Father-in-law’s Multi-Family should have been my 1st deal!

[Alfredo Sanabria]

Hi Guys sitting here watching my father-in-law trying 2 sell his three family building, in Bklyn,NY trying to explain to my wife that this can be our opportunity to start buying and holding Realestate, but she can’t see what I see... he is asking 1.1m but value is 1.2-1.3 retail I’m talking to all these investors calling for the place, Feeling I can’t do anything to keep this place. I thought of borrowing 150-200k to renovate the place.. then renting all apts the area is up an coming so it can fetch 2,300-2,500 a mth then getting a loan from a bank showing rental income but there’s no convincing her about the process. I guess I’ll sit her and watch as the great opportunity get bought buy some else ...😩  Un-real!!!

[David Mussaw]

If you talked to your wife and father-in-law until you were blue in the face and both of them feel it's still not a good idea, you should move on. You don't want to risk ruining your relationships with them for financial gain. If you cannot get your wife and father-in-law to buy into your plan and it goes south, the blame will be placed entirely on you, instead of everyone accepting responsibility. At some point, you'll receive a part of the money from the sale of the property. Once you receive that money, have another discussion with your wife about investing in real estate.