Real Estate Investing: Passing Your Entrepreneurial Spirit to the Next Generation
I think I said in my last post that I have been interested for a long time in real estate investing. This is a good list. There’s something very satisfying to me about taking a house that is in very bad shape and fixing it up and either turning around and selling it or renting it and getting a long-term income from that property.
I’ve been doing a lot of reading on this and research. Actually I started probably 15 years ago with some basic courses that were out there–no money down investing and things like that.
Real Estate Gurus
In the reading I’ve done, I’ve read about some of the heavyweight investment gurus that are out there. Quite a few of them started their investing careers as young people, and they had mentors that helped them get started.
I’m thinking about my own son and the people that are in his life. He doesn’t really have people that are mentoring him in the area of business. But I see myself as someone who, even if I can’t mentor him with a lot of information, I can at least mentor him in thinking in the right direction.
I have always wanted to have my own business, and for the last 10 years I have had a couple of businesses of my own. So I definitely have an entrepreneurial side. This is what I would like to help develop in my son.
I have a neighbor who suggested a business for my son. This business has to do with fixing fishing equipment. My neighbor is an avid fisherwoman and she currently takes her fishing equipment to a place an hour away for servicing. She has said that this is something that my son could do. He could start his own business servicing fishing equipment locally.
I mentioned this to my son and he was quite interested. But I see that I would need to be the one to help him actually jump start it.
He would have to do some learning and some marketing and this would require my help.
The first step would be to actually get a piece of equipment that he could take apart, look at, and put back together. This would require a manual, so the next step would be showing my son how and where to go to find the right manual.
I have realized that as tech-savvy as my son is, and how comfortable he is with the internet, he doesn’t always know how to get information. Or at least the right kind. So my help would begin with showing him how to get manuals for the equipment he would be servicing.
After that would come the part of finding customers. I know he wouldn’t have a clue about that, so that would involve me initially, too.
I don’t really have the time to start another business but I think this is where the rubber meets the road with training my children. The training is not necessarily easy or fast.
But if I can start my son on this road of small business ownership and being an entrepreneur, it would be something that could really impact the rest of his life.