Teaching Your Kids to Participate in the Real Estate Process

When you join as a member of GIC, it’s a good idea to recruit your children to participate in the process. If you know my story, you know I started GIC Deal Finders as a way to teach my son how to do what I do. Believe it or not, it wasn’t a money idea for me. The techniques I teach GIC members are the same ones I have used to amass my fortune over the past three decades. I formally systematized my techniques and started the website as a tool to teach my teenage son how to make money in real estate. 

Case in Point: I made my most recent real estate purchase early this year. I bought a house and my son was the first to see the inside. After the owner moved out, I gave my son the responsibility of cleaning out the property. My son turned around and recruited his friend to help him and I paid them to clean out the property. They made more money in one weekend cleaning out the property than they would in a week of flipping burgers or washing cars in the neighborhood.

They were extremely excited because they were able to sort through the contents of the house. They threw out the trash then kept anything of value and sold the items online. That’s more money in their pockets!

Buying houses is fun. And let me tell you, I have had a ton of interesting experiences. One owner paid me to take his house. Another owner left a car in the garage as incentive to buy the house.

In fact, I gave my son and his friend an opportunity to share in the fortune by letting them clear up the trash in the house before we fixed up the house.

As I tell my son, the first step in acquiring any new skill is to set your sights on a specific target. The same goes for buying and selling properties. You first need to map out a plan to map out a plan that can get you there. If you do not know where you are going then a map can’t help you. So you have to set your sights on something. And I suggest you make it something big.

Set your goals for the year, 5 years, and 10 years. From there, go backwards to figure out the big steps you have to accomplish in order to reach your goals. Then identify the small victories you must win in order to reach those big steps. If you want to generate $50,000 in income over the next six months, create a path to get you there. What help will you need along your journey? What investments are you willing to make in terms of time, effort and money? You should have a daily task for reaching your goal. This gives you something to which you can hold yourself accountable, a way to measure your own success. 

In the world of wealth creation, real estate tops every other path and has been the basis for wealth creation for the majority of the wealthy people in America and the world. That is why I am so determined to teach my son and that is why I am so determined to teach you.