You don’t have to ditch them. But you will want to spend most of your time around positive people that will help you grow, rather than people who will hold you back. Of course that can be really difficult if your biggest detractors are your spouse, and other immediate family members.
A better question is do you want to keep staying where these friends are, and heading where they are really heading? Or do you want to be headed where the real elite are going?
Maybe thought leaders and major real estate investors like Warren Buffett, Mark Zuckerberg, and Richard Branson might be better friend choices.
Learning to Take Constructive Criticism on the Chin
The above certainly doesn’t mean that none of your current circle’s concerns are valid. Some inspired new investors can come up with some pretty wild ideas. That’s even true of those that have attended seminars, read outdated books, and got their education from online real estate forums.
Just learn to discern what constructive, helpful criticism out of love is, and what is just foolishness and envy.
There are risks to real estate, and any investment. But there are solutions to minimize those risks too. That may include insurance, LLCs, having a good attorney on retainer, and using 100% transactional funding (other people’s money) to fund your first few wholesale deals.
Most people might not get it, and that’s okay. Most people aren’t going to end up living the lives they really want. Real estate investment is a power tool to financial and lifestyle success – if you do it right. And there are plenty of great new positive people to meet along the way.
Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.
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