Is it too much of a romantic idea that your significant other should be your best friend? Confidante? Business partner? Part of your support system?
Too often, we focus only on the real estate strategies and systems we use and implement on a daily basis to grow our real estate investing businesses. While this is critically important to your success, you may be neglecting to care for your proverbial “goose that lays the golden eggs” — your mental health, happiness, and self-esteem.
Associating with a close group of positive and like-minded go-getters can be a great way to add value to your daily life. We only have a limited number of hours in everyday; aim to invest your time and brain power toward positive self-growth and business growth. Perhaps the ones we care most about, our husbands/wives, may have the biggest impact on our day-to-day mental health and daily motivation.
Pro Tip: Find local real estate investors group to befriend. Ask around about starting or joining weekly accountability calls.
See the list below of areas in your investing business where having a supportive partner can be ideal.
The 20 Best Books for Aspiring Real Estate Investors!
Here at BiggerPockets, we believe that self-education is one of the most critical parts of long-term success, in business and in life, of course. This list, compiled by the real estate experts at BiggerPockets, contains 20 of the best books to help you jumpstart your real estate career.
5 Areas in Real Estate Where a Significant Other’s Support is Vital
Ideas need a place to grow. Having a like-minded significant other to share in your excitement and business development may be crucial to your longterm business success, as well as your relationship success, moving forward. Starting any new business or investing niche can be both frightening and exciting beyond belief. Having a best friend and trusted business partner by your side may be a great idea to keep yourself surrounded by like minds when at home.
Pro Tip: Aim to brainstorm and list 3-10 new ideas most days. Brainstorming new ideas while working out or walking with your partner can be a great daily addition to your workout routine. This exercise may help keep your creative brain muscles working and stretching. These brainstorming sessions may eventually lead to implementing new ideas and/or completing new profitable businesses.
Real estate investing will require you to know more about real estate. Whether you have decades of investing experience or are just getting started, this may require you to learn more, become licensed, investigate concepts, and/or stretch yourself beyond what you already have been doing on a daily basis. The couple that learns and grows together often stays together.
Pro Tip: Whenever something real estate related is learned or discovered, aim to share this information with your significant other the same day. If working with a mentor, aim to brainstorm possible questions to get answered pertaining to the topics learned. Your answers should lead to more questions.
Real estate investing is not easy. Life is not easy. We oftentimes need reassurance we are doing the right things, or sometimes we simply need the permission to think outside the box and try something new. We may look for this approval from our significant others.
Pro Tip: Lead by example. Start encouraging your partner towards personal and/or business goals he or she has been putting off or feeling negative about. Look for every chance to add value and strength to your significant other’s life.
With a like-minded partner, there are now two of you able to accomplish double the daily action. Decide early on the roles of each partner. Keep in mind advertising and marketing for sellers can be a two-person job.
Disclaimer: This article discusses why investing with a significant other may be helpful to your real estate investing business and to the health of your relationship. While the view expressed here is only one outlook, there are many thousands of happy couples actively investing with only one partner performing active roles in the investing business. Even in these relationships, it may be valuable for the active spouse to feel supported, encouraged, and a winner by his or her partner.
Life is a series of moments and memories. Looking back over the past decade, I can remember spending many of my best times with close friends and loved ones that were helping with various real estate projects. My close friends regularly share hilarious stories and lessons learned from these past shared experiences.
If you are actively investing in real estate, things tend to happen quickly. You will not be the same person mentally that you are today as you will be in 6 months. In 6 months’ time, you will be stretched and challenged — and you will have experienced much internal growth. These changes are normal as this business molds you. An investor will either learn and adapt, or fail. Through all these changes, it may be imperative that both you and your significant other experience these high and lows together for the good of the relationship.
Anything we missed in the article above? Does having a spouse active in the same business helpful or hurtful?