Longmont, CO · Member since 2019 · 52 posts · 11 votes
I’m wanting to start investing in real estate. Specifically Brrrr-ing. My spouse would like to be involved as well. Im wondering how many other investors out there work with their spouse and how you divide the responsibilities of your business. In what way do you both contribute to running a successful rental company business? Any advise is greatly appreciated!! :)
The family business is also considered when the wife and husband are engaged in one common business that generates income. In most cases, such a business looks somewhat funny from the side. Most often, spouses' personal relationships are transferred to the office, and in the home environment a man allows himself to treat a woman as a subordinate or vice versa. At home, work issues are often discussed, and personal ones at work, so a person does not concentrate on either work or leisure. Well, in the event of a divorce, you need to be prepared for stress and, most likely, a change in type of activity.
We make a great team & have done for 35+ years. BUT she has her own office at home (in fact 2) where she keeps all the accounting, tax prep, rehab design etc & I have my (much smaller) office & a pole barn to hide what I buy until in-case we need it.
When we first met she was very skeptical about my REI until she realized that most of my 'hold' investments were mortgage free or at least would be very soon based on quick rehab/resales. Admittedly I have acquired some quite a few disasters & had to turn them around to avoid the 'what were you thinking'look. But it's all been good fun & I must admit her financial acumen has built us a very impressive passive income steam.
But we have had friends with opposing confrontational spousal mindsets & it had not ended well & sadly most worked until they HAD to retire!!