Preparing my son for REI while in high school

[Noel Lucero]

Hey everyone! I recently joined this site because I am buying my first home in about 6 months and want to make a smart investment- I have plans to turn it into a rental property once all my kids graduate and have been dreaming of acquiring other properties over the next 5-10 years.

I’ve been struggling for a few years and we’ve been living with family while I get in my feet. I’ve decided to be open and honest about my financial situation so that my kids learn about money and credit and don’t make the same mistakes I did. My oldest is 15, so I talk to him more frequently. I told him about my plan to rent the house and the next week he comes back and says:

“Mom, I don’t want to go to college. I was thinking instead, I could save up my money from working in high school, and when I graduate I could buy a house and rent rooms out so I wouldn’t have to pay rent. And then I could just fix it up and stuff.”

I was like kid! That’s called house hacking! Great idea!!! I already knew he didn’t want to go to college but he had never had a backup plan. Now it seems my dreaming has rubbed off on him and he’s ready to get into business!

What advice do you have for my son? If you knew what you knew now at 15 years old, what would you do differently? Did anyone get started in REI under 21 years old? What advice do you have for me as his mom and potential partner (or boss lol) so I can guide him appropriately?

I realize my son is young and his dream might change, but he really got my wheels turning. If anyone has done this with their children or parents I would love to hear how you got started and what lessons you learned!