I wanted to reach out to the biggerpockets community to see what others do in their business when working with a spouse. One of the best pieces of advise is to "know your role" and that makes so much sense. We have only been married for about a year and a half. We love each other very much and feel very grateful to have one another. My question is: How can we separate our business from our marriage? I mean we are both very passionate about real estate and my wife is the one with a full-time career outside of our business. She has really been busy with her job and it is becoming difficult to include her in every decision due to her busy schedule. I am hoping others on this site could tell me what works for them and what we need to avoid. Thank you for taking time out to read this, please give us some guidance.
I don't think you should separate it, one needs to trust the other to take the lead and pull up the slack when the other partner has more pressing matters. Communicate, fully inform the other, while your wife may not have time to ponder some decision, small ones, she can hear you say what you did or will be doing. You make a big blunder without informing her you'll lose her trust, so I suggest you keep her informed even if she acts like she'd rather not be bothered with it. If she feels she has to worry, then you need to establish more trust.
She is your business partner and your life partner, can't separate that unless she just turns it all over to you and fully trusts you. Trust can not be demanded either, it must be earned! :)
My partner is my husband. We have been very successful because we work together. That begin said I am definitely the "lead". This is my love, my baby and the reason we are involved. While he listens, offers advice, and signs papers.
The key is if you wife is okay with you doing most of the work. Don't feel bad. You are a team and everyone will contribute differently based on their time. I have totally put an offer on a house without my husband directly approving because he was too busy. The number were within are agreed upon range so I went for :)/
Make sure you sit down on a regular schedule and talk about the business. Whether you have a Word document or spreadsheet of topics to talk about, you should keep on base with each other. People make mistakes and get angry with mis-communication or just lack of communication.
Although my husband is my partner, real estate is my thing. He trusts my professional opinion when it comes to what properties to by, how to finance, rehab and tenants. He fully supports and does whatever needs to be done, but allows me to completely do the day-to-day management. We communicate often about what is going on in the business so he's always in the know. Communication is key for this type of arrangement.
Elizabeth Colegrove you and I are in the same position. Thank you for the advice!
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