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?
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.
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