Posted by trapper on October 22, 2003 at 09:24:54:
NT
Getting spouse ‘onboard’ - Posted by Anon
Posted by Anon on October 22, 2003 at 08:02:31:
Enjoy reading all the posts including the archives. Lots of info here.
Quickie question. Has anyone else had problems getting their spouse to realize the potential of REI? I’m having problems as what I hear is ‘were tapped out’. We are fairly well off but cash poor. Both have good jobs, large house and just make all expenses per month. I’m scared as H*LL of loosing one of our jobs in the future and thus living in a ‘72 Dodge Dart after we loose everything.
I have the burning desire to suceed and have owned small business’ in the past.
What’s the best way to convince her we still can go forward? She’s a keeper so I can’t kick her out (grin).
Many thanks in advance and hopefully I’ll be contributing soon to the list with experiences.
Re: Getting spouse ‘onboard’ - Posted by Anon
Posted by Anon on October 24, 2003 at 10:36:00:
Many thanks for all ideas. I’m trying to put together a deal now and will show her conservative return numbers. Gonna try to do a and/or assignee contract (REO) but will redo ourselves if I can’t fine someone to flip to.
Still comes out better than a JOB!
Great site. Gonna give it h*ll this w/e.
Re: Getting spouse ‘onboard’ - Posted by Sean
Posted by Sean on October 23, 2003 at 10:21:02:
Nothing speaks better than CASH… face it there are so many get rich quick schemes out there, and late night real estate riches infomercials etc etc… can you blame any sane person for being skeptical?
Go wholesale a junker to a rehabber for a few K, then take her out on the town with the procedes, and let her know exactly where the money came from.
Its really amazing what a attitude shift you get when you start to actually see cashflow.
Re: Getting spouse ‘onboard’ - Posted by Lou
Posted by Lou on October 22, 2003 at 23:10:54:
Action! Even then she may not come around. Everyone is programed different. Just do what you know is best. Take calculated risks at first and build on it. I have started with wholesaling. Not much at risk besides time. I just walked away from a closing table with $6900 and a note for $1100. It opened my wifes eyes a bit.
good luck
Re: Getting spouse ‘onboard’ - Posted by varinia@mindspring.com
Posted by varinia@mindspring.com on October 22, 2003 at 11:24:58:
I think the important thing is to find the facet of real estate, that brings out your passion. Don’t just say: ‘I want to get rich’. If that is the only reason, that you are going into REI, then it will be a very, very difficult field.
Find out what you like: Do you like neogiating with sellers/buyers? Working with numbers (maybe notes)?
Designing (Rehab)? Landscaping (rehab)? Managing (multi-family/rentals)? Fast cash turnover (wholesaling)?
There are things for everyone, but find out what pushes your buttons and then find out what pushes your wife’s buttons. I know a number of couples, where the husband wholesales and the wife choses from those houses which to keep and she rehabs the ones she likes. The work together, but each have their own thing.
You need to get your wife involved emotionally, not just logically.
Just my thoughts
michaela
Re: Getting spouse ‘onboard’ - Posted by E.Eka
Posted by E.Eka on October 22, 2003 at 09:45:48:
What’s more important to you?
That’s the question I ALWAYS ask people when they are uncertain about things or have reach a quandry. You want to be successful and establish a good financial future. One thing to consider is your expenses. Is the big house and 2-3 cars necessary? Re-evaluate your current debt and restructure it so that your monthly expenses are lower. Consider flipping properties to build up cash reserves by buying subject to, or bird dogging. The way you view money is an important step.
I totally agree with the Rich Dad, Poor Dad author. Many people get good jobs and feel they then need to buy a newer car, bigger house and bigger tv etc. They go out and buy things that won’t appreciate in value but they buy things that depreciate in value. Like cars, tvs, clothes, and other toys.
Think of creative ways to acquire real estate or develop forms of passive income. I suggest that you read that book as well as the articles on this site.
If your wife is not on board get her to buy into a small deal to show her the potential and then as she’s involved she’ll probably jump in with 2 feet.