One of the best ways to learn anything is through actual experience. So when it comes to educating children as entrepreneurs, it only makes sense to include them in the day-to-day business, maintenance, and operation of your single-family rental. From elementary school all the way to college, your rental properties offer some of the best opportunities to teach your children about responsibility, entrepreneurship, and personal success.
Start by Talking About It
Don’t be afraid to discuss the issues surrounding your rental properties around the family table. Talking about the challenges you face, the specific issues at play, and then working out the solutions in real-time will give your children a head start in becoming proactive problem solvers keen on how to win at real estate investing.
Next, Get Them to Help
Any residential rental has lots of jobs to do, and much of it is simple, straightforward work. Getting your kids to help with lawn care, basic maintenance, snow removal, or any other manner of age-appropriate tasks is the quickest way to help them see such things in a new light. Understanding that owning a home or utilizing real estate as an investment move requires work and effort, plus liabilities and expenses. It also teaches them to not only respect the work others have done for them already but appreciate what they will someday have to do on their own. It also allows them to grasp the reality that renting a home is a lucrative business.
As your children get older, assign responsibilities or specific jobs, then pay them when they are successful. This teaches the lesson that diligence and discipline pay rewards. Interestingly, if a tenant is careless with a rental, your child will be in a perfect position to comprehend both the damage they are now obliged to repair and the consequences such action creates.
Think Like a Landlord, Even When You’re a Tenant
Eventually, your kids are going to want a place of their own. The lessons learned up until now will have educated them on the business aspect of real estate. Encourage them to keep going. If they want a new place to live, suggest they approach a landlord and offer to do extra work for reduced rent. They can also rent their own place and sublet to others, if that’s a legal option. Perhaps they will even move into one of your own properties and become an in-house manager. Their journey toward success continues.
Teaching Them Early Pays Dividends Later On
Making use of these tips helps support a natural progression that will ultimately reinforce your child’s own personal growth and responsibility. Hopefully, it can continue to propel them down the path of entrepreneurship and toward increased self-sufficiency. That’s something every parent wants for his child.