Feeling Down

Hi

Yep, I bet your one of many in this situation so your right – don't give up.

One suggestion would be to try and understand his underlying concerns about property and then try and suggest some solutions to those issues. His concerns may be based on a previous bad experience or family values.

Perhaps you can start with a small purchase to start with to get the ball rolling.

Good luck
TheBish

The only way to convince your husband, seeing as he is a business man, is to present the idea to him as a business.

This means putting together a business plan, and a presentation of the cashflows, expenses, income, projected profit/loss, cap gain etc.

Things like depreciation and tax deductions should also be in this, as well as manangement fees and so on.

Just curious as to why you have a bad credit rating? My husband also has a business that we have spent the last 10 years growing – he too had issues with buying investment properties. I managed to convince him to start small by presenting a professionally packaged (by me – computers have some uses ) outline of what I wanted to achieve, my timeframe, entry and exit stategies, worst and best case scenarios – with the emphasis on worst case for all figures. I then showed him that I was serious about investing as a business by constantly educating myself (reading, listening to CD's, attending educational seminars – not just about property but business management as well). I told him that I didn't expect him to put in extra hours (he works long enough anyway) shopping for the real estate or managing it. I presented it in a way that his business wasn't threatened. My guess is that having lost your own home to keep the business going he may feel that using his business to guarantee a "risky" investment is giving him horrible flashbacks to a time he'd rather forget. So my advice is take it slow, find something small, show that you are competent in running the investment business, let him adjust to the idea that RE isn't going to take his home or business and then expand…….. If you come in with all guns blazing and saying what a wonderful thing it is and how much money it will make etc without showing an understanding of the risks and how you plan to minimize/manage them then it is understandable that he will freak out – at least mine did .

Good luck – don't give up and even if you can't buy something now keep researching, presenting business plans showing all considerations to him, and educating yourself (and him) – you will get there. I read in Napolean Hill's Think and Grow Rich that most people give up just when they are about to break through the seemingly insurmountable problems that stand in their way and fall short of the goal by such a small margin you wonder why they gave up (at least from the outside). Believe in yourself – if it's what you truly want and are passionate about you'll get there.

DMV

I've been there, it took me 3 years to convince my hubby to invest.  (the property I was interested in doubled in that time).  If he had of gone along with me we would be $1,000,000 better off today.  He knows that now and trusts my decisions.  I would book him into property education courses with yourself, make him attend home opens with you, visit a wealth education adviser and visit an acccountant to discuss your plans.  Also, make a note of what properties you're interested in, as they go up in value show him the results you can achieve.  He might be stuck in the attitude of, work your a off and be poor."  (like my hubby)  Now I find the deals, show it to my husband, and he says "yes".  At times he has put the brakes on and I'm grateful for that also.  If you can't convince him at this boom, you may learn heaps and benefit from the next one.  All the best, m

hi Dr. Spock,
I think a lot of stuff has been covered her with the other posters, (other than the one with the development suggestion……you' just gotta wonder sometimes!)  True, it is critical to have your partners support whether it be in business or investment among other things.
Just a thought though, you mention you 'lost your home for the business'.  Have you since then got a home of your own back or not? If not, why not approach it as a win win – perhaps suggest you keep renting, but want to use some of the business funds now (for deposit, not the actaul loan) to 'buy a home back' which will be your investment property, but meanwhile have some deductions from, in otherwords, be cheaper than lviing in your own home once you take everything else into account. Then , as things work out ok, you are in position to demonstrate growth or cashflow to your husband, which I will definately help for the next one, or actually your own home too if you desire.
Purely a generalisation only, if you have a bad credit rating, the business has had a hard time, and you have lost your home, and then have a 'we have to buy a property wiht no money' gung ho type appraoch, which is what many 'seminar and so called motorvational speaker types' try and drum into you, you may coma accross as a bit of a zealot? As I said, as I don't know you, that was pure speculation, and of course you have to weight that up against the thought that 'nothing ventured nothing gained' and they obvious desire you have to do something to get ahead now. Just remember, if you do go the non conforming loan approach, you may be in for a rocky ride interest rates wise.  Have you thought of just using the time to accumulate a 'deposit fund' or kitty for yourself, and invest it somewhere for a year or two) and sit things out a bit?
Anyway, all the best – keep up the research etc so you will be rready to pounce when you are able.  

Please excuse me dr. spock and others – but do feel the need to reply to the last post……..

1. …..wonder if people actually read the post, other comments, and try and get the gist of what is being said rather than pushing their own barrow or thing all the time. It is nice to be able to vary and personalise your comments to each post a little, rather than 'develop develop develop' or 'use a buyers agent use a buyers agent use a buyers agent' or whatever the barrow is being pushed (in theis case, developing/co developing.

2.  Absolutely not. I have enjoyed listening to some developers speak such as Peter Comben and Carly Crutchfield, and certainly plan on doing so with Micahel Yardney when I am able – who I have the utmost respect for. Developing is a great idea, but do you really think that would be the first project 'the spock family' should tackle, in light of the comments and circumstances???

3. Absolutely, buy and hold is only one stategy. 

4. This is the comment you made that really shows flagrant ignorance – and why I bothered replying.
While I am not suggesting spock fits this criteria, I have lost track of how many people I have spoken with that perhaps have their own business, had it for less than 2 years, (or perhaps just spend any surplus profits on non appreciating things/entertainment etc) and have no deposit, and yet are desperate to get into debt and make repayments higher than what they apperar to have been ever able to save……SERIOUSLY, if someone (anyone) is not in a position to purchase something NOW, but would like to as sonn as they are able, I stand by my comments of doing all you can to SAVE MONEY meanwhile as they can, via savings, selling something, or using a sensible budget…..yes a 'kitty' for their new property purchase. It's called a deposit. A great goal to have.  Beats getting dissalusioned and blowing it on rubbish instead and finding yourslef in the same position in 2 years time surely?…….A 5% deposit is certainly an attainable goal in a year or two for someone if there income/business is reasonable. 

5. It seemed a lack of excitement did not appear to be the issue, especially if a CF positive or CF neutral property causes consternation.

6. No.

Phew.