Updated almost 4 years ago on . Most recent reply
Significant Other Hesitant to Get Onboard
So I'm trying to get my next deal started and will be using creative finance to fund the deal. My primary residency has close to $200k in equity so I plan to use it in either a HELOC or cash out-refi to complete a BRRRR deal. I also have about $20k in cash. During the refinance process I will take the cash out I invested and pay off the lien against my primary.
My challenge I'm bumping into is the fact that my significant other is not onboard with the idea. She thinks that taking out a 2nd mortgage is a huge risk and irresponsible. She believes it needs to be used for buying our next home or redoing our own home. I agree with her that a HELOC can be a huge risk if used irresponsibly or even if its a bad deal but used correctly it can be a huge jumpstart to my/our real estate career.
Does anyone have experience educating a significant other to get them comfortable with the strategy? She isn't interested in RE for context. Thanks for all the feedback!
Most Popular Reply
@Ryan Arsenault Having been very happily married for over 42 years, my advice is to do your best to explain what you want to do and why. Explain the benefits and the risks.
If she's still not in favor, STOP. RIGHT. THERE. For a marriage to be successful, you must both be in agreement with each other's major life activities.
If she doesn't agree, let it go. Do not badger, cajole, harass or whine. And never, ever bring it up in an argument.
No financial deal is worth putting your relationship in jeopardy.