Is your spouse on board? (by WMH [NC]) Mar 11, 2019 5:04 PM|
Is your spouse on board? (by razorback_tim [AR]) Mar 11, 2019 5:13 PM
Is your spouse on board? (by Jean [MD]) Mar 11, 2019 5:51 PM
Is your spouse on board? (by MikeA [TX]) Mar 11, 2019 5:53 PM
Is your spouse on board? (by Sue [IL]) Mar 11, 2019 6:25 PM
Is your spouse on board? (by Jim in O C [CA]) Mar 11, 2019 6:50 PM
Is your spouse on board? (by Martin [CO]) Mar 11, 2019 6:55 PM
Is your spouse on board? (by BillW [NJ]) Mar 11, 2019 7:33 PM
Is your spouse on board? (by JB [OR]) Mar 11, 2019 7:34 PM
Is your spouse on board? (by GKARL [PA]) Mar 11, 2019 7:48 PM
Is your spouse on board? (by LindaJ [NY]) Mar 11, 2019 8:02 PM
Is your spouse on board? (by gevans [SC]) Mar 11, 2019 8:05 PM
Is your spouse on board? (by Robert J [CA]) Mar 11, 2019 8:29 PM
Is your spouse on board? (by DJ [VA]) Mar 11, 2019 8:41 PM
Is your spouse on board? (by RB [MI]) Mar 11, 2019 9:00 PM
Is your spouse on board? (by CDM [CA]) Mar 11, 2019 9:16 PM
Is your spouse on board? (by BRAD 20,000 [IN]) Mar 11, 2019 10:00 PM
Is your spouse on board? (by Mickie [OH]) Mar 12, 2019 4:12 AM
Is your spouse on board? (by LisaFL [FL]) Mar 12, 2019 4:30 AM
Is your spouse on board? (by NE [PA]) Mar 12, 2019 4:40 AM
Is your spouse on board? (by Still Learning [NH]) Mar 12, 2019 4:41 AM
Is your spouse on board? (by MMIT [VA]) Mar 12, 2019 4:58 AM
Is your spouse on board? (by WMH [NC]) Mar 12, 2019 6:08 AM
Is your spouse on board? (by S i d [MO]) Mar 12, 2019 6:21 AM
Is your spouse on board? (by 6x6 [TN]) Mar 12, 2019 6:38 AM
Is your spouse on board? (by fred [CA]) Mar 12, 2019 6:38 AM
Is your spouse on board? (by Busy [WI]) Mar 12, 2019 7:51 AM
Is your spouse on board? (by Deanna [TX]) Mar 12, 2019 8:31 AM
Is your spouse on board? (by cjl [NY]) Mar 12, 2019 12:07 PM
Is your spouse on board? (by Stephen [ON]) Mar 12, 2019 12:29 PM
Is your spouse on board? (by Wilma [PA]) Mar 12, 2019 1:08 PM
Is your spouse on board? (by Txlord [TX]) Mar 12, 2019 8:02 PM
Is your spouse on board? (by LL [TX]) Mar 12, 2019 8:37 PM
Is your spouse on board? (by plenty [MO]) Mar 13, 2019 4:00 AM
Is your spouse on board? (by kkezir [KS]) Mar 13, 2019 7:37 AM
Is your spouse on board? (by Shelby [IA]) Mar 13, 2019 10:06 AM
Is your spouse on board? (by Pmh [TX]) Mar 13, 2019 2:29 PM
Is your spouse on board? (by WMH [NC]) Posted on: Mar 11, 2019 5:04 PM
Curious. Some of us say their best partner is their spouse, others say their spouse has NO interest in this biz.
What about you?
Is your spouse on board? (by razorback_tim [AR]) Posted on: Mar 11, 2019 5:13 PM
She is very supportive but not involved. Probably for the best - we both like to be in charge. --70.178.x.xx
Is your spouse on board? (by Jean [MD]) Posted on: Mar 11, 2019 5:51 PM
My spouse is involved! I do the marketing, finances, point of contact for tenants, etc. My husband handles the maintenance/repairs if he chooses. Otherwise, he might hire for things out. He also comes with me to the move-out/move-in appointments, and of course has veto power on all of the major decisions. --100.15.xx.xx
Is your spouse on board? (by MikeA [TX]) Posted on: Mar 11, 2019 5:53 PM
She is supportive and involved. We have sort of arrived at a distribution of duties, probably a result of when I was working a day job, and it works for us. --50.26.xx.xxx
Is your spouse on board? (by Sue [IL]) Posted on: Mar 11, 2019 6:25 PM
We are in this together, as we have been since we purchased our first rental property 20 years ago. We make the decisions together on almost all aspects of the business.
