I have taken property investing in a new direction.
Unsuccessful in getting our "kids" to be proactive in the property game, I took control.
Son # 1 (age 22) has applied for a mortgage last week and should know the results in a couple of days. He has the deposit and legal fees saved, but is risk adversive. So...I had to ask for his help. I asked if he was willing to hold the mortgage and provide the downpayment/closing costs, we would be willing to do the rest. We would be willing to split the profit with him 50/50 when we conclude a Rent to Own on the property. After he got his head around the fact, he is not risking any money, we are willing to do everything, he relaxed and said ok. The plan is to take the $7 k outlay of funds to come away with a profit of $30-40 k in a 2-5 year span.
Hoping with property # 2, he will see how easy it is, and be willing for us to just do it for a set fee...and he keep 100% of the profit.
Son # 2 (age 21) is hoping to buy a property using a personal loan, since he hasn't saved any downpayment. This property would be paid off in 5 years, and CF+ from Day 1. He is more receptive to the idea of property, but doesn't want to deal with it personally. For 10% of the rent ($65) month, we will do it all.
Daughter (age 27) has just finished recouperating from being hit by a car, and goes back to work this week.She needs to wait a few weeks and then hopefully she will qualify for a loan.
Son # 3 (age 19) is just starting to listen to us, and is also now considering saving a bit of money, so we can get him a property too.
There is hope yet !!!
Unsuccessful in getting our "kids" to be proactive in the property game, I took control.
Son # 1 (age 22) has applied for a mortgage last week and should know the results in a couple of days. He has the deposit and legal fees saved, but is risk adversive. So...I had to ask for his help. I asked if he was willing to hold the mortgage and provide the downpayment/closing costs, we would be willing to do the rest. We would be willing to split the profit with him 50/50 when we conclude a Rent to Own on the property. After he got his head around the fact, he is not risking any money, we are willing to do everything, he relaxed and said ok. The plan is to take the $7 k outlay of funds to come away with a profit of $30-40 k in a 2-5 year span.
Hoping with property # 2, he will see how easy it is, and be willing for us to just do it for a set fee...and he keep 100% of the profit.
Son # 2 (age 21) is hoping to buy a property using a personal loan, since he hasn't saved any downpayment. This property would be paid off in 5 years, and CF+ from Day 1. He is more receptive to the idea of property, but doesn't want to deal with it personally. For 10% of the rent ($65) month, we will do it all.
Daughter (age 27) has just finished recouperating from being hit by a car, and goes back to work this week.She needs to wait a few weeks and then hopefully she will qualify for a loan.
Son # 3 (age 19) is just starting to listen to us, and is also now considering saving a bit of money, so we can get him a property too.
There is hope yet !!!