Updated almost 5 years ago on . Most recent reply
The Goal: Leave my kids with as much real estate as possible!
Before BP, I was just content with having 5 properties pay themselves off... but now I want to absolutely CRUSH! IT! What a great, motivating resource!
So... Are there any wise words out there for guy with $60K to play with? I'm in a Chicago suburb where my sweet spot is pretty thin right now. (at least according to Zillow). We've got 3 single families on 15 yr notes with a little cash flow... and 1 we just purchased one a 30 yr. cash flowing $300/mo.
Definitely open to anything... Thank you!!!
Most Popular Reply
@Matthew Krueger
I always make this joke with one of my good friends in the business. He owns quite a bit of real estate and his kids have a very blessed life. We are often on the phone when he is pulling up to pick them up from their private school and his Bentley and they are upset because the Wi-Fi is not on for the 10 minute car ride home.
I Love telling him to make sure that he at least gives them a couple free and clear properties in the portfolio that will be budgeted towards their drug and alcohol treatment center when they’re adults!
Clearly I am joking and I want the best for my friends kids, but my point is giving children something for nothing and they have nothing to do all day except counter money that is coming in from cash flow can be a dangerous thing.
It goes back To give a man a fish and feed him for a day or teach A man to fish and feed him for a lifetime.
I had my son by his first house at 13 years old with his own money he had saved and taught him how to take over back taxes and get owner financing for the rest.
He is 19 now and has done multiple properties, he is in the middle of two projects right now I’m top of his own property that he’s living in. He is dealing with the problems that come with Tenant /Buyers and contractors.
I love watching him have to deal with problems and get them solved to keep the deal alive.
My point is giving a hand up is a good idea but giving a hand out can be more devastating than rewarding.
Good luck with everything and if you want to keep on the path of giving away properties, I am up for adoption LOL