El Paso, TX · Member since 2017 · 19 posts · 3 votes
Hi everyone, currently taking action steps on purchasing first rental property. Have ran into a road block, my wife isn't really confident in taking the plunge with me. I've told her we would do our homework before jumping into property and that she's right with thinking we'll run into some kind of obstacle down the road. How were you able to convince or at least get spouse in on the adventure, that could possibly lead us to a very rewarding life?
Real Estate Broker · Garden Grove, CA · Member since 2017 · 159 posts · 55 votes
9y
Hi Frank,
I was lucky because back in 2009 I invested with my brother and sister and at that time I havent met my wife yet so I didnt have to convince anyone. Anyway, pass forward to 2011, I met my wife and disclose to her about my investments. At the time she wasn't very into it and kept asking me why I did what I did. It took me a very long time constantly bringing up the pro of real estate investing before the acknowledge that those investments was good. Anyway, now that I am thinking about going out on my own and invest without the family, she then start feeling uneasy because we just bought our first house together at the end of last year. I guest the best way to do it is keep feeding your spouse the good of investing. Keep making small talk so that she know you are passionate about this it is not something that you will lose interest quickly. I heard so many good review about the book "Rich Dad Poor Dad" recently. We have a baby coming within the next few months and my wife wanted to me read to the baby (I guess this is a woman thing). Anyway, my plan for the next few weeks is to read that book to "the baby". This way I can indirectly teaching my wife the fascinating side of investing. Just so you know, way back when I first met my wife I had to show her that we do not need to buying everything in cash. Sometime buying on credit or taking out a loan is good. As long as you are responsible with your spending. Hopefully I can get my first (separate) investment property by the end of this year.
Real Estate Broker · Garden Grove, CA · Member since 2017 · 159 posts · 55 votes
9y
Hi Frank,
I was lucky because back in 2009 I invested with my brother and sister and at that time I havent met my wife yet so I didnt have to convince anyone. Anyway, pass forward to 2011, I met my wife and disclose to her about my investments. At the time she wasn't very into it and kept asking me why I did what I did. It took me a very long time constantly bringing up the pro of real estate investing before the acknowledge that those investments was good. Anyway, now that I am thinking about going out on my own and invest without the family, she then start feeling uneasy because we just bought our first house together at the end of last year. I guest the best way to do it is keep feeding your spouse the good of investing. Keep making small talk so that she know you are passionate about this it is not something that you will lose interest quickly. I heard so many good review about the book "Rich Dad Poor Dad" recently. We have a baby coming within the next few months and my wife wanted to me read to the baby (I guess this is a woman thing). Anyway, my plan for the next few weeks is to read that book to "the baby". This way I can indirectly teaching my wife the fascinating side of investing. Just so you know, way back when I first met my wife I had to show her that we do not need to buying everything in cash. Sometime buying on credit or taking out a loan is good. As long as you are responsible with your spending. Hopefully I can get my first (separate) investment property by the end of this year.
My wife said no to every real estate investment that I proposed. No to a condo flip project, that netted 15k in 3 months, only purchased for 32k. No to a 4plex purchased for 205k, Dec'14, now worth 240k, ROI 12-14% annual, monthly cash flow about 800-900 net per month. No to another 4plex purchased for $170k, ROI 10%, monthly net cash flow 600 per month. Now worth 210k.
Once a pattern starts you will need to assume you will always say NO, NO, NO. At that point, either try to convince her or go at it alone.
In hindsight, ask your wife what is her risk tolerance? If she says none, zero, or low, don't even ask anymore. Any investment, 401K, your home purchase, rentals, there will be risks involved. With homework, knowledge, and analysis, will only minimize the risk.
Salt Lake City, UT · Member since 2017 · 18 posts · 6 votes
9y
I was like your wife 15 years ago. I was doubting my husband who tried hard to convince me to start investing in RE. I finalized said to him 'fine, but let's start w a small house and see how it goes'. Forward to now we have 10 doors going on to close 11th next month. I never regret doing it and so glad my husband convinced me. It was the best decision we have ever made.