Ideal w2 career path (spouse), to best benefit your RE goals?

Question

I’m looking to support my husbands RE goals by choosing a career path that offers perks/unfair advantages, or at the very least, education, that will help us in pursing RE.

So, what job do you wish your spouse had (in terms of would be most beneficial to your RE goals)?

I have a BA in Communications, MEd in Management of Technical Education.

When we started a family, we decided it would be best for me to pause my career, working in higher education, to stay home with our daughter. The plan was to stay home until she started school, then re-enter the workforce. Our oldest is now in kinder, however I’m now home with our second daughter. Having been out of higher education for the past 5 years, and an additional planned 4 years home with our youngest on the horizon, I find myself realizing this is my opportunity to choose any career path I like (as I have the time to earn any certifications/degrees/network necessary to ensure I’m well qualified).

In terms of RE experience, I got into BP

Podcast to be able to understand what my husband was talking about, haha, and be able to contribute to those conversations meaningfully. I actually ended up being the one to find and negotiate our deals thus far, save 1. I have also managed our rentals from renovation to property management. Currently we are in our 3rd BRRR property. So while our RE goals started as my husbands passion, I’ve embraced it fully and feel confident I’d do well in a RE centered career.

I’m considering banks, mortgage brokers, home builders, obtaining a real estate license, or even pursing a doctorate in real estate law. I also could definitely justify going back into higher education/city government for the strong W2 and great benefits/hours alone.

I appreciate any insight and experience you’re willing to offer!

Julio Gonzalez · Answer

@Alyssa K. From a tax perspective, it would be better to have one spouse without a W-2 income that has real estate professional status. Is this something you've discussed with your CPA? That could be a great starting point.

Tom Shallcross · Answer

@Alyssa K. - lot of great options. I personally thinks it's great to work with a larger property manager in your area. This will provide insights into operating larger portfolios at scale and a sneak peak into where you eventually want to go. It should also put you in front of other successful people in the industry, thus increasing your network.

Given you already have started to build out a portfolio, you should also talk to your accountant about qualifying for real estate professional status to write off losses against ordinary income - https://financialresidency.com/real-estate-professional-irs/. If you get to professional status and then do one cost seg study, you can potentially wipe out your spouse's' earned income for the entire year. I did my first cost seg in 2021 and it had an unbelievable effect on the taxes I owed.

Alyssa K. · Answer

@Eliott Elias

Good points! Thank you! I’ve thought about becoming a Relator a few times, but haven’t pulled the trigger because all of our deals have been off market, and negotiation came much more naturally as an individual. However, I definitely found myself wishing I had one when I came time to sell one of our properties (though our realtor was a rock star and worth every penny she earned; it would certainly take a good chunk of time and effort to get on her level)

Alyssa K. · Answer

@Jaron Walling

I’m definitely not looking at RE as a cure all. And truthfully nothing needs to be cured, we live a lovely life and could stay in the rat race with relative comfort.

However we are at the point in our life where the decisions we make now will establish and shape our financial future/retirement, and so it’s time to “pick something and go all in”.

If I just went back into higher Ed I’d have the earning potential to contribute to any goals we have or gain along the way. But my husbands goals are my goals.

We operate very much as a unit. So while my language might come off as outdated/traditional to some…my husbands goals are synonymous with my own. I’ve gotten to live my dream of being home with my children, and so if I can help him achieve goals he’s set while he’s sacrificed to take on the sole support of our family, I’m all in.

I also have enjoyed learning real estate with him, and enjoy being in a position to apply what I’ve learned in a way that contributes financially to my family. The industries I’ve worked in prior have their perks, but earning anything additional on top of your salary for extra effort is not the norm. Career wise, my only goals are maximum earning potential while maintaining maximum time with my family; wherever those two points best marry.

I’ve got personal goals of course, and those are things I’m working on individually; but none of them are career specific; they primarily relate to health/fitness and family.

When in a role, my goal is always simply to advance to a position where I can be the subject matter expert in my field, the go to person. I’m a fast learner and and extremely hard working; and I will make goals that help my employer reach their goals, because that’s what helps me achieve mine (making more money and becoming the “go to”). I’m a great employee, but husband is a great leader/boss/business owner. We’ve done well leaning into our strengths.

Jaron Walling · Answer

@Alyssa K. That's fantastic! A lot of people will tell you to get a real estate license but I challenge you find another path. Agents are really struggling right now, and jumping into that boat doesn't sound fun. How savoy are you with social media? From my experience agents are highly skilled with social media (that's not me) and leveraging it to the max. If this is something you excel at leverage it but maybe not to sell houses! I'd really consider PM, maintenance/repair, or a combination of the two. Maybe it benefits you husbands business or brings more opportunities. This is what I've done for the last 2 years due to lack of supply and SKY HIGH prices in my market. I literally just swang hammers, do showings for rentals, and help OOS investors. Shake babies and meet movers and shakers in your market.

It doesn't take a rocket scientist to realize negative cash-flow (I'm in a cash-flow market) is dangerous. It's down right stupid depending on who you ask. After 4 years into my investment journey were at 3 doors. Year 1 was literally market research and learning basic remodeling skills. It feels like snails pace and it's frustrating but snails do move. It's action and that's all that matters.

Alyssa K. · Answer

@Drew Sygit

My husbands background is machining/mechanical. For the past 10 years, he and a buddy have built an automotive business. My husband oversees the shop and all things mechanical/the mechanics, his buddy all things sales/the salesman.

Alyssa K. · Answer

@Tom Shallcross

I hadn’t considered property management. I’ll look into it, thanks!

Thanks as well for the info regarding taxes, I’ll take any help regarding write offs we can get. Currently we are just building equity for the future, and while we’ve been at it a couple years, what we’ve built will absolutely benefit us down the road rather than anytime soon; we cash flow, but nothing significant enough to impact income as of yet.

My goal in obtaining a well paid w2 job, whatever field that may shake out to be, is I either can take over as breadwinner so my husband can focus on RE, or we can continue to live off one income, and pour the other into investing.

Jaron Walling · Answer

@Alyssa K. "looking to support my husbands RE goals" - Regardless of your husband what are your goals? Real estate isn't the cure all.

Drew Sygit · Answer

What is your husband's background?

Accounting knowledge is huge...

Eliott Elias · Answer

Realtor, it's not consistent, it's self employment with little to no help. You will be forced to generate income, it's where you need to be to truly learn and respect real estate.

Ideal w2 career path (spouse), to best benefit your RE goals?

Ideal w2 career path (spouse), to best benefit your RE goals?

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