Potential first property.

[Robert Arquilla]

Hello everyone! My name is Rob I’m from Warren Ohio and I’m currently loosely looking for my first property. I need help with two things, first the reason I’m loosely looking is because my wife isn’t completely on board with investing. One reason for this is we have 2 young kids (3yrs & the other is 1 month) another is because well it’s a risk... So my new proposal to her is to start out with a cheaper single family home ($26000) to get our feet wet and learn more about how it works before getting into higher priced multifamily properties. So the first piece of advice I need is how to get your significant other on board with real estate investing? NEXT In Warren this house probably needs 5k to freshen it up, new carpet, paint and misc. I haven’t looked at the house in person to know if there are any major underlying issues yet but I’m thinking I could purchase this house for around 20-23k, put 5k in it and rent for 600-675. Seems like a good deal to me. If you’re familiar with the area or have any suggestions I might not have thought of please share!

[Michael Lee]

Hello and welcome to this site Robert!  I know what it is like having a wife that doing any kind of investment causes a fear in her even though we have been married about 35 years. We were living together about 7 or 8 years before we got married.  She still believes all that we were brainwashed with and thinks having all your money in the bank or a mutual fund.  There a couple good traits Ethat she has used.  She has been saving money at the bank and stock market about 35 years but she is afraid to touch a penny of that.

Even though I was a real estate broker for about 30 years she still does not like it.  Thank the Lord in that she has been a computer programmer since about 1983.  She has been brainwashed by her parents and Bank workers she believes everything they say whether it is right or wrong.

Enough of that, let me give you an answer.  The more units you can purchase, the better.  Without having to go to the Bank and getting Owner Financing would be a way to get a low down payment or having to get  "House Hacking" insured loan and having to live there for usually about 12 months.

Showing the Owner on paper how that kind of loan how much more he could make and how spreading out their income could reduce their tax liability.  To get your wife interested in real estate investment might happen well if you educate her on the things you learn.  Knowledge can he;p on negative thoughts.

If you are thinking about purchasing use that place is in an area of high demand, has a growth in population and jobs, and will have easy access,  close-by amenities with walking distance, and has no restrictions by the City that have been approved that may reduce your planned income.  Good luck to you!