Do you work with your spouse on your real estate investing?

[JessaK]

Hi all,

My husband and I work together on our properties. We both have different tasks to complete within the investing, and it is not an equal shared workload (he does more), however, we both try to respect each other equally with real estate investing with decisions that need to be made.

This was (and is) challenging to learn how to work together and still `love each other`.

Does anyone else work with their spouse with their properties?
If so, how do you split up the work and define roles?
Have you had success doing this, or has it done more harm than good?
Any interesting stories to share on this topic?

Many thanks,

Jessa K.

 

[gwasser]

QUOTE (JessaK @ Jan 11 2010, 08:05 AM) Hi all,

My husband and I work together on our properties. We both have different tasks to complete within the investing, and it is not an equal shared workload (he does more), however, we both try to respect each other equally with real estate investing with decisions that need to be made.

This was (and is) challenging to learn how to work together and still `love each other`.

Does anyone else work with their spouse with their properties?
If so, how do you split up the work and define roles?
Have you had success doing this, or has it done more harm than good?
Any interesting stories to share on this topic?

Many thanks,

Jessa K.
Hi Jessa,

Could you please make one more option on your survey:

I ask my spouse`s opnion, but I make the ultimate decision:


In my case, my wife knows what I am doing in real estate and she expresses sometimes her opinion. But we both manage our own portfolios for which we do not owe each other an accounting. She likes day trading - I like long term. With such opposing views, we have each our own investment style - overall that works out OK and we`re having peace in the marriage.

 

[jkcomm]

Not too long ago I heard a gentleman said: "Happy wife, happy life!"

This statement got stuck to my head ever since...

James

 

[JimWhitelaw]

QUOTE (jkcomm @ Jan 11 2010, 12:49 PM) Not too long ago I heard a gentleman said: "Happy wife, happy life!"The companion quote to:

"If momma ain`t happy, ain`t nobody happy!"

My wife and I collaborate on our real estate in terms of communication, but I do the vast majority of the gruntwork.

I recently had two potential JV partners whom I advised to NOT do my deal because husband & wife weren`t both on board with the invesment. I ended up losing the deal, but there`s no way I was going to be involved in a potential relationship-destroying venture with my friends.

 

[GaryMcGowan]

I not only work with my wife in Real Estate but my folks as well.
Like you said in your post you have different rolls that you are responsible for and so do we. The four of us have a great relationship and I believe that is where it starts. We may work more hours than one another but we work as a team. My wife is responsible for the property management and assists with keeping the books up to date. My mother is an accountant so naturally handles the taxes and the books. My father and I raise capital and work with our JV partners. On a larger scale we have outsourced some of the tasks that take a lot of time. We have on our expanded team a couple of great Realtors that bring properties and tenants to us. Ins provider that takes care of all our needs a mortgage broker that is amazing and last but not least a lawyer that is incredibly easy to work with.
For us it is about building a business that will allow us to walk away from our full time jobs and spend more time in the things that we really want to be doing. My father is already doing this as he is the Canadian Director of International Mission Organization that provides relief to developing countries. He receives a salary of $1 a yr. How can he do this? The income from Real Estate? Why does he do this? To give back and to help people that truly need it.

 

[CarrieKoch]

Dan and I work together. We have found it to have it`s challenges but we have a good balance of skills. He does all the renovations, inspections, repairs etc. I do most of the grunt work finding properties, analyzing them, all the paperwork and accounting, managing and finding tenants as well as growing business. We both love what we are doing and this past year has brought us so much freedom...we love our partnership and would much rather work with each other then for a boss.

We`ve had some scruffles over the type of property to buy. He`s found ones that are in superior condition that he sees as good long term investment but I can`t go ahead as they are overpriced and make no money. I`ve found good deals but he`s held us back because of their condition and potential costs.

I`m more action he`s more thinker. So it works out well...he keeps me from making mistakes from going to quick and I keep us moving forward by taking action.

 

[tonypeters]

Jessa,

Great topic!

When I came across a REIN advertisement almost 10 years ago, I remember saying this to my wife…"I would like you to attend this (Quick Start) real estate investing event with me because I do not want to go on my own, and have to come back and do a sales pitch on you. If we attend and we both agree that real estate investing is something we would like to pursue, we will move forward, if either of us says no, we will not".

