Help With Convincing Wife...
To buy another property. We own 1 rental unit that unfortunately we only break even on each month. Over the past year we have had to replace the dishwasher and refridgerator. Due to the fact we needed to replace those, she considers it a losing property, and will not allow us to buy another property until we sell the current one. We have approximately 20 K equity in it and have owned it for 18 months. I have located a great deal in town that i know will positive cash flow 400 + per month, but she refuses to buy as she is scared. Any ideas on how i can convince her to buy more cash generating assets?
Have you put it through the Proforma-nator tool yet?
She needs vision.
I'd get her a copy of "Rich Dad, Poor Dad" and ask her to read it as nicely as you can.
She needs to lift up her eyes and see further than 6 months into the future.
Hibby,
That is part of my plan. I have the book on tape and plan on having her listen to it. Thanks.
How about buying a house that you can resale and make some instant cash. Then give her 2000 to buy whatever she wants and the rest to fund your next rental. Show her that you can make money at real estate and reward her for being supportive.
Just a thought
Brenda
I agree with bgrossnickle.
Why? The property IS not making any money... As far as she can see, because she doesn't see the equity. Make her see the equity.
Also, maybe you could bribe her with a percentage of the rental money from the new property for her to play with...?
How 'bout trying to wholesale or flip a property and give her the cash. Build her confidence a bit. Or maybe you alter your loan and do something like a 5/1 interest only. Maybe not the best idea for the long haul, but your payments would certainly be really low which would in turn give you better cash flow, and thus more faith on her end. Just a thought. Then once you gain her confidence back, you start investing with a much longer outlook. who knows