Getting into Real Estate with Your Spouse? Read This First!
Is getting into real estate with your significant other a smart move or a sure fire way to sabotage both your finances and relationship?
Many couples come together as a real estate agent or real estate investing team. Some become incredibly successful, dominating power couples; others find it completely destroys their relationships and careers for good.
So how do you know if this is a real estate power match made in heaven or not and how can you avoid issues from arising?
5 factors to address before you turn your romantic life into a full time love affair with real estate:
1. Separating Work from Romance
With both of you working in tandem it can be incredibly difficult to really take time out from the business and focus on your relationship unless you plan on it. For guys this often isn’t much or a concern, but for women on the other hand it can quickly begin to feel like neglect, even if you are working with your screens touching all day. Schedule time off each week and for regular date nights and getaways in advance. Otherwise if your personal fire fails it will affect the business big time.
2. Be Cautious about Putting Everything on the Line
Just as it is easy for real estate couples to mix their personal time with real estate investing or selling homes, the same goes for finances. If you both believe in what you are doing it there is no voice of caution telling you not to max out the credit cards, borrow against your home equity or tap your retirement savings. These can be deadly mistakes, even more so for your relationship, than your finances. It is also important to point out that this can lead to a lack of diversity in income, which should be made up in another way.
3. Who’s the Boss?
As nice as democracies are, we still have a single president for a reason. It really can’t be 50/50 all the time or there will be too many stalemates and opportunities missed. Someone has to lead. Who will it be? How is the other person at taking orders? If they can’t take orders you might want ot re-think the business partnership.
4. How do You Fire Your Spouse?
How can you fire your spouse if it comes to it without them wiping out your business and home? You really can’t. It wi always be personal. However, you can plan together and pre-define how you can amicably exit the business side of the partnership without causing home issues and bitterness. If you don’t do this in advance, it will be incredibly tough to get through on a whim later.
5. Is This Really for Your Spouse?
You might live and breathe real estate. You may know that it is not just the best way for you to get ahead in life as a coupe but potentially the only way but that doesn’t always mean it is right for your other half. He or she may indulge your passion but is it really theirs?
If it isn’t and you are not putting them in the right position on your real estate agent or investment team you will be disappointed, they will be frustrated and you’ll end up hating each other.
Know what they really enjoy, what their strengths, what tasks they will really consistently excel at and let them know it’s OK if they find something they love more later on. Your relationship has to come first, or your business won’t last anyway.