Investor · Quincy, MA · Member since 2013 · 77 posts · 11 votes
We're ready to buy our first house and I know that starting with a multifamily is the first step towards financial freedom. My wife is going along with it (I think only because I saved the down payment money over the past several years), but I wish she would be excited about the thought of buying a multi and working towards being financially free. How do I get her on board?!?!
Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
9y
If the idea of financial freedom alone isn't enough to get her excited that's a problem in itself lol but one easy way is to give her some incentive to get her excited. Tell her she can buy a new purse or a new pair of shoes or you'll take her on a trip every time you close on a new MFR. That will get her more interested in your REI endeavors and allow you to continue building a portfolio.
She is already on board if she is going along. Getting her excited is not necessary.
You could spend the rest of your life growing your investments to millions of dollars and she may never get excited. You could also remain in your job saving your money to gain financial freedom and she will never be excited.
Ask your self this question......Does she get excited about the job you do now or does she simply go along with it to reap the rewards. Investing in real estate and being a landlord is just another job.
Be thankful she is already on board and when you run into negative issues like tenant problems remember it's only a job. Manage your problems without burdening her.
Indianapolis, IN · Member since 2016 · 33 posts · 14 votes
9y
All @Brian Garrett said is correct, you can do that. Another thing to note however is that your wife may never be as excited as you about it. That's fine as long as she sees how important it is to you, and the benefits it bestows upon your family. That would make her more likely to go along with it as a long term en devour (if you plan on house hacking a few more times).
Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
9y
Michael Zack - Buy that first rental property and explain to her all of the advantages. Show how it is significantly increasing your net worth through rental income, mortgage pay down, and tax benefits.
Also - have her read Rich Dad, Poor Dad.
Best,
Craig