<\/p>\n
Jacinta from Western Australia is troubled about property investing because, while she is keen, she is having trouble convincing her partner that it is the right thing to do. She asks \u2018what can I do to convince my partner?\u2019.<\/p>\n
Hear Nhan Nguyen\u2019s<\/strong> advice.<\/p>\n <\/p>\n Kevin:<\/b>\u00a0 I received an email from Jacinta in WA, a lovely spot of the world, too \u2013 and a very interesting question. <\/b>Jacinta writes, \u201cI\u2019ve attended a course on property investing and I\u2019m keen to get started but my husband is reluctant. I wish now that he had been at the course with me because I can\u2019t convince him that it\u2019s the right way to go. <\/b>Do you have any advice? I don\u2019t want to do it on my own.\u201d Jacinta, I\u2019m going to refer this question to Nhan Nguyen from Advanced Property Strategies.<\/p>\n Hi, Nhan.<\/p>\n Nhan:<\/b>\u00a0 Good day, Kevin. <\/b>How are you doing?<\/p>\n Kevin:<\/b>\u00a0 Good. <\/b>You\u2019ve probably heard that question before, have you?<\/p>\n Nhan:<\/b>\u00a0 Oh, for sure. <\/b>I\u2019m married myself, so I know what it\u2019s like.<\/p>\n Kevin:<\/b>\u00a0 What do you do in a situation like that? What should Jacinta do?<\/p>\n Nhan:<\/b>\u00a0 It\u2019s a very delicate situation, and I think it\u2019s a slowly-slowly type attitude. <\/b>Personally, I\u2019m sure there are a lot of other courses that come up from time to time, and getting your partner onboard by having a third-party is really a good way to start and get them onboard to learn about the process, because it\u2019s a journey, as well.<\/b><\/p>\n I think also in partnerships, when one spouse may be earning the income and the other may be supporting, looking after the kids, or both partners are working, sometimes both incomes are required to borrow, so you can\u2019t just go by yourself.<\/p>\n I think that definitely a first start is getting education. After that, finding out is it going to be something that both parties are going to participate in? It\u2019s very hard with two partners if one doesn\u2019t really agree with what\u2019s going on.<\/p>\n Kevin:<\/b>\u00a0 Nhan, you raise an interesting point there I just want to dig a little bit deeper on, if I may. That is, one partner is earning the money and the other partner is not necessarily bringing money in but wants to start a separate business. <\/b>How important is it to have the property investment side of what you do as a separate profit center?<\/p>\n Nhan:<\/b>\u00a0 I think it\u2019s really important to do that, especially if you\u2019re wanting to create long-term wealth. <\/b>I set up my entities separately to the property that I own in my personal name. I only have one in my personal name, and the other ones are in other companies and trusts, you could say. That\u2019s very important, because if something happens to me, my assets are still protected and they still can be passed down.<\/p>\n As a profit center, that\u2019s how we treat it. <\/b>We treat properties as a separate business and entities creating their own income. <\/b>I know that sometimes when partners don\u2019t want to participate, it may be due to a risk factor. They might have an Uncle Bill or Bob who 30 or 40 years ago, went bankrupt doing a land subdivision, and they have certain beliefs about money, wealth, creating wealth, and sometimes it\u2019s an uncomfortable thing.<\/p>\n But I don\u2019t think it should stop you. If your partner likes playing golf and you don\u2019t like playing golf, and you like playing tennis instead, it doesn\u2019t stop a relationship; you just have to manage the risks and the outcomes.<\/p>\n Kevin:<\/b>\u00a0 Yes, that\u2019s a very good point. <\/b>That really underlines that point \u2013 doesn\u2019t it \u2013 about making sure it\u2019s a separate profit center.<\/b><\/p>\n I do believe that you can\u2019t make someone do something they\u2019re not either comfortable doing or they don\u2019t believe in, Jacinta. <\/b>Jacinta raised the point there that she wished her partner \u2013 her husband in this case \u2013 had been on the course with her.<\/b><\/p>\n The other piece of advice I\u2019d give is that if you\u2019re going to do something like this and you want your partner to be involved in it, make sure that they\u2019re getting the same type of education as you are. <\/b>Would you agree with that, Nhan?<\/p>\n Nhan:<\/b>\u00a0 Yes. <\/b>I think it\u2019s really important, so they are both on the same page. <\/b>Being married myself, I that know that sometimes my wife won\u2019t listen to me but she\u2019ll listen to someone who\u2019s a bit more detached who\u2019s saying the same thing. <\/b>That\u2019s not uncommon and vice versa. No one likes being what to do by someone close to them.<\/p>\n I think that the other thing that you can do to really move things forward is use a strategy that you learn in a general purchase. <\/b>I understand that most people are going to buy a house to live in, anyway, so if you learn how to buy property under market value, you might as well start on that one.<\/b><\/p>\n If you\u2019re going to buy a property for $500,000 and you can figure it out using the education to buy it for $420,000 or $430,000 and get a $70,000 to $80,000 discount using the education, that\u2019s a great way to incentivize a spouse, partner, or significant other to show that the stuff works.<\/p>\n An other ways is to build a granny flat <\/b>in the backyard or underneath your house. I know we have a granny flat, and I say to my clients, practice what I preach. <\/b>My wife was very much conservative and she didn\u2019t really want a granny flat. But I was able to show her that with just a small investment, we were able to make an extra $15,000 a year passively through doing that.<\/b><\/p>\n It\u2019s softly-softly, <\/b>and you can use it to apply in everyday situations, because everyone has to live somewhere, so you might as well do it on something you\u2019re going to buy anyway and show your spouse or partner that it can be done. <\/b>Once you\u2019ve given them enough proof on one or two examples, then there\u2019s nothing holding you back.<\/p>\n Kevin:<\/b>\u00a0 Excellent advance. <\/b>Thank you very much for your time. Nhan Nguyen, I appreciate it.<\/p>\n Nhan:<\/b>\u00a0 Excellent, Kevin. <\/b>Thanks for having me.<\/p>\n","protected":false},"excerpt":{"rendered":" Jacinta from Western Australia is troubled about property investing because, while she is keen, she is having trouble convincing her partner that it is the right thing to do. She asks \u2018what can I do to convince my partner?\u2019. Hear Nhan Nguyen\u2019s advice. …<\/p>\n","protected":false},"author":176692473,"featured_media":9348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,10,11,13,36,17,25],"tags":[101],"class_list":["post-25304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nTranscript:<\/strong><\/h4>\n