BiggerPockets

i think it really depends...

if it is working for you then great!
i know of some people that need that 'work time' away from their spouse. many people cannot stand their spouse (or anyother person) 24 hours a day, 7 days a week.

my wife and i have varied interests so we've never been put in that situation.

In 40 years of being in this business, I'd add the following.
1. If you LOAN money to family, in your mind, consider it a GIFT. If it is not re-paid and you try to collect, you'll be considered the bad guy.
2. My wife and I are celebrating 40 years(most happy!) years of marriage in May. We've been together 24/7 for the 40 years. It has worked extremely well. She doesn't do any of the analysis or negotiation. I don't handle any of the acctg or paperwork. It has worked real well.
I can't think of anyone I'd rather have by my side. Rich

Bill, Rich & Mark, I tried to double vote for your posts, but it only lets me vote once.

I too work with my wife. It is very rare to find spouses that can work together. I run the company's accounting/finance group and she is a part time accountant. We met at this job 21 years ago! She has been my best employee because she understands my goals. Now, at home is a different story! I do what I'm told!

One tip I'll share. Our secret to a happy marriage is that we make a point to go out on a date twice a week no matter what. She goes out on Fridays and I go out on Saturdays.

Thank you very much, I'll be here all week!

Bill- how long have you been married? Good tips. Someone said you weren't married. Now , I'm confused. Rich

I wish my husband would be more involved in our rental business. We both work full time, 45+ hours/week. His dad is our PM, so you'd think he'd be the one who'd talk to his dad most often. Nope. When his dad calls, he hands the phone to me and leaves the room. He at least pretended to be involved in our first couple of deals. Now I do the analysis, decide what to offer, and he says "Whatever you think, honey." I make decisions about when to evict, when to raise rent, and do all of the bookkeeping on my own. Of course, there are advantages to this, but I'd rather have some support. At least that way I can't be solely to blame if it doesn't work out!

Hi, sorry missed the post. I've been married 38 years, 20 to one and 18 to the other! I'm single now, but taken, well, now the whole world knows! LOL.

Rich, I liked the gift angle, I was speking as though the younger ones would borrow from family to get started, so that's where that is. Absolutley, I "loan" money,or assets like a car, whatever, and I really know I probably won't see it again, nor do I say anything anymore. I use to as a way to hold the boys responsible, but when they get older ther personality is already developed. Too bad we have to say consider it a gift because I'm sure there will be some who may justify not repaying money to family by considering it in that light, too bad, it's not a good quality taking things as if there is a sence of entitlement.

Rob is right on, LOL. I use to say, I wear the pants in the family, she just tells me when to put them on and take them off!

Mariah , That's common I think. It also goes two ways. Asking for support could start by asking their opinion and getting the other partner involved. Marriage is like a personal business partnership (because it is) and with any partnership one, at some point, will always think they contribute more than the other. But. it's obvious he trusts your judgement, that's a very big thing!

Real estate can be very stressful, especially starting out. There is a hughe financial responsibility and risk taken for the reward, as with anything else.

Those really willing to work together trusting and repecting each other are far ahead of the game. There are few things in life as gratifying as a couple building a life-long relationship, achieving goals together and improving their quality of life together. The poorer you are when you start, the greater the edification shared between you.
Good Luck, Bill

Smit
Go out in the garage and start making suggestions on doing the restoration on the car differently, question the expenses it is eating up, his time at $.25 per hour etc. If you "suggest" things to him, maybe he'll get the message and stop "suggesting" things to you in the real estate end of it. Good luck . At least your "business/hobby" has a chance of returning your investment- ain't going to happen with the the cars- been there and done that. Rich

excellent advice - I have worked with my wife for almost ten years now - it is a very rewarding experience when you can share the passion of your life with the person you most cherish. We both come from financial backgrounds and can trust each others judgement - we know each other well enough to know what we would like or dislike about something. If I could add anything to it , I would say to make sure that you MAKE time for the bedroom and other family life - having a spouse as a partner can make it seem like we are running full throttle all the time - so recognize, that you both need to step away from the business from time to time to gain perspective on life.

I would never want to work as closely with anybody else - even it was more profitable - I cringe when I see stories of people who spend so much time on the job that they cant see their family - being able to share it with my wife is the most rewarding perk of all. :lol: