Partner with your spouse? - Posted by Emily

Real Estate Investing
#1

Posted by Lori Samson on May 25, 2000 at 24:23:00:

There are a few that I know of like Jeffery Taylor/Mr. Landlord. He and his wife seem to do well … now. They also had to travel the road of marital blissful lack! I heard her speak on a Mr Landlord cruise we took with them. I really enjoy hearing Jeffery Taylor speak but his wife was down right inspiring! She taught me a very important lesson… carve out your own space and guard it with your life! I did that like a momma tigar guarding her lair. Anyone who now tries to mess or clean my mess will forever wear my nail marks on their forehead as the mark of the BEAST! Lori

#2

Partner with your spouse? - Posted by Emily

Posted by Emily on May 24, 2000 at 12:10:35:

My husband and I have very different style of investing in real estate. I like to do things low key and stay on the more wholesale side of things (buy low sell low, not much fix up, etc.) He thinks of high return and usually want to package properties to almost above average retail houses. I guess I have a higher need for security and he’s more a perfectionist.

For example, a while ago we are selling a house we rehabbed. He insists on top dollars, I want to take a lower offer and just be done with it and move on. He’s now thinking about putting a new tile roof on to make it more attractive and raise the price higher, I don’t want to sink more money into it. (The roof is 20 years old but doesn’t leak)

I am beginning to think we should go seperate ways in investing. He wants to stay together on deals. He has good credit and good knowledge on building, I have better foundation on sales/marketing. How can I make this work? We have a good relationship but just can’t seem to reconcile our investment differences. Anybody, help?

#3

Re: Partner with your spouse? Really tough I know! - Posted by Lori Samson

Posted by Lori Samson on May 24, 2000 at 15:04:21:

I got into real estate on my own and when my husband saw that my income was exceeding his he had an idea… he’ll sell his business and join me! Wow what a rade we had at first! My desk a mess and his perfactly organized. He only cleaned my desk once and he never made that mistake once! He jumped on an already sailing ship! He asked me in the beginning what we should change the name to (It was LSI Properties which stands for Lori Samson Investment Properties)He would still be standing in my office waiting for my (frozen by shock)reply if I hadn’t told him he should go find something else to do!We were on our way to a romantic getaway when we were talking about incorporating and he asked, “So, Honey, who will be the President?” I still get a quiver when I think of that one. The sad part was he couldn’t figure out what he had said that led to me not speaking to him for 6 months!(smiles) We have came a long way and if he would have started the business it wouldn’t have been difficult…to that degree anyway!
But he came in under my ‘skirt tails’ and we did have some rough waters. We now keep all our deals seperate and have no problems (well sorta). I have such a different style that my way of doing deals drives him crazy, so if the doesn’t know what I’m doing …no harm, no foul! I like to make offers while I’m there and Greg wants to bring all the information home and do all the numbers twice and then make his offer. We even have seperate banks!
Lori Samson (PRESIDENT of LSI Properties,Inc.- I did win)Tehe!

#4

Go your separate ways… - Posted by SusanL.–FL

Posted by SusanL.–FL on May 24, 2000 at 13:22:44:

Eventually, I found it was much easier to do deals without having Kenny as a partner (having to chase him down for his signature, etc.) It just speeded up the process having him out of the picture, so to speak.

If you ‘go it alone’, you’ll be able to do your deals they way YOU want them done and at your own pace.

P.S. As far as putting a new roof on it, I wouldnt’. I would use that item as a negotiating tool (if it comes down to that with the buyer). Why ‘fix’ somethin’ that ain’t broke…as they say… :slight_smile:

#5

Good story! - Posted by SusanL.–FL

Posted by SusanL.–FL on May 25, 2000 at 09:22:55:

One big ‘plus’, was the fact that he WAS motivated to jump on in there and do R.E. !

He sounds like a ‘neat nik’. Wanna trade?? :slight_smile:

#6

Re: Partner with your spouse? Really tough I know! - Posted by JohnG

Posted by JohnG on May 24, 2000 at 23:23:43:

I think this is great advise.

Listen, I can’t even get my 5 year old kid to do what I want him to do - how am I going to get my wife to do what I want her to do ?
I learned a long time ago that you can’t really chnage someones mind. All you can do is learn to do things that work - and if that means you doing your deals and your spouse doing something completely different - so be it.
I decided (or my wife decided for me !!!) that I would prefer that my wife not be involved 100% in my business. I want to be able to talk to her about other things and not have 1001 business things interrupt our every conversation.
The bottom line - do your own thing. Those that want to follow will follow - those that don’t won’t.