The 'so how many properties do you have?' question and how to deal with it politely

[DavidMc]

First world problem here. Once a friend learns I'm into property investing I am usually asked how many properties I have.

It's almost always an innocent question, they don't realise they are asking what can be a private financial question for many (or that the number of property doesn't mean anything anyway! 1x $3M property vs 10x $100k properties, etc).

Answer with something like 'I'd rather not say' gets strange reactions, almost a 'oh, well fine, sorry for asking!'.

A more wordy, honest answer, like 'I know you didn't mean to, but asking me that is like asking me how much do I earn or how much money I have in the bank' gets a similar confused response.

How do others politely deal with this question?

 

[Singo]

Actually I don't mind telling friends how many we have. But I have replied to certain people that "I don't know, should ask my partner"

If they keep asking, then I ask why you want to know. If they are genuinely interested then I don't mind talking property investing starting with "it doesn't matter how many you have, what really matters is the strategy......."

 

[tobe]

I just tell em how many. But then I would also disclose by PAYG income if asked too.

Perhaps Im odd, or perhaps being a broker means its easier for me to discuss finances with people.

 

[The Fence]

The only people who will have a problem with whatever answer you give will be the envious.

 

[Peter_Tersteeg]

It's a largely irrelevant question without more context. I've had a number of people ask me the question. Rather than give them a straight number that means nothing, I give them a bit of background to our journey from when we started to our most recent purchase.

Which sounds more impressive?
* 2 properties.
* 10 properties.

What if the 2 properties were unencumbered and worth $1M each. You might have traded 40 properties over the years to get there.

Compare this to a strategy of 10 properties worth $200k each, but they're all leveraged to 90%, thus your net equity is $200k.

 

[devank]

It depends on who is asking.
I'm happy to share more details if that person is an investor as well as I know them.
Otherwise my response is "decent chunk". Generally they don't drill more and not really get offended.

 

[Richard Feynman]

I don't mind divulging this kind of stuff if people ask, and that won't change regardless of my portfolio size.

However, if you do mind, try "I've lost count"

 

[luckyone]

If I had more than I do (only have 3) and didn't want people to know, I'd just say I only have one. In fact, I often say that now anyway.

 

[see_change]

Depends on the audience .

Enough is the what I say if I don't want to say , but not want offend .

Cliff

 

[Aaron_C]

It's a pretty silly question since quantity does not imply quality. Let's just say I wouldn't buy anything under $1m.

 

[perthguy]

It's a pretty silly question since quantity does not imply quality. Let's just say I wouldn't buy anything under $1m.

It is a silly question. A better question would be how many, what are they worth? But even that is irrelevant without knowing how much you owe, which doesn't mean too much without knowing the rent. All of that is getting way to personal.

How many houses do you own is a much simpler, if meaningless question.

The one I got the other day is "are you a millionaire" - as in, if I sold all my interest in properties, would I have a million dollars to put in the bank. My answer: "not yet"

 

[S.T]

I just answer with "a few"

 

[nww]

I don't normally talk to anyone about my properties but if it does come out
I normally reply back I don't tell anyone how many I have.
Not even my mother knows the extent of my property count.
Im a private person and like to keep it that way.

 

[beachgurl]

I usually give people the number we have at the time. Most of mine are cheapies so it's not a big deal for me. It's the responses afterwards that are generally not great. You're so lucky or you must be rich or I'd rather enjoy my life.

It's like going to mothers group and another mum asks you if your baby sleeps through the night. Each of mine did and no new mother wanted to hear that answer even though they asked.

If people have a problem with your answer they shouldn't ask in the first place

 

[impala67]

...If people have a problem with your answer they shouldn't ask in the first place

+1 - Very good

 

[trey]

one of the most important things ive learnt with finance is never tell people what you have unless they like minded and you can trust them. otherwise they will tell everyone else, be negative and try and bring you down to there level.

 

[truong]

If they're genuine and friendly I'd reply:

"They're giving me a bit of grey hair actually. Are you looking at investing too?"

Otherwise stop them right on their track:

"Oh... you've got a few of them, haven't you?"

Keep smiling always...

 

[nhg]

how do others politely deal with this question?

oh look, a squirrel.

 

[Deltaberry]

Name a few major CBD streets and they lose interest shortly after and will go back to talking about holidays and sport.

 

[perthguy]

I usually give people the number we have at the time. Most of mine are cheapies so it's not a big deal for me. It's the responses afterwards that are generally not great. You're so lucky or you must be rich or I'd rather enjoy my life.

Just say: you should see my debt! That should shut them up.