My newly married and youngest son (24) is in the process of buying his second home. He and his new bride have a vision to be financially independent in their early thirties. He’s not a high paid college grad or entrepreneur raking in millions. In fact, he works for me in our house flipping/remodeling business in the Albuquerque market for an hourly wage.
Here’s the story. He just found out he got the bid on a 3 bedroom, 2 bath, 2 car garage home in Rio Rancho NM through a short sale. His plan is to fix up and move into the new home and rent out the home he bought two years ago. His long range plan is to implement that strategy over the long hall and end up with 10-20 properties in his portfolio and propel him towards his goal of financial independence.
When his mother asked him about the layout of the short sale property he just got under contract he replied “I haven’t seen it.” Really! You might be puzzled or stressed by that proposition. Who buys a house without having seen it? Someone with vision, knowledge, a plan, and a willingness to take a risk. Admittedly, our family has an advantage in that we’re familiar with the market, the homes in certain neighborhoods, and we have the expertise to remodel whatever we buy.
But the bigger issue is my son’s vision and attitude. Anyone, and I mean anyone could do what he’s doing. It’s not rocket science. For most of us, its lack of hope, vision, and fear that keeps us stuck in the muck of job security and survival. My own kids have been radically influenced by my course Financial Freedom Inside Out 1.0. My son’s comment gave me a little, fatherly, internal chuckle – I was also proud and impressed.