He primarily handles the maintenance and repairs. He does the bulk of the rehabbing, but I am there and help however I can (which has increased over the years as I have learned more). He handles the financial piece as far as taxes and recording expenses. I take care of the monthly rent. I do all marketing, dealing with applicants and then tenants. I clean the houses between tenants.
We are satisfied with the division of labor and both say that we would not want to do it alone! --73.110.xx.xx
Is your spouse on board? (by Jim in O C [CA]) Posted on: Mar 11, 2019 6:50 PM
100% since we bought our first rental in 1971. She used to do a lot of the clean up but now we hire it out. --99.23.xxx.x
Is your spouse on board? (by Martin [CO]) Posted on: Mar 11, 2019 6:55 PM
Almost never involved. She would be very happy if we sold the one unit we have left. --75.166.xxx.xxx
Is your spouse on board? (by BillW [NJ]) Posted on: Mar 11, 2019 7:33 PM
She supported our initial purchase of rental properties, but is very stingy on improvements, where as I do things like put a home theater into a rental. --100.1.xxx.xxx
Is your spouse on board? (by JB [OR]) Posted on: Mar 11, 2019 7:34 PM
Spouse is both supportive and involved. Pretty much like Sue's delegations above.
I think it's tough enough if the spouse is not involved but supportive. It would seem much more difficult to be very successful without either IMO. --24.20.xxx.xxx
Is your spouse on board? (by GKARL [PA]) Posted on: Mar 11, 2019 7:48 PM
Not currently involved. I'd like to figure out what she can do to help. Where it would make sense is showings and screening as I hire maintenance out. I'm moving toward a model where I'm going to hire out most things. A fellow LL told me recently about giving up a half month's rent as a commission to a RE agent to find a good tenant--and depending on how it's set up, the tenant might be the one to pay it. For the time and effort spent on this, this may be something I look into as well. I'd like to operate truly as a property manager and if I'm successful, I can train her in the systems. --209.122.xx.xxx
Is your spouse on board? (by LindaJ [NY]) Posted on: Mar 11, 2019 8:02 PM
He doesn't really want them and has no interest in them, never had any interest. I had rentals before we met (and owned my own home) I grew up with rentals. He did not. That said, he doesn't like me to do electric work, so he always offers to help there. He will help at somethings if I ask, but I don't often because he does not want to. I take the calls, I go out for the frozen pipe calls, no heat calls, redo the units and paint between tenants. He does enjoy the financial benefit though. --108.4.xxx.xx
Is your spouse on board? (by gevans [SC]) Posted on: Mar 11, 2019 8:05 PM
Definitely on board. She works at the stuff I hate: paperwork, files, gopher jobs, cleaning, etc. I am WAY more productive with her support. And we both enjoy the monthly business meetings. --173.233.xxx.xx
Is your spouse on board? (by Robert J [CA]) Posted on: Mar 11, 2019 8:29 PM
Since I started buying rentals at age 18, I wasn't married at the time. My parents and brother were partners with some of the homes we purchased together. But as time went on they started to drag their feet and the responsibilities fell on my shoulders. So I stopped buying properties with any one, family or not.
When the Wife came into the pictures, I had already became a millionaire. In those days a million meant something, unlike today. It was her job, like it or not, to start to spend the monthly income. Nicer cloths, cars, food, trips etc. --47.156.xx.xx
Is your spouse on board? (by DJ [VA]) Posted on: Mar 11, 2019 8:41 PM
No. His only participation was earning a good income at his job, so we qualified for financing.
He didn't refuse his part of the equity when we split up and sold what we had then. --68.10.xxx.x
Is your spouse on board? (by RB [MI]) Posted on: Mar 11, 2019 9:00 PM
She has her own career and interests.
Makes for a good balance.
Is your spouse on board? (by CDM [CA]) Posted on: Mar 11, 2019 9:16 PM
My husband does the repairs and maintenance, and I do the advertising, screening, leasing, and rent collection. I also handle any purchasing, like getting a new direct vent heater for one of our units. We have the same kind of division of labor in our personal life. --73.231.xxx.xxx
Is your spouse on board? (by BRAD 20,000 [IN]) Posted on: Mar 11, 2019 10:00 PM
Wifey became involved when she noticed a $25 late fee on a rental bill I had procrastinated. She grabbed the checkbook!
One day I came home from work and there was a new set of patio furniture outside. She proudly stated ď I paid all the rental bills and there was money left over so I went shopping!Ē
She has been a full active partner ever since.
