How to get the wife on board with CRE

[burt13 0]

Iam having a difficult time getting my wife onboard with the L/O method of purchasing properties. She ask me why do you want to do it this way, you have enough knowledge to just buy a home. I keep telling her yes I can easily go out a buy a home tomorrow if I wanted.

She has this thought transfixed in her head. That someone will come to the door(burly type of chap) saying your husband owes us mooney we want it back. When I mention Hard money lenders, she thinks of th "Sopranos".

 

Any way I was woundering if any of you had advice for getting a reluctant spouse onboard with CRE.

 

Thanks

 

 

Burt13

[Doug Pretorius (ON) 9]

Do a deal and show her the check

[Adam King (MI) 1]

You know what? I was just about to tell Doug that you have to be married to answer this post, but......he's right.

My wife likes the checks too.

Regards,

Adam

[Doug Pretorius (ON) 9]

Just a lucky guess, I guess

[-Tony- 0]

Here is something we touched on last night. L/P doesn't mean you have to do sandwich's, coa or straight options. If you can go buy conventionally then get a house under fmv (perforabley). Then get a t/b in for 5k option money collect $100-200 cash flow every month, if they buy great if not better rinse repeat.

 

Doing l/p's this way you have a 30% chance of selling (95% if your Adam)

[moneynfast 0]

Tony I heard you not suppose to rent out your home after you buy conventional. What is the scoop on that?

 

MichaelR

[MichaelC 160]

Iam having a difficult time getting my wife onboard with the L/O method of purchasing properties. She ask me why do you want to do it this way, you have enough knowledge to just buy a home. I keep telling her yes I can easily go out a buy a home tomorrow if I wanted.

Burt, the problem as I see it is that your wife's knowledge and understanding of the subject matter isn't equal to your's. Is she willing to make the effort to catch up to you? Or, something even close? If so, give her some reading material about this stuff. That will certainly help.

She has this thought transfixed in her head. That someone will come to the door, (burly type of chap), saying your husband owes us money we want it back. When I mention Hard money lenders, she thinks of the "Sopranos".

Again, Mrs. Burt needs some enlightenment. Explain to her that what she is imagining is quite the opposite. Because of how we do these lease purchase deals you have no need to be involved with hard money lenders, mobsters, or any of my shady relatives :ph34r: .

Any way I was woundering if any of you had advice for getting a reluctant spouse onboard with CRE.

Easy......a young, pretty, and successful Realtor showing you properties .

Tony I heard you not suppose to rent out your home after you buy conventional. What is the scoop on that?

 

MichaelR

I'm not Tony, but I think you are referring to obtaining financing based on the property being owner occupied. If you do and then turn around and immediately rent out the property, that's fraud and if you get caught you have a problem. On the other hand, if you go with any of the loans available to investors, renting out the property is precisely what you can and will be doing.

[-Tony- 0]

Burt,

 

On the other hand, if you go with any of the loans available to investors, renting out the property is precisely what you can and will be doing.

 

Thats exactly what I am talking about. Their are brokers on this board they can explain the programs better.

 

But I am drown towards a interest only Mtg (lower payments and I am not planning on holding them long term). From the research I have done you can get a BETTER interest rate then the regular Non Owner Occupied (NOO) loans.

[puls1234 0]

I have a very simple rule. I do not mix my wife with my businesses. She stays out of those areas!!! She has no desire to inquire or anything else either so that is good. I never mix business with the wife or family. She has her own job and takes care of her own bills with that money. Remember, mixing the business with spouses is bad business.

 

Pete

[-Tony- 0]

puls1234,

 

I disagree my wife goes out with me when I put marketing material up. I plan to guide her so she will do this on her own if necessary but we enjoy the time together and talk about things that we can't around the kids.

 

My wifee seemed jealous of what I was doing because we both showed an interest in REI but, I was tired of dreaming and started to do. We talked and she said she felt I was leaving her behind. She didn't want to sit in front of the computer and learn so, she helps when she can and supports what I do.

 

When she returns home I will get her started on calling fsbo's. My problem is if I don't do it, it isn't done right.....(I don't call fsbo's so it will be okay)

 

I will try to get her spun up on COA's, that will bring in some steady money and give her a nitch where she will know more than I do (so she will think ).

 

Does she understand how l/p'ing works? have you given her an example of conventional vs. l/p

 

Conventional:

100k house 5k down plus 3k closing collect $50-100 pos cash flow

 

recap

out 5k financed 3k closing

make 600-1200 cash flow in a yr (house worth 105k) if sold in 1 yr add another 3k more in closing net 4k wait you paid 5k hmmmm well you made up to $1,200 NET -$400 to $200

 

Lease Purchase

100k house from motivated seller option price 80k with $1.00 consideration

collect option of 3-5k with $150-300 pos cash flow sell for 105k

 

recap

out $1.00

3k up front $1,800-3,600 cash flow in a yr sold for 105k

NET 26.8 to 28.6k

 

 

Yeah it is biased but she should understand.....

 

sorry no spell check

[puls1234 0]

Tony,

 

I understand what you are saying but again I keep my business and the wife separate. It works out best that way. I am very fortunate that she does not feel left behind at all because she has her job and her hobbies etc etc she just feels blessed that I am taking care of the family. When you bring in the wife things only get complicated.

 

Pete

[-Tony- 0]

Pete,

 

No disrespect intended, I can understand both sides.