I am sharing this with forum members because I am of personal opinion that it is absolutely imperative that your "significant other" is on board with you in whatever decisions you make as you travel the path together. If not, you may very well be dragging around a very large and a very heavy anchor! With this in mind, it is almost impossible to move forward and create any type of success!

No with that said, working together with your husband and wife is not for everyone. That`s ok, as long as the support is there for each other in whatever it is they choose to do.

After attending the Quick Start program we both agreed that we could achieve many great things if we joined forces as a "TEAM", than we could EVER do on our own. The Oilers (I know, I had to go there didn`t I) did not win all those Stanley Cups because of one man. It took TEAM effort to Win! So, my wife (Jo-Ann) and I elected to join forces back then, and as they say... the rest is history!

I have been working together with my wife (of almost 24 years, and yes I remembered) in our real estate business for almost 10 years. Have we had disagreements along the way... ABSOLUTELY! But regardless of the situation, we treat each other with respect, and we value each others opinions.

Like any GREAT team, Jo-Ann possesses certain qualities that I (yes I don`t mind admitting that) lack, and I have certain qualities that she (and she will not admit it) lacks, and as a result we compliment each other. Because of this, our personal and business relationship truly is a…Win, Win!

Jo-Ann and I are both…VIRGOS, so according to the stars we are NOT supposed to be MARRIED, let alone BUSINESS PARTNERS! However, in my mind, the key to creating success in any type of relationship is the willingness to be "flexible" and to ALWAYS keep the "lines of communication open"…regardless of the situation.

If anyone would like to hear our story, they can do so by listening to the interview I conducted with Russell Westcott just before the Holiday Season. It is located in the "Bonus REIN Member Downloads" section under "Interview with an Expert Series".

I hope our story will motivate and empower many others to create their own winning teams!





QUOTE (JessaK @ Jan 11 2010, 08:05 AM) Hi all,

My husband and I work together on our properties. We both have different tasks to complete within the investing, and it is not an equal shared workload (he does more), however, we both try to respect each other equally with real estate investing with decisions that need to be made.

This was (and is) challenging to learn how to work together and still `love each other`.

Does anyone else work with their spouse with their properties?
If so, how do you split up the work and define roles?
Have you had success doing this, or has it done more harm than good?
Any interesting stories to share on this topic?

Many thanks,

Jessa K.

 

[JessaK]

Thanks for all the interesting replies, everyone. Really appreciate hearing pieces of your stories.
It`s encouraging to hear/meet others who work as a husband/wife team in RE investing. I think people can truly make it work. Right now I have been reading out of a book called " Honey, I want to start my own business" which has some interesting real life stories about couples working together out of their home, or one or the other working at an in-home business and the different atmosphere that it creates.
It sounds like an repeated important factor is figuring out the roles that each person is to play - I only did that last week, so I am seeing progress! I made a chart with 3 columns, 1)his name, 2)my name, and 3) US. And then wrote down what each person was to do, with some of the duties overlapping. It was encouraging to see the different strengths, tangible or intangible, that we each bring to the table. Recognizing and respecting the person for what they contribute is also a factor to "partners in business" happiness.

RE: Godfried: I think that the third option is encompassing what you wrote - that you still in a sense run some decisions by each other ? I was interested to hear that you have different types of investments as a husband/wife. That is pretty neat that you can allow each other to do that. I believe you have something special there. Jessa K.

RE:Tony Peters: I agree that it is better when possible to have both spouses on board.. I think it can grease the wheels in a sense. We went to a Rich Dad weekend before we found REIN, and one of the guys at our table was talking about how he had wanted to invest in a franchise and real estate, and his wife was really opposed to it, and it sounded like she `guilted` him a bit into not trying. I wonder if she really had everything explained to her, if she would see it differently. Still, to each his/her own, but I know in my own marriage I try to create an atmosphere on my part, of encouraging new ideas/job changes/investments, that have some sort of sound rationale behind them. I will check out you and Jo-Ann`s story, thanks for posting the info. All the best. Jessa K.

