I was interested to see if any others out there have any recommendations. My wife and I are currently real estate investors in multiple single-family, multi-family and commercial properties. I do all of the brokerage, management, analysis, negotiations, etc. She has helped me fix items and helps with the Quickbooks accounts.
She currently has a full-time corporate job and is to the point where she is ready to get out of that world and explore new opportunities. She will explore a few different options; however, as we do invest in real estate we both feel it's very relevant for her to get more hands-on. I was thinking perhaps she just gets her real estate license joins a residential firm doing deals part-time to learn that side of it and in conjunction with that I could help her as well.
We both live in Washington State and have no intention of going to another state though we are under contract on a house in Cle Elum now putting us further away from Seattle and the bulk of our rentals; however, if were both self-employed getting around to the properties becomes less of an issue.
Appreciate any thoughts on what you guys might suggest to someone in her case. Maybe it's worth trying realtor work, or maybe someone tried this and found their wife really enjoyed another aspect better? I know everyone is different, but it's cool to hear what others have done. Thanks!
I am the investor half of an investor/broker marriage. To me, that's the most powerful position to be in... to either be an investor/agent or be an investor/agent team!
We have drastically increased lead to appointment ratios and appointment to contract ratios (about 50% each) because we don't have to screen calls, we just make an appointment, and when we get there, we can offer just about anything.
I'm typically working on 4-6 investor projects (rehab, wholesale, owner-fi, etc) at one time while my wife is rarely listing less than 10 and usually closer to 15 at a time... and it all comes from marketing to distressed sellers.
Melding the traditional with the creative and being able to offer any solution.... that's powerful.
@Daniel Francis or anyone else with experience. The situation is as folows:
I am starting off in rehab fix/flip investing and I do not have any professional license for real estate.
My wife is a licensed North Carolina Real Estate agent. I have already ordered about $200 worth of brochures advertising that I buy houses and I mention myself as well as my wife in these brochures and have both our pictures. These are primarily our seller credibility brochure but being a tri-fold I thought I could mail them as well and see how that works.
The dilemma is that I did not give adequate consideration to the disclosure requirement to disclose my wife's real estate license in the marketing materials. Now I am concerned that I may need to take a loss on these brochures. Could I place a sticker on each brochure with the disclosure, would including a separate typed letter with the disclosure suffice? How do others in this type of situation handle this disclosure requirement? Some say it is legal to market without but most Realtor Associations Ethics Standards appear to require disclosure on "first contact" but does direct marketing fit that definition?
A little help please!
In my opinion, yes I think you will need to take a loss. Because putting just a stick is just that, a "sticker". It'll come off and you could be liable for misrepresentation. Although I can see the "grey" line of First Contact. In which you can disclose immediately upon a first encounter, but lets say you didn't do that by accident. Where does that put you legally? You're better protected by disclosing this upfront.
Just like any career change, you won't know till you test it out. You may have this luxury of time to see what works. If you do, let your wife do what she likes to do. If keep options narrow, you'll just come back to same situation with the corp job if you don't have the undeniable passion.
My wife was a cosmologist before getting involved with my real estate investing career. She wanted to be involved but didn't know exactly what to do. I looked at her skill set suggested some task that may fit her, but also kept door open for her to try other things that best suit her.
At the end, she turned out to be a great stagger,interior/exterior home designer.
@Eric Stevens You should be asking the R/E Compliance folks. They are very accessible and reasonable. They are sensitive to advertising and disclosures, so I'd get their opinion on this topic. My bet is that you just chalk up the $200 to a lesson learned. I'm a NC R/E broker and investor in NC, and just went through the BIC UP course. They spent a fair amount of time on the requirement to disclose being a broker in advertising...
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!