What your offsprings think about your investing?

[chilliblue]

Our two children are now of an age that they accompany us on inspections.

We are trying to teach them the basics of looking for an IP suitable and were chuffed when one them piped up that dad did not check the water pressure and forget to look under the house.

At dinner last night, we advised the kids that the vendor had accepted our offer and now that we were adding another IP, belts needed to be tightened a little and that there would be restrictions on the number of dinners out and weekends away.

Well, our youngest had something to say about that. Apparently as it was our decision to make the purchase and not theirs, we could do without and they were not about to start making any lifestyle accomodations soon.

If we wanted to buy an IP for someone to live in that was our problem not their.

LOL.

What your offsprings think about your investing?

 

[RumpledElf]

Mine didn't even notice when I sold the last one and its not like I tried to hide it. She asked last week if there are still people living in the house ... how would I know, its sold! It is? When did you sell it? Argh!

She might notice if we end up with an IP again (and the odds for that are extremely high) consdering it will be next door.

The little one just wants to help with everything we are doing and when we told her we're getting a new house in a few weeks and everyone will get a new bedroom, she declared "and my new bedroom needs to be .... a kitchen!"

 

[Monopoly]

Our two children are now of an age that they accompany us on inspections.

We are trying to teach them the basics of looking for an IP suitable and were chuffed when one them piped up that dad did not check the water pressure and forget to look under the house.

At dinner last night, we advised the kids that the vendor had accepted our offer and now that we were adding another IP, belts needed to be tightened a little and that there would be restrictions on the number of dinners out and weekends away.

Well, our youngest had something to say about that. Apparently as it was our decision to make the purchase and not theirs, we could do without and they were not about to start making any lifestyle accomodations soon.

If we wanted to buy an IP for someone to live in that was our problem not their.

LOL.

What your offsprings think about your investing?

Awesome stuff chilliblue, expose them to this stuff while they're young and like human sponges I say!!! Won't hurt them any, that's for sure.

I remember going to OFIs while other 5 year olds were sitting in front of the telly in their jammies watching cartoons on Saturday mornings.

I learnt what wall dampness smelt like, poor flooring felt like and badly masked walls looked like from a very young age!!

Most of my friends felt sorry for me because they thought I got "dragged" to property inspections, little did they know that I used to beg to go, and later I couldn't wait to buy my own fixer-uppa!!!

As for my own children, neither of them really enjoyed the process, but love the end result!!! It's taken a while, but they've started to see the value in checking properties out thoroughly (for yourself, and maybe even a couple repeat times) before you sign away any money!!!

 

[Tuppence]

When we bought IP2, in Ballarat, our 10yo assumed it was a holiday house. When I told him that, no, we'd really bought it to rent out to other people, he asked if that was legal ...
Bit of a learning curve to climb yet, I think.

 

[Monopoly]

When we bought IP2, in Ballarat, our 10yo assumed it was a holiday house. When I told him that, no, we'd really bought it to rent out to other people, he asked if that was legal ...
Bit of a learning curve to climb yet, I think.

I dunno....could be a lawyer in the making there Tuppence!!!

 

[danel]

Our 2 kids, 8 and 7, have a fair idea of the difference between a good and bad location! My daughter wants to move because she says that she has always lived in the same house, eventhough she enjoys her house.

 

[Monopoly]

Our 2 kids, 8 and 7, have a fair idea of the difference between a good and bad location! My daughter wants to move because she says that she has always lived in the same house, eventhough she enjoys her house.

Wow....for all of her long 7 or 8 years, of which her only memory would be of the last say 2-3 tops??!! I think you've got a part gypsy in that little girl there danel, good on her, at least she'll be one of those who will gladly welcome change in her life!

 

[gottabespotless]

My kids have been brainwashed courtesy of their parents since the minute they were born. Our eldest has been 'saving for a deposit' since he started school. I think he has heard us say, "If it wasn't for buying our first house in our early 20's and renting it out, we'd be a long way behind, financially" a thousand times! lol.

They like going to open homes and knowing what the "current interest rates are", lol! Whenever they point out a nice car, house, bike, etc and how they'd "love to own that" I remind them that the owner of that particular material possession "studied very hard at school; always tried their very best; often went without in their early days and works very hard for what they have - nothing comes without hard work". They nod seriously and approvingly. ha ha! So far, so good.

 

[gottabespotless]

Our 2 kids, 8 and 7, have a fair idea of the difference between a good and bad location! My daughter wants to move because she says that she has always lived in the same house, eventhough she enjoys her house.

I recall saying the same thing to my parents! ha ha! Now I change my PPOR as much as I change my undies (well, maybe not...). Build a new house or improve a dump in a good position, then sell it for a profit and move on to the next adventure! Love it!

 

[Tuppence]

I dunno....could be a lawyer in the making there Tuppence!!!

He certainly argues like one, Monopoly

 

[tess85]

I asked my kid what she thought, and she said: "Agoo. Awah. Ababa." Which pretty much sums up her attitude to most things, not just investing

 

[not happy]

Mine went through the teen years complaining that we were rich and so should provide them with more material stuff.

Now older I think they still think we are stingey. Oh well, they'll learn one day, hey?

 

[Ocean Architect]

I am the offspring Anyway I think it's great, but they do frustrate the life out of me because they're also builder/developers and should have cashed in their 30yo properties years ago and built something brand spanking new a few times. Instead, they turned me into a free labour machine fixing up these prehistoric buildings

 

[gottabespotless]

they turned me into a free labour machine fixing up these prehistoric buildings

I like their style. Thanks for giving me a great idea!

 

[Monopoly]

He certainly argues like one, Monopoly

Good, so when he becomes the next QC and earns heaps of money, he can keep you in the lifestyle that by then you will be accustom to!

 

[Superstitionist]

My 8 yo didn't like to go to the open, but he is quite interest to know how the buy and hold could make financial freedom one day, he has asked to show him the calculation a number of times, and has asked some good questions that show he really remember it.

Super.

 

[danel]

Hows this one? I showed my son a property for auction in Vaucluse Rd. I asked him what he thought of it? He said that the road is too busy!!!!

 

[locko24]

When we bought IP2, in Ballarat, our 10yo assumed it was a holiday house. When I told him that, no, we'd really bought it to rent out to other people, he asked if that was legal ...
Bit of a learning curve to climb yet, I think.

Ha - i nearly spat out my coffee!! Hilarious!

I'll let you know what my kids think when/if i have some

I am the offspring Anyway I think it's great, but they do frustrate the life out of me because they're also builder/developers and should have cashed in their 30yo properties years ago and built something brand spanking new a few times. Instead, they turned me into a free labour machine fixing up these prehistoric buildings

But now it might be sooner rather than later
Free labour hey? Bet i wouldn't have to pay workers comp either...

 

[Ocean Architect]

But now it might be sooner rather than later
Free labour hey? Bet i wouldn't have to pay workers comp either...

I've lined up an appropriate site for them. Swapping 6 old 2BR units for 6 new 3BR units that are 50% bigger and worth 50% more, have a pool etc isn't a bad deal

 

[RumpledElf]

Can I send you round to my inlaws OA? They're in a fully paid off '70s house on a 900+sqm block in an area where 70's houses are worth $320-350k but if you knock one down and plunk 3 townhouses on, suddenly you've got three things worth $400-500k.

My money is on them never, ever doing it, and complaining ever after that they don't live in an $800k house in Burnside. While picking on us for living in the country. We the offspring can't sway them at all.