a new partner? and conf ? - Posted by Clare Z

import · March 3, 2002, 9:58pm

Posted by james (TX) on March 04, 2002 at 09:01:20:

Maybe this will encourage those of you with reluctant spouses. I still consider myself a newbie, but maybe this will help you come up with a plan. My wife was reluctant about my getting started in real estate. She agreed to the first purchase if I could quailify on my own. This has to be spelled out to the title and mortgage companies as an investment here since Texas is a community property state. Now that the rent has been coming in and we are making a small profit, she feels a lot more at ease. But she is not actively involved yet. I do involve my two small children so that they grow up knowing how to do this. They love to look at houses and help. Think of this as a new career and get your spouse to agree to your commiting to this for say 12 months, so that you can prove the value of your time spent doing this. One of the reasons I am doing this is so that we can both retire early, together. Even if she just watches from the sidelines.

import · March 3, 2002, 9:58pm

Posted by Clare Z on March 03, 2002 at 22:58:29:

My dh has not been interested in real estate investing at all. Scared of it, as a matter of fact. However, I was gratified to find my 15 y/o son is very interested. And he stayed at a cabin of a friend whose grandparents are investors (grandparents own the cabin), and therefore is able to see the fruits and that it is regular people doing this.

Anyway, next year he will be 16 at convention time and I was going to try to drag my husband anyway, but wonder if it would be useful at all for my son, and if there is an age limit? He is really quite interested and a smart cookie (not that I am prejudiced, mind you).

Any feedback?

Clare

import · March 4, 2002, 6:23am

Re: a new partner? and conf ? - Posted by GL(ON)

Posted by GL(ON) on March 04, 2002 at 07:23:04:

What’s a dh, d–n husband? LOL.

I started in real estate when I was 16 or 17. It took me 4 or 5 years to get a job,save up a down payment and actually buy my first apartment house. There were no books and courses back then, at least none that I knew about. I did have a supportive parent and that made a lot of difference.

Your son is just at the age to get maximum benefit out of a course. He is also at the age when he can pour on the work without hurting himself, by that I mean fixing up houses.

Let him get a taste of making $10,000, $20,000 or more in a few weeks or months in creative real estate and see if it doesn’t wake him up like a house on fire.

I am assuming here that he has some interest in money, investing etc. If he has no interest (and most people at that age don’t) then dragging him along will be a waste of time.

import · March 4, 2002, 2:49am

Re: a new partner? and conf ? - Posted by willy

Posted by willy on March 04, 2002 at 03:49:23:

Just a thought, Clare. You might have to go out and do something and thereby illustrate to the big lug that it works. Pox on him that he gets to come along on the success ride after only nixing your efforts. Maybe you should consider a replacement.

import · March 3, 2002, 11:46pm

Re: a new partner? and conf ? - Posted by Robin (OR)

Posted by Robin (OR) on March 04, 2002 at 24:46:42:

Just had to reply - your post really struck a chord. I have been wanting to get started for several months now, read several books, visit this site daily, joined an investor’s club, talked to realtors, and bought 2 courses. What is really holding me back is my husband. He will not read anything, go to the investor’s club with me, or do anything to look into REI, and I think he is very afraid that I’m going to do something stupid that will end up costing us money. We’ve had several little squabbles, but I’m afraid if I actually went out and DID something, like sign a purchase contract, all h*** would break loose at home. He isn’t willing to learn and believe that this can work, and I’m not sure I can do it without his support. It’s not that I think I can’t do it, it’s just that every step I take is an uphill battle. I feel like I’m dragging a lead weight along with me. What I’d give for a supportive spouse!! If any of you out there have dealt with the same thing and found a way to overcome it, I’d love to hear from you. I think it’s great that your son is interested. Wish I’d known about this stuff when I was 15!

import · March 3, 2002, 10:23pm

Re: a new partner? and conf ? - Posted by DavePA

Posted by DavePA on March 03, 2002 at 23:23:24:

I think its GREAT, that a 15 y/o kid is interested in Real Estate!!!
The convention would be a HUGE ++ for your family.
I don’t believe that any age is too young to start.
Except, maybe (4-12) lol
You will meet ALOT of people there to help you.

Good Luck, dave

import · March 4, 2002, 12:37pm

Re: a new partner? and conf ? - Posted by Jim FL

Posted by Jim FL on March 04, 2002 at 13:37:33:

Robin,
This is a topic near and dear to my heart.
Having a supportive spouse is important, as you know.
It is not always easy to get them to come along, at the beginning.
Same with other relatives and friends.
Not one of my three wives, yes, I’m on my third and final wife now, was very supportive.
The first basically said, “You are nuts!”, and because of that and my own fears, I did not start til after she was gone.
My second wife became supportive AFTER we made a little money and she saw my efforts.
My third wife, well, she knew going in what I did for a living, probably because one of my tenants at the time was a friend of hers. (Found that out AFTER beginning to date my wife)
She watched, but did not really get too involved in the beginning.
Probably because I was starting over at the point, and the income was not where it had been previously.
However, when we started to make some nice money, she jumped on board completely.
Now that she enjoys not having a J.O.B. outside the home, she is convinced, and works with me on a few things, when she has time.
Her full time J.O.B., being a mom and taking care of the household does hamper what she can do with me in REI a bit, but she is there by my side, supporting me 100%.

The best way to convince someone close to you that this stuff works is to show them.
Do a deal or two, using techniques that minimize your risk, and when you get paid, show them the check.
(SHOW Him the MONEY!!)

Works like a charm, trust me!

This of course is easier with a spouse who gets to share in the use of the profits.

Others may be harder to convince.
To this day, my mother still when she calls askes me of I’ve given any thought to getting a J.O.B.?
And I’ve been full time supporting myself solely with REI for some time.
Not to mention the few investment properties I’ve helped my parents purchase over recent years.
Some people are just never convinced, no matter what.

Don’t let it stop you.
Take the bull by the horns and make yourself get it done.
As Nike says, “Just do it”.

Good luck to you,
Jim FL