Did you get your family involved with investing or rehabbing as well or do you do it on your own?
I was debating on if I should try and get my wife on board as I start investing, after I get it figured out, or at all. I was also think about what my kids could help with if they wanted too.
Do you have kids that help out? What tasks are good for certain ages?
I absolutely would bring my spouse in! I can't tell you how much easier it is to invest, scale, and grow when your spouse is involved. They don't have to be in all the details, but let them in as much as they want to be involved. Find out what your spouse is good at and have him/her take on those tasks. Feed upon each other's strengths and you will see your investments grow.
My wife and I are a partnership in our investments. I let her in as much as she wants to be involved and provide reports on what is going on. If you are serious about real estate investment, you should treat this as a business and not a hobby. We have formal weekly meetings to discuss the progress and finances of the business, and set weekly, quarterly, and annual goals/objectives.
I don't have kids (yet); however, I will get them involved in age appropriate tasks. We plan to dedicate at least one property to each child and help them learn and understand the principles of finance, business, and responsibility by running "their" property.
Your wife should definitely be on board, but how active she is with the investment is up to her. Getting kids to help with things is a good way to teach them how to do things-paint, fix things, yard work, etc. You can also teach them budgeting if they are old enough.
Many couples have one managing the bulk of the investment and flipping and the other gets licensed and starts handling the market listings and finding deals. It works very well as long as you really sit down with your partner and go over what you are both good at and what you can really commit to. It's nice to have both parties fully involved. My kids are 18 and 17 and like to look at my flips, but will participate more as they finish college or when they move off-campus in college and a buy a multi for them to live in and manage in their college town. I used to go into abandoned and foreclosed homes with my dad from 5 years old up and even though I didn't love it at the time, it was an adventure (and I always got an ice cream sundae after).
Great advice and insights, @AJ H. I am right with you with involving spouses and (future) littles ones.
@AJ H. Was she interested in getting involved on her own? I don't know if I should have her try and read some books or listen to a podcast episode, or just try and get started myself and if she wants in later let her in?
Thats what I would like to do is have the kids help and let them each manage a property after we figure it out for ourselves first
I would say if you can avoid going into business with your wife. Keep her informed and maybe she can do something small on the side. Help you with bookkeeping or something. My parents have been involved together in real estate for most my life. I worked with them for time as well. I just saw a lot destructive behavior because of emotional roller coaster they would have. So in my experience I would recommend against it. Then the work will seep into your personal life and there will be little boundaries.
Now I work with my brother and we get along fine. We are two dudes that don't get to emotional about things. Yet we have open and clear communication. I couldn't think of a better partner because I trust him with my life.
That being said I don't think its impossible to work with your spouse. I just think it brings on an additional set challenges if it can be avoided I would.
Hi @Ryan Guffey ! My spouse was actually interested in real estate before me and it took me a few years to finally jump in. Once I jumped in, we would talk about real estate. I would show her my analyses I would run and talk about things I was reading on Bigger Pockets or from books or articles. She was hesitant to jump in like me, but when she saw the potential cash flow then she saw what real estate can do for us.