As a blackbelt level shopper she got the bug to shop for deals on houses and bought many all on jer own.
After 42 years I retired her to play with grandkids.
She still keeps an eye on the money - itís habit - then goes shopping. As a business woman her net worth and retirement ďpensionĒ is...um...healthy.
Is your spouse on board? (by Mickie [OH]) Posted on: Mar 12, 2019 4:12 AM
DH is supportive and cheers me on. He does things now and then to help out but doesn't have any interest in the business. My son and daughter inlaw on the other hand is taking an interest and wants to be actively involved. They hope to begin acquiring properties in the next year or two. --174.233.xx.xxx
Is your spouse on board? (by LisaFL [FL]) Posted on: Mar 12, 2019 4:30 AM
First husband, no. But I was fortunate he was a good provider and I was able to stay home with the kids and have my "hobby". I came into the relationship with two properties over 30 years ago and still own. He once made a comment that "the houses just manage themselves". I still laugh at that one.
Second husband, different story. He's a master of most all home building, repairs and maintenance items. I pay him a salary. I manage the money, find the tenants, purchase supplies, do the cleaning and some painting. We had 32 units but have slowly begun selling. This is our only job. And they do not "manage themselves". --216.186.xxx.xx
Is your spouse on board? (by NE [PA]) Posted on: Mar 12, 2019 4:40 AM
Depends on the weather. --50.32.xxx.xxx
Is your spouse on board? (by Still Learning [NH]) Posted on: Mar 12, 2019 4:41 AM
He supports the family with a w2 job and helps when I ask but sits on the couch at 9 at night and asks if Iím really heading to the apartments when a basement is flooded. He double checks texts and emails before I hit send with controversial tenants or situations. He takes care of the short term ski condo rental. --24.61.xxx.xx
Is your spouse on board? (by MMIT [VA]) Posted on: Mar 12, 2019 4:58 AM
I always wanted to have rental property, but, the timing was never right (downturn in the business, college tuition, etc).
Wife stopped by work one day and said I was going to leave work for an hour and go with her. She had "that look" and I knew I could not argue.
She took me to a RE auction and said we were not leaving until I bought a house. I sat there and did not bid (timing was not right for us to buy a house - we needed the money for college tuition). So, she started bidding and won the bid on the last house being auctioned.
As we left the auction, she said "you have rental property now, so, quit complaining and do something with it"!
Five years later, I sold the business and became a full time LL. I handle the RE business (20 properties) and she has a real job with health insurance.
Wife handles quick books and I do the rest. She knows about each property, but, has not seen all the houses. --70.188.xx.xx
Is your spouse on board? (by WMH [NC]) Posted on: Mar 12, 2019 6:08 AM
I handle the books, the leases, the tenant vetting, all paperwork. He does everything else, from actual physical work such as painting and repairs, to meeting contractors. We used to work together on the rehabs, but I'm feeling too old these days. Rotator cuff and hip issues. I can still help lay an Allure floor, though, I'm pretty good at that.
We (argue er...) work together on interior design changes for newly acquired spaces ;) --50.82.xxx.xx
Is your spouse on board? (by S i d [MO]) Posted on: Mar 12, 2019 6:21 AM
Yes and no.
YES: She let's me make the decisions, frees me up to do what needs to be done, and likes the results.
NO: She is not involved on a day-to-day operational role.
I'd like her to be more involved, but it's up to her to decide. My main concern is if I get hit by a bus, will she know how to take over? We've discussed this many times, and the plan would be if I'm out of commission temporarily or permanently I've got a buddy who owns a property management company that is reputable, and he agreed to help her out if the need ever comes up. But if I'm down for the count long-term (or dead), the plan is to sell them all. As our kids get older, I will train them what to do so that she could hang onto them a bit longer if desired.
But ultimately, REI in our family today is due to my skill, drive, and goals. --173.20.xxx.xxx
Is your spouse on board? (by 6x6 [TN]) Posted on: Mar 12, 2019 6:38 AM
I pretty much handle it all while she works her w2 job.
If I need any help with computer stuff she helps when she has time.
I only have 1 sfh right now and have been trying to do a lot of learning while I have time.
You have all been a great help. Thank you. --73.120.xx.xxx
Is your spouse on board? (by fred [CA]) Posted on: Mar 12, 2019 6:38 AM
My wife knows what tenant lives where, but she is not involved in operation and management, as she has a part time job that she likes.