 

[AndyLuchies]

Lol, 86% of us decide together?!? I wonder how our spouses would vote...
Although I voted "we decide together", I`m pretty sure my wife would vote "most of the time, he does whatever the heck he wants, no matter what I say!!!"

Maybe I still have to get the hang of this "marriage" thing...

 

[Nir]

Jessa, thanks an interesting topic!
each relationship is unique and sometimes:
- it works well as a family business
- it fails
- it`s not as good as it could be but people convince themselves it works great (call it survival/positive self talk).

Each relationship is unique. Therefore, any advice here may not be relevant to you.
Cheers.

 

[MarkTorgerson]

QUOTE (JessaK @ Jan 11 2010, 08:05 AM)
Hi all,



My husband and I work together on our properties. We both have different tasks to complete within the investing, and it is not an equal shared workload (he does more), however, we both try to respect each other equally with real estate investing with decisions that need to be made.



This was (and is) challenging to learn how to work together and still 'love each other'.

Does anyone else work with their spouse with their properties?

If so, how do you split up the work and define roles?

Have you had success doing this, or has it done more harm than good?

Any interesting stories to share on this topic?



Many thanks,



Jessa K.

 

[AndyLuchies]

LOL. These days, I bet it`d be a best seller...

 

[ChrisDavies]

Excellent topic! We just got married, but like most of you we talk about it and I make the final decision and do the vast majority of the work. She is going to come to an ACRE weekend or a meeting to get a better feel for what`s going on.

 

[CarrieKoch]

QUOTE (MarkTorgerson @ Jan 12 2010, 01:51 AM) Unfortunately, I turn over more girlfriends than property so I make the decisions alone. Stay tuned for my upcoming book, seminars and one on one mentoring program for "Quick Turn Relationships"....

LMAO! That is a good one.

 

[gwasser]

QUOTE (JessaK @ Jan 11 2010, 07:41 PM) RE: Godfried: I think that the third option is encompassing what you wrote - that you still in a sense run some decisions by each other ? I was interested to hear that you have different types of investments as a husband/wife. That is pretty neat that you can allow each other to do that. I believe you have something special there. Jessa K.

Yes, I like it that we both make our own portfolio decisions. We`re both pretty strong minded (and she may add "that is an understatement for you Godfried"). Strangely enough this March we`ll be having our 25th wedding annivesary. Also, telling, we still haven`t figured out how to celebrate...

One of the issues that may be true for other marriages as well is that I am always on the prowl for new properties and when I wish to discuss it with my wife, the standard answer is: "You`re always so impulsive, why don`t you wait". Then she turns around and does a couple of day trades on the stock market.

I know that she is supportive, I have learned that over time. But at the same time, she does not want to have the hassle to deal with real estate and leaves it up to me; including making the decision to jump or not to... But still, I use my wife as a sounding board and I do get from time to time that nuggett to keep me from a bad deal and she is informed as to what is going on.

We work the same way (oddly enough), when buying appliances. I walk around, looking and after a number of months when the old appliance is about to fall apart, I say: " Well we better buy a so=and=so" She responds, "Why don`t you wait a while, you`re so impulsive". Next I make my decision to buy anyway and then we`re good for a number of years and the process repeats.

Thought you might find this approach funny and maybe it helps others in their live.

 

[lgrossi]

Hello Jessa,

We work together in real estate, in the education of our children, and in our consulting business. We have a very respectful relationship and we complement each other. Regarding real estate, Fernando does little repairs and is part of the Condo Board. I do all the paperwork, analyse properties, contact with tenants, ect... Because Fernando gets really excited and sees lots of opportunities, I am the one holding us if we are not prepared to buy. Currently we have three townhouses. And I am working in a plan and presentation to attract JV partners from now on.

 

[Gale]

My husband and I buy the properties together, decide what renovations we want to do, I typically do the majority of the grunt work on the renovations, I advertise and interview tenants, we both decide who we will rent to, and I manage the properties after the tenants move in. We`ve been married for 19 years, had a cabinet-making business and know each other`s strengths and weaknesses very well. From my perspective I appreciate his input because he may see or hear something I missed, and I feel a second opinion never hurts.

Interesting survey...

Good luck with your properties