All Forum Posts by: Tyler Austin

So you want her to house hack but you won't help her? That's the wrong move. 

"Pretty sure she's paycheck to paycheck, but most of America is - not faulting the kid for that."

Isn't that completely your fault? Why would you ever let your daughter live paycheck to paycheck? I would never do that to my kids. Generational Wealth is a long-term mindset! Build up assets so your kids do not have to slave their years away like you had to. The portfolio of real estate you build today will not go to your grave but to the next generation. It gives the next generation an advantage. Wealth Inequality is increasing in the USA. It is much harder to buy real estate or any assets compare to 20 years ago. 

Source: Graph by USAFacts & Data by Federal Reserve Survey of Consumer Finances

My 2 cents to create Generational Wealth through Real Estate. 

1) Be obsessed over Generational Wealth. I would see the real estate portfolio as a "family portfolio" not just real estate for you or her. You should help her step by step. 

2) Make a PLAN with an end goal that includes you and her. Create tasks to accomplish. Do not focus on the outcome but what tasks must be done for the outcome (end goal). Such as study real estate 5 hours a week, call 100 sellers a week, analyze 25 deals a week, visit 5 properties a week, drive for dollars for 5 hours a week, flip one house every 3 months, etc...

3) Read numerous books on real estate, self-development, business, and entrepreneurship. Take action while you read. I would make it a goal to read 1 book every 2 weeks? I highly recommend reading "Rich Dad Poor Dad" by Robert T. Kiyosaki. A good real estate book is "Finding and Funding Great Deals" by Anson Young. 

4) Network Heavy. Start going to multiple real estate events until it becomes 2nd nature and enjoyable. Make it a goal to attend 1-2 real estate meetings every week. 

5) Listen to Podcasts and Audiobook. Great resource while driving or exercising. You can listen to your favorite books but they will cost money! Podcasts are free and there are many goods ones. Just search what you are looking for such as "House hacking."

6) EXERCISE. Do not take this lightly. I highly recommend 4-6 days a week of weight and cardio training. 

7) SLEEP. Get the 7-9 hours of sleep your body naturally needs! 

8) Accountability. Every week, you should have a 30 min call to be accountable not only for her actions but for yours too. Review goals and update if need to be.