New here! Wanting to get into Real Estate but My Spouse is not on board yet.
Hi everyone, I'm new here and interested in real estate near Ft. Novosel (Rucker). My spouse and I are both prior military and I'm currently using my VA loan while his has only been used once. My goal is to create a comfortable living for our family and have the option to work part-time. My husband wants to start his own woodworking business and leave his current job. We had a bad experience when buying our first home which resulted in us renting out after being medically separated from the military. Due to this, he is hesitant to entertain my desire to get into real estate unless I can provide a solid plan or reasons why it would be beneficial for us long-term. Any tips or advice are greatly appreciated!
Quote from @Kevin Sobilo:
@Kathy D., why does the husband have to be involved in your real estate ventures? He has his own aspirations with the woodworking business.
What would he think if you wanted an equal say in every aspect of what he wants to do with that on a day to day basis?!? I suspect he looks at his business venture as "his thing" and your real estate venture as "our thing" but why can't it just be "your thing"???
Yes, if you plan to house hack and use the VA loan that would entail a family decision, but you could also use hard money and do a BRRRR or some other strategy as well.
I need to learn more about hard money and BRRR since using my VA loan isn't an option. I didn't know purchasing a home using the VA loan would be to be a primary residence. Thanks for your input!
Quote from @Bruce Woodruff:If you read the entire thing, I said if you use a VA loan it WOULD need to be a family decision but that there were other options such as hard money where he would not need to be in debt himself.
Quote from @Kevin Sobilo:
@Kathy D., why does the husband have to be involved in your real estate ventures? He has his own aspirations with the woodworking business.
What would he think if you wanted an equal say in every aspect of what he wants to do with that on a day to day basis?!? I suspect he looks at his business venture as "his thing" and your real estate venture as "our thing" but why can't it just be "your thing"???
He's going to have to sign all the paperwork that puts him in debt for 100s of 1000s of dollars though.....he might care about that....
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Quote from @Kevin Sobilo:
Quote from @Bruce Woodruff:If you read the entire thing, I said if you use a VA loan it WOULD need to be a family decision but that there were other options such as hard money where he would not need to be in debt himself.
Quote from @Kevin Sobilo:
@Kathy D., why does the husband have to be involved in your real estate ventures? He has his own aspirations with the woodworking business.
What would he think if you wanted an equal say in every aspect of what he wants to do with that on a day to day basis?!? I suspect he looks at his business venture as "his thing" and your real estate venture as "our thing" but why can't it just be "your thing"???
He's going to have to sign all the paperwork that puts him in debt for 100s of 1000s of dollars though.....he might care about that....
Ah, ok, gotcha. But in a community property state, wouldn't he be liable anyway?
Quote from @Kevin Sobilo:
Quote from @Bruce Woodruff:If you read the entire thing, I said if you use a VA loan it WOULD need to be a family decision but that there were other options such as hard money where he would not need to be in debt himself.
Quote from @Kevin Sobilo:
@Kathy D., why does the husband have to be involved in your real estate ventures? He has his own aspirations with the woodworking business.
What would he think if you wanted an equal say in every aspect of what he wants to do with that on a day to day basis?!? I suspect he looks at his business venture as "his thing" and your real estate venture as "our thing" but why can't it just be "your thing"???
He's going to have to sign all the paperwork that puts him in debt for 100s of 1000s of dollars though.....he might care about that....
I did read the whole thing, I was just stating a fact. :)
Quote from @Bruce Woodruff:
Quote from @Kevin Sobilo:
Quote from @Bruce Woodruff:If you read the entire thing, I said if you use a VA loan it WOULD need to be a family decision but that there were other options such as hard money where he would not need to be in debt himself.
Quote from @Kevin Sobilo:
@Kathy D., why does the husband have to be involved in your real estate ventures? He has his own aspirations with the woodworking business.
What would he think if you wanted an equal say in every aspect of what he wants to do with that on a day to day basis?!? I suspect he looks at his business venture as "his thing" and your real estate venture as "our thing" but why can't it just be "your thing"???
He's going to have to sign all the paperwork that puts him in debt for 100s of 1000s of dollars though.....he might care about that....
Ah, ok, gotcha. But in a community property state, wouldn't he be liable anyway?
@Bruce Woodruff, I would not think that would be the case when using a single member LLC because the debt would belong to the LLC and the member/owner would only be a guarantor.
Plus why would he care as long as she doesn't put her nose in his woodworking business. My point is that fair is fair. If he can open a business without her being involved so should she.
Quote from @Kathy D.:
Quote from @Kevin Sobilo:
Quote from @Bruce Woodruff:If you read the entire thing, I said if you use a VA loan it WOULD need to be a family decision but that there were other options such as hard money where he would not need to be in debt himself.
Quote from @Kevin Sobilo:
@Kathy D., why does the husband have to be involved in your real estate ventures? He has his own aspirations with the woodworking business.
What would he think if you wanted an equal say in every aspect of what he wants to do with that on a day to day basis?!? I suspect he looks at his business venture as "his thing" and your real estate venture as "our thing" but why can't it just be "your thing"???
He's going to have to sign all the paperwork that puts him in debt for 100s of 1000s of dollars though.....he might care about that....
I did read the whole thing, I was just stating a fact. :)
Sorry, I was responding to Bruce with that because I thought he missed the part where I implied those things.
Hey @Kathy D. - welcome to the community! This is a very common trend here. I've found that the best way to navigate this is with data and real-life examples. Do you have any investor friends or family that can share the numbers on their investments? If not, network with other investors locally and figure out their success stories and even potential failures that could have been avoided.
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Real Estate Agent Colorado (#FA.100092299)
- 720-726-1625
- https://danielguenther.exprealty.com/
- [email protected]
Quote from @Dan Guenther:Thank you, Dan! I'm working on getting into a group. I looked and it seemed like there aren't any groups locally but I'm sure I can find some online.
Hey @Kathy D. - welcome to the community! This is a very common trend here. I've found that the best way to navigate this is with data and real-life examples. Do you have any investor friends or family that can share the numbers on their investments? If not, network with other investors locally and figure out their success stories and even potential failures that could have been avoided.
@Kathy D. - If you haven't already I'd download the Meetup and Eventbrite Apps. That's where I've found most local meetups in my area. Also, under the learn tab up top here on BP you can find events and narrow them down to a specific location.
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Real Estate Agent Colorado (#FA.100092299)
- 720-726-1625
- https://danielguenther.exprealty.com/
- [email protected]
@Kathy D.- thanks ....its extremely importnat to have partners / Spouses on board with any ideas like this ....you might start with making a basic plan to buy a small rental property and get pre approved ...it sounds like the only income usable for qualifying will be your va benefits ....if he plans to start his own business and if you plan to work part time - you will need a solid 2 yrs of consistent history of this income in order for it to be usable for qualifying