Kids and Real Estate

[Ashley Kehr]

My kids are still young (3 boys under 5) but I have slowly started to introduce them into real estate. When we drive by a property, I talk to them about how we own that house and someone lives there that pays us money. I've taken them to some showings with me to rent the units. My five year old has helped sweep a unit before a showing. I am interested in different ways you have taught your kids about real estate investing and how you have had them involved in your business? They currently think I only work to buy legos!

I took @Brandon Turner's direction and have purchased a duplex for each of my kids. By the time the kids are ready for college I can re-finance each house to pay for their college or a business they'd like to grow (For all my financial advisor friends out there,  I do have a 529 plan for each too). I'd like for them to learn some responsibility as they get older, the power of real estate investing and I'd like to be a "Rich Dad" to them.

Even if it's things for when they are teenagers, I'd be interested in hearing! 

[Ryan Ingram]

Hey Ashley!

I think this is a great post, and one that I'll definitely be following. I actually met another investor from BP, @Gordon Starr today for coffee, and we had this conversation. He had a pretty good idea to start paying the kids a certain amount, up to $6,000 annually, I believe...and had a few good tax and teaching points in his thought. 

My son is 2, and I purposefully take him around to as many properties as I can. Right now, I've got 3 rehabs open that I check on, I use a property manager, so my daily tasks are pretty limited. However, I'm still super interested in learning about what everyone else does!