There are three real estate lessons that I like to teach my kids that I invite you to teach your kids too.
I’ve been in the real estate business for a while, and there are three real estate lessons that I like to teach my two kids: Sydney (7) and Camilla (5).
Since they are as young as they are, I have to be careful not to overwhelm them, but I also don’t want to lose the opportunity to teach them these three lessons that I believe will pay dividends down the line:
1. The difference between renting and owning. This lesson is simple, so let your kids ask you questions about the difference between renting a home and owning a home.
2. The power of investing. Years ago, my wife and I decided that we would buy a home to pay for each of our kids’ college education. When it is time for them to graduate high school, we’ll sell each home, which will hopefully have appreciated enough over time to cover the cost of their college education. We’ve showed our kids these homes and told them why we bought them. It teaches them that we are willing to invest in them. We used a 15-year mortgage for each home and we’re using the rent payments to cover those mortgages.
3. The work that goes into investment properties. I drive by work sites with my kids all the time to show them the work that goes into real estate investments. I don’t want them to think that what they see on TV is what happens in real life or have the expectation that you can collect on an investment without putting in the work first.
As always, if you have any questions about today’s topic or you’re thinking of buying or selling a home, please feel free to give me a call or send me an email. Remember—you have the dream, we have the address.
