Decision Time, Going All In

[Ken Wilson]

Good morning Bigger Pockets!!

Well, after some positive messages from my fellow Canucks I have decided that I'm going to jump into real estate investing. So, being the good husband I am I told my wife before I even told you. This was not met with the positive response I imagine I will receive from the forum.

My mistake is that I took my wife a few years ago to see a guru's real estate "seminar" where we sat through hours of presentations designed to entice people into buying a real estate courses. My wife has very low risk tolerance, and after this experience thinks that real estate investing is a scam. She is very worried about buying a single family residence where we discover huge issues that eat up end up costing us 150% of the house value by the time you are done paying.

I don't have the answer yet about what to do when your flip turns into a nightmare. Would I be able to get some exit strategies from experienced flippers so I can ease my wife's concerns?

Thanks everyone!

Kenny

[Brian G.]

Ken Wilson I am currently investing with my wife. At the beginning she was very skeptical about all this. My way around it? Evidence. I pulled closed sales data from one of the most active investors in the area. I was able to produce a business case based on acquisition and disposal. How much the guy is making and his projected returns/rent spreads. Then did the same with before and after pictures (if any) with estimated repairs coming from a known contractor. The results of this intentional effort...? Today we have 5 properties in Florida and the Caribbean: 4 rentals and one flip. She now loves this field and wants to acquire more... Good luck.