Cooper’s home and settled in, and we’re already getting into a routine with him, as well as the dogs.
He’s growing quickly and is only getting up a couple of times in the night, so we’re optimistic that he’s a quick learner and soon will be sleeping through the night! (you are observing efforts of the law of attraction!)
Now that Cooper is here, we figured there’s no reason to wait for him to get into real estate investing. One of the rental properties that Raylene and I own together is now being placed in the name of Cooper (we’ll manage it in trust on his behalf, of course, until he’s old enough to do it himself).
I believe this will make Cooper one of the youngest real estate investors in history!
Here’s his photo, showing that he’s already got the right frame of mind to be a real estate mogul.
This is a great investment strategy, by the way, if you have young children.
Here’s the plan…
The house that we’re putting in his name is just down the street from where I grew up. I bought my parent’s house a couple of years ago and eventually, Raylene and I are planning to build our dream home there because it’s such a large and stunning lot.
Cooper’s house is just down the block, so when he is old enough, it will become his responsibility to go down to his house and collect the rent, and mow the lawn, pull weeds, etc. He will keep an eye on his investment, and will be involved in managing the tenants.
He’ll be the landlord and he’ll learn early how to take care of his properties, and the benefit of having a rental income. Instead of allowance, he’ll earn his money from the rents on the house!
It’s also located about 8 blocks from the university, so when he’s old enough, he’ll be able to ‘move out’ into his own house, rent out the other bedrooms and create a nice income for himself when the time comes.
By placing the property into his name now, we’ll avoid a lot of the tax exposure that we would experience if we were to wait several years before we put the property in his name.
He’s not even 2 weeks old and we’ve already got plans to get him working!
The cool thing is, this one house will likely give him financial freedom on its own, if he holds onto it and manages it for many years to come. That’s the amazing thing about real estate .. it only takes one to have a major impact on your financial future.
So if you’ve got one or more young children, I’d recommend you consider doing a similar kind of strategy with your kids. Not only will you help them create a financial nest egg that will take care of them in the future, you’ll be teaching them the value of real estate, investing, and financial literacy!]]>