1st Time Purchase - tri/quadplex

[Joe Contreras]

I am in a position to make a first investment into a du/tri/quadplex. My fiance and I are not yet married and I've recently learned of the house hacking technique and think we could leverage some creative financing to launch a real estate portfolio. She's terrified though, and I can't seem to convince her of why this method is an excellent opportunity to enter into real estate with minimal cost compared to, say putting down 20% on a traditional mortgage for a single family home, solely for us. I am starting to believe perhaps she's right and purchasing a multi-tenant property might be overwhelming ... Any thoughts from anyone who has experienced this type of analysis paralysis? We have no kids or other heavy obligations.

[Daniel McDonald]

I was in a very similar position a few years ago. My now-wife was not bought into the idea at all. She hadn't been a BP junkie like myself and didn't understand why we couldn't just buy a single-family like normal people. What helped me was making her feel included in every decision, showing her houses she'd actually want to live in (like a good area, not just the dumpiest one I could find), showing her numbers (to an extent), and proving to her I was ready to take it on (she saw me listening to podcasts, going to meetups, etc.).

To be honest though. She wasn't really fully on board until we were in the property and we created a space we were excited to live at. On top of that, our rent drastically decreased so that helped. It's the best idea, they're no ifs, and, or buts. Show her that. Be confident in your decision. And honestly let some things slide for HER even if they don't provide value or cost more. I made my wife a part of the renovation ideas because I needed her to see the vision. Not everything we did was going to increase the value of the property by much but it's what she wanted. That was worth it for me to get into the property.