Some say that opportunity “knocks”, and others can “see” opportunity, I have always been able to “smell” opportunity… Let me explain…
In my lifetime, I have cleaned my fair share of toilets, did it in the fire dept, did it when I worked for McD’s, have done it for my family, and done plenty of it for rentals that I have owned and have done it time and time again on investment properties that I have purchased. This toilet, for some people, is usually a deal breaker when it comes to buying a property. However, if the major systems (plumbing, electrical, roof, foundation, exterior walls) are in good shape, then the rest of the items are just “eye candy” and can be repaired easily and usually at low cost. One of the skills that I have tried to pass on to my sons is the ability to see the wealth potential in real estate. I have had mobile homes that I have both rented and sold on notes. I have had single family residential that I have/had as rentals, and I have bought and sold many things using the “wheeling & dealing” technique. My oldest son is now starting to show some interest in investing (he is 17) and is going to go to a 3 day training class with me. If he can grasp the concept and develop the initiative to go out and work the techniques, then he should do pretty good in life. He will be self-supportive in his life and maybe even become wealthy like my uncle had done.
I have mentioned that I do a lot of reading, one of the books that I have read that really transformed my life many years ago, is “Rich dad, poor dad” by Robert T. Kiyodaki. If you are new to investing, or are looking at starting to invest, then this book is perfect to get
you into the proper state of mind. It explains “Assets & Liabilities” in a way that is easy to understand and grasp. I have started my son on the “Habitat for Dad” (I will explain that program in a minute) training program, and that is the first book that I am having him read. In the past week, I have had some solid conversations about money, investing, and his future/college, and what he wants to do in life. I think that he understands the concepts, and is starting to have the proper mentality about the concept of wealth and supporting yourself in life. I am trying not only to be his dad, but also his mentor to guide him and show him the way to be successful in life.
I have developed the “Habitat for Dad” program, similar to the “Habitat for Humanity” program, where each of my sons, will work with the other sons on investment projects that are purchased by me for them. They will have to learn (by doing) how to repair toilets, sinks, showers, electrical, windows, roofing, A/C, drywall, kitchens, flooring, etc. Then they will get this investment to do with what they please, sell, rent, or live in. Since there are 4 boys, that is 4 people who will both learn what it takes to own/manage a property, but also to work on the property and the skills that will be developed in that process. PLUS since there are 4, then they will have plenty of help to get the work done without the expense of hiring labor. BUT, this will also teach them that when there are things that you don’t like to do, you hire someone to do that project for you. For me, it is roofing. Best of all, they will be self supportive, and they will not have to move back in with ME after college. They are welcome to come and visit anytime, but house guests, like seafood, start to stink after about 3 days.
Just my $.02, for what its’ worth…
Steve