If something should happen to me, my guess is that the properties will be sold. Can I plan it to happen when prices are high? --99.59.x.xxx
Is your spouse on board? (by Busy [WI]) Posted on: Mar 12, 2019 7:51 AM
He didnít use-ta be, and I use-ta be driven to succeed. Now heís supportive in spirit, and I have completely slacked off. I guess I have a wee bit of Opposional Defiance Disorder. Donít tell me I canít do something, Iíll show you!
Now, I need to get holding my own feet to the fire. Not nearly as much fun. --70.92.xxx.xxx
Is your spouse on board? (by Deanna [TX]) Posted on: Mar 12, 2019 8:31 AM
I talked about it and read for about 5 years before DH decided to risk it. Our first house was a decrepit little 1/1 you could smell from the street-- I didn't expect him to go for that one, but he decided he was ok risking $7k on the initial purchase. The thing that swayed him to try wasn't anything he read, or anything I'd said, but an hours-long conversation with a friend who owned apartments in Houston.
That was 8 or 9 years ago. He's the purchasing side of things, and the renovation side of things. He does ongoing maintenance, although the last few years, I've experimented with hiring out more stuff and taking some pressure from him. Me, I do the data, the research, hunting down opportunities for him to consider. I gather supplies, make sure the budget balances, interview prospects, do showings, communication. He does the legal end of things, but things rarely get to that point.
He thinks I'm getting a bit away from clean/safe/functional, which is where we started, and where I am. But I'm also getting more to the point where I'm less likely to solve the immediate picture with a cheap/fast fix, and am more likely to try and solve a problem with a more expensive, longer-term fix. (ie, buying a $90 kitchen faucet that will be dependable, rather than a $30 kitchen faucet that may malfunction in 2 years. Then multiply those kinds of choices across an entire renovation...)
So, yes, we're both on board--- go, team! I couldn't do it without him!--- but he does wish I was more firm/businesslike in my dealings (I fear vacancy and its effects upon my budget) and wishes I was a bit thriftier in some matters. --166.137.xxx.xx
Is your spouse on board? (by cjl [NY]) Posted on: Mar 12, 2019 12:07 PM
Supportive yes. Fully involved no. Although the last two years that we had vacancy in our OWN properties she did help clean (fridge, tub, kitchen) but not as much time as I spend/spent there (cleaning, painting, fixing, etc).
The last one I was there for about 2 days and on the third day (final cleaning) she vacuumed and shampooed the carpet as I finished the bathroom (last scrubbing) and the kitchen.
It helped me. Most times she "hates" it when I get calls or texts or emails from tenants or I have to go show or change locks or figure out a maintenance issue, etc. It's my "full time job" so not much more she can do or say unless I go back to a full time W2 job where I'm gone certain hours (or more). She doesn't want that because she likes that I am "home more" (although sometimes it doesn't feel it lol).
I also do PM for others as well as RE as an agent. I love my job(s) LOL. She helps out at the office a few times a week with ads, bill pay, phone calls, etc. --69.201.xx.xxx
Is your spouse on board? (by Stephen [ON]) Posted on: Mar 12, 2019 12:29 PM
I handle advertising, tenant screening and leasing, and subsequent tenant relations. I also coordinate maintenance and deal with handymen and trades. My wife banks rents, manages accounts and deals with the banks on mortgage renewals, etc. She has become a Realtor and so we have greater access to properties on the market, but the market here is so crazy now we are taking a wait and see approach before our next acquisitions.
She has also been coming to showings as I have been compressing showing times so as to inconvenience sitting tenants less (units are generally showed during the notice period here in Ontario) and also because tenant demand is higher as the vacancy rate is lower. You just can't handle the volume of people coming through an occupied house on your own and keep an eye on them, so two people is better.
Her enthusiasm for the business has ups and downs. When we face challenges she sometimes suggests that we sell. It is an emotional, short term reaction. I always want to see things through and that has proven to be the right course with strong capital appreciation and rising rents. She always comes around and sees the long term benefits of the business. I keep a spreadsheet showing NOI and cash flows, and another with capital gains based on current market prices. It all provides a very convincing set of reasons to keep up our real estate investments and grow the business. I do most of the work in terms of the number of hours involved in the day to day running of the business, plus I go to all the trade association meetings, educational seminars, etc. I know a lot more about the Residential Tenancies Act and regulations than she does. One of us has to given how heavily regulated rental property is here in Ontario. I have also been the one who took cases through Small Claims Court when necessary, and through the Landlord and Tenant Board for Above the Guideline Increases in case of capital expenditures. It keeps me busy but I do not mind. I don't watch much TV, I spend free time on the business.
