Real Estate Investing with Your Spouse: For Richer or Poorer?

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on Jul 10 in Press Category

Many real estate investors are attracted to the idea of enrolling their spouse’s assistance in their businesses. For some it results in an incredibly profitable super power partnership and brings them closer together. For others it just brings stress and major relationship confrontations.

So should you get into flipping houses with your spouse, avoid it like the plague and if you do take the leap how can you make it work successfully?

The Pros of Real Estate Investing with Your Spouse:

  • Low cost help
  • A partner and teammate you can trust
  • Not having to share the wealth with other partners
  • Sending more time together
  • Fully supported in what you are doing
  • Achieving results and goals faster
  • A partner who compliments you and may have strengths you don’t

The Cons of Real Estate Investing with Your Spouse:

  • No diversity in household income
  • Together all the time
  • Potential for major confrontation when emotions effect business
  • Temptation to put more personal income and assets on the line than prudent
  • No separation of work and home
  • When personal or business relationship goes bad it all falls apart together

Ensuring a Successful Investment Partnership Together

Besides weighing the above pros and cons it is important for couples to really determine their passion for real estate investing and what roles they will assume. If your partner isn’t as hot on it as you are it will likely lead to them letting you down, you becoming frustrated at their performance and potentially be devastating for your relationship.

Take your time to talk it over. Define who will lead and if one of you should deal with certain elements of the business rather than the other. Perhaps one of you is better behind the scenes and dealing with the numbers and the other being the networker and dealing with face to face interaction. Perhaps one of you could get a real estate license?

Despite how much you both think it is a great idea to work on flipping houses together now recognize things can change and people’s passions can change. Layout a framework for what to do when priorities alter or it isn’t working out so that you can amicably adjust without it destroying your personal relationship. Maintain great communication above all else and recognize when it is time to replace them. Otherwise if things aren’t great at home it will affect your real estate investing profits and income and snowball into something worse.

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