Saying no to friends seeking property advice

Not sure which forum section this one belongs to but I am sure a lot of experienced investors can relate to this.

I frequently get contacted by friends and family who want advice regarding their property purchases. I don’t mind giving a bit of guidance but buying a house is a highly emotional decision and most people can’t even take your well meaning advice well if they have already made up their mind on something and some will keep dragging you into their purchase more than you would like to be involved.

I don’t want to charge them for my time because I am not a property buyer and have no intention to be one.

What are some of the tips/tricks to keep the boundaries with free advice seekers without ruining the friendships?

 

Dont tell them you have ips in the first place.

give them a few books saying this is how i started.

just give vague answers.

 

If we can't
- lend them money
- advice them on what we know better
- do business
- etc..
then, what's the point in being a friend?
I do all of them while making sure the expectations are correctly set.
If I'm going to lose a friend because of it, then I don't really need that friend in my life.

Give them your honest opinion and leave it at that. They may get advice from many other people and choose whatever suits them.

 

I would say, "I would do xxxx, and not do xxxx if I were in a similar position. However, I am no expert, and property investment is a very personal decision. Ultimately, only you yourself knows best what is good for you and your family."

 

If you got an IP which is preforming badly and you want to get rid of, you could brag about great of an investor you are and how lucky they are to ask for advice because ......Ta-Da.....you just happen to have an IP that is really worth 20% above current market value, BUT, to help out a newbie, you'll sell it only to them for 10% above market value lol.

 

I think this is going to be strategy going forward.

Friend: What suburbs you recommend in Brisbane?
Me: Ones with the good houses!

 

It depends on what answer this "friend" wants. For someone who is basically anti-property and pro-shares, I would copy and paste (verbally) some of the discussions about how shares are miles better than property as an investment. Then tell them go ahead with what they believe are the winners. Often their reply: "I am glad you think the same. We must catch up again for another drink". I would say: "For sure, anytime..."

 

I put friends and close family in 2 very different categories.

Friends, I'm happy to point in the right direction and tell them where to look on line to get more answers for themselves. If they want me to do all the work, it's basically sayonara. Don't need entitled friends.

For close family, I'm willing to hand hold and go the extra mile or 2. Blood is probably most important in life.

 

We helped our kids with advice (when asked) when they were buying houses. Actively involved in one purchase.

 

^^^
This.
I do it all the time, not just with advice about property, but advice on anything really. I will be honest about my opinion, but I am clear to them its just 'my' opinion, and that there are plenty of people out there who would disagree with me. Doesn't matter if it's property, parenting, dog training, or any other topic under the sun. It stops people getting defensive (because people do when you opinion differs to what they thought it would be), and it allows them a neutral ground to make their own decisions without having to worry about offending you (this is usually a bigger issue with women then men).

 

I have clients ask me where the "good" suburbs are atm and my response is "I can introduce to a buyers agent who specializes in sourcing investment-grade properties" as I'm licensed to give credit advice.

 

This! I usually direct them to the forum, and let them know that I'm happy to help, however they can talk to others as well. There may be other people that they can relate to better and not have to divulge sensitive personal data to me.

 

I used to got asked by people wanting to move into my local suburb which is in a very popular school catchment and it was quite understandable. The recent surge has been from everybody trying to buy an IP in Brisbane. In my circle, Brisbane is the new Bitcoin!

 

Just do a Joe Biden...

 

My family and closest friends know that I had a profitable business spanning 35 years. They know of my purchases and the hiccups which came with them. Honesty to me, is the best policy. It wasn't a bed of roses, and at times came with degrees of anxiety and stress. Nothing ventured, nothing gained!
I don't say no......to offering advice, but they fully understand that I won't be assisting them in anyway financially.

 

maybe one day you may want to ask someone about health advice if a friend is experienced in that area or even advice on something you don't know much about (kids schooling etc). Obviously this person is a not a good friend as I would help out for sure as that's what good friends do. .

 

We never discuss our finances or investments with friends or even extended family for that matter.

If someone happens to ask us for our opinion/advice regarding property investments then we just say we're not experts, which really is the honest truth.

 

Highlight the role luck plays?

I know we all think we are pretty clever, but we are lucky.

Also highlight the time in market strategy, so u catch the luck that's going around.

And put the slipper into banks ( and Microsoft if you have time ). I make many friends when I bash banks.

If all that fails .... talk about politics, maybe the PM'S religious bill?