Are you a person in a relationship that plans to invest in real estate?

If you’re in a relationship, I want to give you a little advice, this doesn’t just apply to real estate investing.

You both need to know what you want out of the relationship, the business, the risk tolerance and sacrifices you’re each willing to make to get what you want.

This may change over time, but to have a successful relationship, you need to change together.

The following are some questions you should and items to ponder before you invest in real estate:

Do you want or have any desire to explore the idea of real estate investing?

What if you break up?

Do you like people?

Why should we invest in real estate?

What real estate investing strategy should we use, and how does it fit with our lifestyle?

Who is going to manage the properties we purchase?

Who will be the primary contact when problems arise with tenant relations or maintenance issues?

What if we lose all our savings, our kids’ savings, and have to start over in debt, living in a box under a bridge?

Are you ok with tenants living in the same house as you?

Are you comfortable being in debt for significant amounts of money, which could include home equity lines of credit, credit cards, loans from family, loans from hard-money lenders, etc.?

If you disagree on a financial decision, who’s going to mediate for you?

Would you like to invest in an active or a passive way?

How much money do you have to get started?

Do you consider being a real estate investor risky?

If you have children and full-time jobs, how are you going to balance your time?Who will be the primary caregiver to the children?

If you’re out of alignment with your partner on real estate investing, I recommend having an honest conversation about your life goals and aspirations. You have no idea all the ways being a landlord could affect your relationship.

With care, attention, and focus, it can make your relationship even stronger.

Learn about this topic and many more in my book:

Landlord by Design 2 – Moves to Make and Paths to Take for Real Estate Investing Success.

Until next time,

Design your landlord experience,

Michael P. Currie

Landlord by Design