Re: Brain Dead Wife - Posted by Sean
Posted by Sean on April 16, 2004 at 09:43:46:
Susan,
My wife probably pretty well fits your mold. She is college educated, and worked in social work and intended to become a teacher when we married. She is not engineering material, not very good with spacial or heavy mathematics, but is artsy craftsy and loves being a housewife, active in the girl scouts and other ladies organizations in her free time.
We started doing Real Estate just shy of 2 years ago, and while I am quick to pick up new concepts, and have an engineering background… my wife is not the greatest at grasping all the various concepts and principles quickly.
She also has a much higher FEAR factor than myself in terms of things, she is a worrier (I think that is a almost universal female trait) far more than I am.
However, I have to say without her, NO WAY we could be where we are today in Real Estate. She at this point handles most of the day to day things as I still work full time. She still doesn’t grasp all the concepts solidly, but she is still learning and convinced we are on the right track… of course for a while she questioned, particularly when we were first trying to get the sale side of things up and we already had several homes and were buying more… but once I sat her down and showed her that we had created 250k in equities that we were going to recognize eventually she saw the light.
It took us over 6 months to get our first property closed, but now 18 months after that first closing we have done 10… not a record by any means, but for part time effort, I am not complaining. We have expanded from strictly rehabbing to ownerfinancing, sub 2 and lease optioning as well… and our goal this year is 12 properties (2 in 1st calendar year, 5 in second, and shooting for 12 this year, and so far have 3 done this year).
She has come a long way, now handles contractors and tenants with ease, has gotten more confident in herself and her abilities, and we compliment each other nicely in our investing endeavors.
I don’t think a wife HAS to understand what her spouse is doing in real estate, but I do think that a spouse that is against it definately is a huge hurdle to overcome… a spouse that is neutral is better, but a spouse who is on board and supportive is the best.
In our situation, no way we could be where we are today with out her. I would still be doing it, but I guarantee we would not have done as much as we have, just not enough free time to deal with all the issues if I had to do it alone and work full time.