In this episode, I discuss the effect that your spouse can have on your business. If they are in support of your business, that can be a tremendous benefit and make your business even better. On the flip side, if they are not supportive, that can make it ten times harder to start your business and make it successful. The bottom line is: what your spouse thinks and how they feel about your real estate investing business matters!
Real estate investing normally starts out very small: one person with an idea, and a dream of buying and selling houses. Because it usually starts out very small, the business owner is expected to wear many hats. Often times, new real estate investors also have to invest their own money to get the business started. For the first house I ever flipped in my business, I used my own money to fund the entire rehab. It was $15,000, and it was all of the money that my wife and I had saved up to that point. It was very nerve-wracking and required an awful lot of faith. I can tell you, without a doubt, that if my wife had not been in full support of our real estate business, I never would’ve been able to use our savings like that. If we had not done that first deal and used our money for the rehab, I don’t think my business could have ever gotten off the ground.
Your spouse can have a tremendous effect on your ability to be successful in real estate. Because real estate takes a enourmous amount of time and usually a large amount of money, especially in the beginning, having a spouse that is resisting your efforts can make the process incredibly difficult or altogether impossible.
Because the support of your spouse is so important, I highly suggest that you do a few things to help bring them around to see the potential and start to get behind your dream of being a real estate investor. Here are a few things that I suggest:
1. Don’t try to convince them to fully support you overnight. This is a process that could take weeks or months. Don’t push too hard, it will only make resist the idea more.
2. Take them to real estate investing meetings in your local area. Sometimes it is hard for our spouses to see us as being knowledgeable in an area in which we don’t have a lot of experience. Successful real estate investors who can talk about the business can usually do a much better job of selling the potential of real estate.
3. Try to find a real estate investor that will let you and your spouse shadow them on a deal. This will make the process much more real to your spouse, and give them an idea of what it takes. It can go a long way in tearing down some of the fear of the unknown.
4. Hire a mentor or coach. Having an experienced real estate investor in your corner to help you avoid mistakes and avoid pitfalls can calm your spouse’s fears significantly. Just having some expert advice when questions arise can make a huge difference in the confidence of your spouse.
I’ve had a few people contact me lately who have issues with their spouse not supporting their real estate investing goals. It can be a major hurdle to overcome. It is not something that should be taken lightly or ignored. I truly think it can be one of the most detrimental things that can get in your way when you’re trying to start your real estate investing business.
I know that my wife is the best business partner I could ever hope for in my real estate business. She is a sounding board, and someone I can trust to give me good advice and always be looking out for the best interest of the business. She is fully invested and in support of our business.
The best advice I can give you is to take it slow, do not push them too hard, and hopefully they will eventually come around and fully support your real estate investing goals.