Investor Mindset
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 8 years ago,
Advice on how to deal with partner who's changed his mind on REI
We just closed on our first SFH (near my hometown) to rent out; have the contract with PM ready to sign; insurance is bought; minor repairs are being done to the home.
But we found that the PM requires more insurance than we bought ($1M, not 500k) and so now my husband thinks this was a useless investment, because he thinks the insurance cost will now double (I don't think so, but still waiting to learn about the increase).
In his defense, he's currently under a lot of stress and perhaps feels "left out" a bit since I'm the one doing most of this work. I try to tell him everything that's essential and he was very involved in choosing the house; even spent his weekends while I was working pouring over the listings the realtor sent us. (He's not from the USA, we don't live there and the REI scene is different than here; plus when he reads news about REI in the USA it's from the very biased govt. run media which typically puts a negative spin on anything "foreign")
This morning he said he doesn't want to buy any more properties and "it's no wonder all REIs need to keep their day job!" Apparently he's read this somewhere and while there's no way we could quit our jobs with just a couple properties, I'm certain once we have 5-10, and are local (this being the key factor), one of us can take over management as our "job" as we continue to buy more.
So, although we've been on the same page most of the time so far, I'm wondering what others would or have said to a skeptical partner.
And at what point did/would you quit your other job? From reading here and listening to podcasts, I know a lot of people like their jobs and will continue no matter what. Others like that it provides them with the W2 income to get loans. And then some make the leap without being fully sure and just go for it because they do hate their job.