I got a great performance evaluation on my day job this year yet my raise was barely more than the consumer price index. The fact is that at the margin my time is better spent on the business in terms of earning additional income than it is spent on my regular employment - I have pretty well maxed out that source of income in real terms. So the road ahead is increasingly clear. --76.67.xxx.xx
Is your spouse on board? (by Wilma [PA]) Posted on: Mar 12, 2019 1:08 PM
Actually, having rentals was his idea. But I became, and still am, the one who does most of the work. He steps in for repairs and replacements, to either do himself, or together.
I was unenthusiastic at first, but then I woke up to what a great investment this is! --71.175.xxx.xxx
Is your spouse on board? (by Txlord [TX]) Posted on: Mar 12, 2019 8:02 PM
Ofcourse my spouse is heavily involved, what kind of question was that.....
She uses the rent income for shopping!!! --72.180.xx.xxx
Is your spouse on board? (by LL [TX]) Posted on: Mar 12, 2019 8:37 PM
My husband knows we have rental property. That's about it. --76.183.xxx.xxx
Is your spouse on board? (by plenty [MO]) Posted on: Mar 13, 2019 4:00 AM
Yes on board. But he has not met a few tenants as i take care of all the front in. Any work that can be hired out I also handle. Also QBooks, checkbook, phone, advertising, day to day stuff. He's not quite retired from his W2 day job. I plan the work days, he has the tools and knowledge. Next week, while tenant is in Branson we are rehabbing the only bathroom in a rental house. So we'll be having fun together in the demo and rehab! I do most all the flooring, some caulking, some painting, Lowes shopping and gathering, move in/out, tenant paperwork and office duties. We work well together and have fun and lunch! He has maintenance to pay an exwife... thats three little houses, i found the houses, he remotely signed purchase agreements while traveling for work, he's approaching retirement and we'd rather work on houses so the house generate the income to pay the monthly maintenance. Inherited a house this past year. And bought another house last fall. Have one house that we affectionately call our "Lake House" cause we can't seem to get the construction done. Sorta become a "take it to the Lake House" storage unit! Hopefully by June we'll have that one up and in service. Rehab Store I've got some treasures to donate! Anyways we are an excellent team, and he's my best friend and I love that we do this together, yet have other interests and hobbies. Fun reading about everyone! Hope to met more of you soon! --99.203.xx.xxx
Is your spouse on board? (by kkezir [KS]) Posted on: Mar 13, 2019 7:37 AM
We are both involved. It was his dream/vision and I was in by default before we met.
It was husbands vision when we meet, but he didn't have credit or resources. I had rented farm ground and a rental in another state by default (didn't sale). So I was already in by default.
First house we bought with intention was his grandma's house when she needed to go to assisted living, 14yrs ago. I had the credit score and W2 job to get financing. Then every year after that we bought ~1-2 properties.
Husband quit cabinet making job and became a SAHD after we had our 2nd and would work on rentals in the evening while I worked W2 during the day. As the girls got older they would go work with him, then they started school and his day freed up a lot.
I do showings, money, bills, movein, moveout, communication with tenants, scheduling work even if it is with husband, taxes/books and work the W2 job for insurance.
Husband does all maintenance calls, make-readys, and rehabs.
If we are under the gun and no time left then I will help finish up a make ready.
We hire out HVAC, electrical if tenant is living there and sewers. --165.201.xxx.xxx
Is your spouse on board? (by Shelby [IA]) Posted on: Mar 13, 2019 10:06 AM
Husband works several states away as a foreman for oil plants so heís not as involved as me, only because heís not home. But every 2-3 months when he visits he does major repairs needed. Like we are on spring break at Wisconsin Dells right now but he was tearing out a kitchen, etc before we left and he will finish when we get back. But a lot we hire out of course. While he is gone working I tell him anything major going on so heís still involved. But Iím the one that makes sure everyone pays, screens new tenants, organizes for taxes, etc. He gets mad a lot about having to work every time he comes home and says we should be done and sell them but when heís cooled off he still wants to keep them and buy more someday. --174.198.xx.xxx
Is your spouse on board? (by Pmh [TX]) Posted on: Mar 13, 2019 2:29 PM
I find the houses. she decides which ones to buy after she pencils them out. she tells me what paint colors to choose then she supervises me. then I do the late night clogged toilet calls & give her the rent $ each month. she does give me $50 stipend after I have collected. so yes, a joint enterprise with me at 0.005 % but itís all good. as she says..27 years married & 32 years together..20 years in rental business. itís all good in the hood. lol. --70.119.xxx.xxx