My wife and I are partners!

18 Replies

I see a few husband and wife teams out there and that is great. Today marks two years that my wife has joined the company. And it is going well. She actually closing deals on her own. I think I have created a monster. Do you guys think iits good to work with family? I say some yes some NO!!!

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.

Hi, you're still on your honeymoon! From a guy who has been there done that, I have some tips:

Agree on the strengths that each partner brings to the table. I was old fashioned and probably didn't give enough credit when and where it was due. When I strated my mortgage company, I had been a bank examiner, so my knowledge went much deeper than my wife's but she had been a loan officer and a processor and together we got it off the ground. It took both of us.
Be fair and recognize what contributions are made by each person.

Agree to allow one to be responsible for some aspects of the business and honor their opinion. Someone will need to have veto powers.

Make sure you don't take business home, especially in the bedroom! Your family and marriage comes before any business deal, always!

If you find down the road that there is conflict, agree to seek advice from another source and agree to abide by it. What happens, is that you may have a difference of opinion and then you ask a CPA and that opinion will fall on one side or the other. Don't gloat or rub it in, the party that loses may not be willing to accept advice from that advisory in the future.

If things get rough, you might look into forming two entities and each of you do your own thing, or allow each to do their own thing and don't pry until it's time to sign. Each have the right to be fully informed as to what's going on if their personally going to be on the hook.

If there is not a book on this topic, there should be, LOL!

Above all, respect each other!

As to other family, if you do, like borrow money, treat the transaction as you would with anyone else, sign the note, pay the interest and secure it as you would if they were not related. This can be a big issue if someone dies and the rest of the family looks to you for what may be owed! Good Luck, Bill

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

Very good responses Bill and Rich. I strongly agree with both posts.

My wife and I are commited to being partners in all investments. It doesn't matter if it's an IRA, SFH, flip, or multi-family. We each know each other's strengths and capitialize off them for maximum return.

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!

Originally posted by Tod Radford:
Bill, Rich & Mark, I tried to double vote for your posts, but it only lets me vote once.

I too work with my wife. ...


Tod,
You need to get your wife signed up to BP and get her to cast that extra vote!

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

Come on now people! Admit the fact! Even if you are not partners with your wife. Just admit it YOU ARE THE HEAD OF THE HOUSE!! The problem is that my wife is the neck and she tells the head which way to go! I have been in business for 15 years and married for 9 and let me tell ya something! Once you realize your wife controls 51% of the money and 100% of the lovin. There is nothing to fight about!

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!

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

Rob- My wife provides me all I want or need of both! Married almost 40 years and 30 have been reaaly good!! Rich

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

Agree on the strengths that each partner brings to the table.


As Bill stated, play upon each others strengths ... I'm more of a numbers guy who likes finding the deal, negotiating, etc while my wife enjoys the marketing part (flyers, picking colors, staging, etc) so works well .... but if we both enjoyed the same parts of real estate, I could see issues arising which end up spilling from the business to family side of things.

Originally posted by Tod Radford:
Bill, Rich & Mark, I tried to double vote for your posts, but it only lets me vote once.

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!



!


I like that about the post. you get one vote for that. You may be the brains of the business but at home you do as you are told. :D
I need to impliment that.

I had wanted to get into real estate investing for 4 years. I begged my husband, showed him rental property, constantly emailed him homes, etc. I was so frustrated he didn't share my passion. It took me that amount of time to WAKE UP and I went to my first local REIA meeting and never looked back. We own one rental property together that has been "ok" but we don't agree on how to run it.

Sooo...for me, I would have loved to have a husband be as passionate about real estate as I am, but I have to respect our differences, let him restore his old cars and be happy that *I* am able to finally put my own, foot into real estate.

I'm jealous that you two are a team and think it's great, but certainly understand not every spouse will jump in.

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

My wife and I have been working in business for 15 years, together, A tax business and a computer business, now a daycare business, we always strive to work together, my night share the same passion. But always strive to be on one accord in the decision making.

Originally posted by Financexaminer:


If you find down the road that there is conflict, agree to seek advice from another source and agree to abide by it. What happens, is that you may have a difference of opinion and then you ask a CPA and that opinion will fall on one side or the other. Don't gloat or rub it in, the party that loses may not be willing to accept advice from that advisory in the future.



Above all, respect each other!

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:

I've been working with my wife now over 15 years. We have our disagreements, but it has been very productive and constructive.

My wife and I try to work off of each others strengths. My wife generally supports my business decisions and lets me know who is in charge at home.

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