Being a married investor, bringing along our spouse as we build the business can be tricky. How do you actually get your spouse bought in to the business and the potential profits it can make. I went through all of this with my wife and now we are amazed at our life.
To get your spouse, or anyone involved in your business, follow these steps.
View Your Spouse as an Investor
Just like with any investor, you need to make your spouse very comfortable with giving you their money to invest in real estate. If your spouse is not comfortable with investing, they will be very reluctant to move forward with any purchase.
Educate and Inform the Investor
Investors want two things:
- To not lose their money.
- To make a return on their money.
The first is the most important to any investor. They worked hard for their money and they don’t want to lose it by giving it away to someone who will not value and take care of their money like they would.
Teach the Investor how investing in real estate will do these things:
- The six ways rental properties will make them money
- Guard against losing money
- Protected with a tangible asset
- The asset appreciates over time
- The business you create will be how you will all make money
Walk Them Through Every Aspect of the Deal
You are the active investor making the entire deal work, make money, and continue to be passive income making asset.
Show them the deal:
- Where it is at
- How much it will cost
- How much they will need to put down
- Show them who will manage the property
- Show them the type of clientele you will get to rent the property
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Get Them Comfortable with the Numbers
Make sure they understand the income, expenses, profit, and potential loss.
- Monthly or Quarterly Profit
Show Them How The Will Make Money
Again, walk them through the six ways real estate makes you money.
Make the As Comfortable As Possible With Investing With You
After you have already shared everything about the deal and the business, keep asking this question:
Do you have any more questions I can answer to help you know your money will be safe and help you become comfortable with the investment.
Let me know how it was getting your spouse involved in real estate with you.
Leave a comment below.