Have you ever been in a situation where you are ready to invest in real estate but your spouse is not?
• Is your spouse strongly opposed? Do they have a past experience that makes them against getting involved again? A spouse who is strongly opposed to real estate investing is usually very conservative in their finances and/or has battle scars that keep them from trying again.
• Is your spouse hesitant? Some spouses are hesitant because they’re not sure about the return of investment. They worry about tying up too much cash in real estate and/or having to deal with midnight repair requests, tax challenges, etc.
• Is your spouse uneducated on real estate investing? In the majority of cases, one spouse is hesitant to invest in real estate because they lack the proper education on the topic. They aren’t aware of the opportunities and assume that it’s only something “other” people can do.
If it’s the former experience, you’ve got your work cut out for you. But the other two you may be able to work with!
Try These 5 Tips
1. Get Clear on Why You Want to Invest in Real Estate
You can’t get your spouse to buy into something that you’re not fully confident in yourself. So, before you go convincing your spouse to get on board, take the time to get clear on why you want to invest in real estate in the first place.
The more you can clarify your stance and create a list of tangible benefits for your family, the more persuasive you’ll be.
2. Consider if Working with Your Spouse is a Smart Idea
Investing in real estate as a couple might sound like a good idea, but consider the practical aspects of working together with your spouse. You know your relationship better than anyone. Will it work?
It’s worth looking at this situation from any and all angles. The last thing you want is to compromise the health of your relationship just to make some money on an investment. But, If you can make investing work with your relationship, it could be a great opportunity!
3. Take the Slow Drip Approach
There’s a wrong and right way to introduce the topic of real estate investing to your spouse.
The wrong way involves blindsiding your spouse with an outrageous amount of information and saying something like, “Good news, we’re investing in real estate!” Many times, this will make them feel overwhelmed and they may even become defensive.
The right approach is to “slow drip”. This might look like casually mentioning a story you heard about a friend having success with real estate. Then buying a book about real estate investing and casually dropping insights that you’ve learned. You might approach the topic over dinner or a glass of wine and then drop it for a couple of days.
Eventually, this “drip approach” helps your spouse become comfortable with the topic.
4. Sell Them on the Freedom
Real estate investing is not as passive as most people think. It requires some time and attention, especially on the front end.
If you really want to get your spouse involved, move past the dollars and cents and focus on the freedom that real estate investing could provide the two of you. Play up the flexibility and get your spouse to start dreaming.
5. Involve Them in Learning
For best results, get your spouse involved in the learning process with you. Read books together, take courses, watch YouTube videos, and join networking groups. You can both grow in your knowledge and understanding, this will soon become a much more feasible and attractive option for your family and may even become a new hobby that you can participate in together. Another great place to find information about property management is on our website at www.allcountygroup.com/blog
Work with All County Property Management
At All County Property Management, we take pride in serving the DFW landlords, real estate investors and property owners as they seek to grow their income-producing portfolios and maximize cash flow in a hands-off fashion! Want to know more about how we can help you manage your first rental property? Contact us today and we’ll be happy to explain more!