Managing Stress and Finance

[Namu Stevenson]

First time investor here! I've been studying real estate investing for several years now and know it's what I wanna do. My wife however is very new to it but together we bought a duplex that needs a little more than tender love and care.

We both knew going into this it wasn't going to be easy but now it seems that we keep discovering new problems to be fixed (mold, plumbing etc). With each new discovery our rehab budget seems to keep slipping away. Upon discovering more mold during rehab and with little left in our rehab budget, my wife seems like she may be pushed to her breaking point and just wants to sell the house.

Any advice about anything? Handling the stress? Rehab tips? Helping my spouse see the big picture of rehab? Financing?

It just seems very overwhelming without seeing any little reward of our sacrifices yet and any advice to help either of us would be very appreciative!

[Mike Dymski]

Remind yourself of the after renovated value compared to your cost (which is the reward for your sacrifices).  If that figure is at least breakeven, you're fine financially AND you gained valuable knowledge and networks.  If it's upside down by a modest amount, you still gained the valuable knowledge and can recoup the financial difference over time.

If you can try to tie your identity and happiness to learning rather than to the outcome, it's easier to enjoy the journey...but that also assumes you turn that knowledge into net worth over time.

Good luck and keep fighting!