Decision Time, Going All In

5 Replies

Good morning Bigger Pockets!!

Well, after some positive messages from my fellow Canucks I have decided that I'm going to jump into real estate investing. So, being the good husband I am I told my wife before I even told you. This was not met with the positive response I imagine I will receive from the forum.

My mistake is that I took my wife a few years ago to see a guru's real estate "seminar" where we sat through hours of presentations designed to entice people into buying a real estate courses. My wife has very low risk tolerance, and after this experience thinks that real estate investing is a scam. She is very worried about buying a single family residence where we discover huge issues that eat up end up costing us 150% of the house value by the time you are done paying.

I don't have the answer yet about what to do when your flip turns into a nightmare. Would I be able to get some exit strategies from experienced flippers so I can ease my wife's concerns?

Thanks everyone!

Kenny

My advice for you would be to hire a home inspector before purchasing. They can sniff out things you might miss before you are fully committed to the project.

I like houses that would make sense as either flips or rentals, so I can have a preference when I buy it, but I am not necessarily locked in with one exit strategy or the other.

@Ken Wilson I am currently investing with my wife. At the beginning she was very skeptical about all this. My way around it? Evidence. I pulled closed sales data from one of the most active investors in the area. I was able to produce a business case based on acquisition and disposal. How much the guy is making and his projected returns/rent spreads. Then did the same with before and after pictures (if any) with estimated repairs coming from a known contractor. The results of this intentional effort...? Today we have 5 properties in Florida and the Caribbean: 4 rentals and one flip. She now loves this field and wants to acquire more... Good luck.

@Ken Wilson  Show her the numbers, and then show her how all of her risk concerns are taken care of.

Thanks for all of the good advice! Much appreciated. 

@Ken Wilson ,

Welcome to the Best Real Estate Site on the Net.

Click on the “learn tab” at the top of this page, and you could be spending many hours on the Information that is available..

Raymond

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